Hyderabad: Union finance minister Arun Jaitley has urged Telangana Chief Minister K Chandrasekhar Rao to ensure expeditious ratification of the Goods and Services Tax (GST) bill by the state assembly.
In a letter to the Chief Minister, Mr Jaitley suggested that if necessary a special session of the state assembly should be convened.
The Finance Minister said the GST bill (122nd Constitution Amendment Bill, 2014) passed by parliament required to be ratified by the legislatures of not less than one-half of the states before it is presented to the President for assent.
Stating that April 1, 2017 is the target date for introduction of GST, Mr Jaitley said it was only after a Constitutional amendment that legal, administrative and infrastructural changes can be put in place.
Mr Jaitley wrote that GST seeks to subsume many indirect taxes at the central and state level, simplify and harmonise the indirect tax regime, broaden the tax base and result in better tax compliance.
"It is also proposed that the Union Government shall compensate the states for any revenue loss caused to them on account of implementation of GST for a period of five years," wrote Mr Jaitley.
In a letter to the Chief Minister, Mr Jaitley suggested that if necessary a special session of the state assembly should be convened.
The Finance Minister said the GST bill (122nd Constitution Amendment Bill, 2014) passed by parliament required to be ratified by the legislatures of not less than one-half of the states before it is presented to the President for assent.
Mr Jaitley wrote that GST seeks to subsume many indirect taxes at the central and state level, simplify and harmonise the indirect tax regime, broaden the tax base and result in better tax compliance.
Advertisement
Advertisement
COMMENTS
Advertisement
Bill To Amend Central Goods And Services Tax Act Introduced In Lok Sabha Delhi Metro Extends Last Train Timing On Cricket World Cup Match Days 28% GST On Online Gaming Set To Be Implemented From October 1 Barack Obama Wants Joe Biden To Pull Out Of US Presidential Race: Report World's Largest Isolated Tribe Makes Rare Appearance In New Footage 32 Dead In Bangladesh Unrest, Protesters Set Fire To State TV Headquarters Comedy Legend Bob Newhart Dead At 94: Publicist Israeli Strike Kills Field Commander In Elite Hezbollah Unit: Report Delhi-San Francisco Air India Flight Diverted To Russia After Engine Glitch Track Latest News Live on NDTV.com and get news updates from India and around the world.