A much-awaited meeting regarding GST will be held today for the proposal of several issues concerning the significant tax rate fixation and assessee dual control matter. Minister of State for Finance Arjun Ram Meghwal stated into his statement that, “Our effort is to decide on all matters through consensus. We want everyone to come around on all issues… There may be times when Tamil Nadu or Kerala or West Bengal or Uttar Pradesh have said something different but we will get them around. We are confident that the GST will be roll-out from April 1, 2017…all issues would be sorted out before that.”
The opposition is mainly set at the higher tax rate which is proposed by the centre and various states like Kerala is coming forth to give a setback to this proposal. The tax rate of 26 percent seems very high for certain group of industries while the centre is targeting the additional collection of this revenue for compensating the states in the cases of any revenue loss.
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Meanwhile, in Kochi, the Central Excise Commissionerate organized a GST awareness program in which the Chief Commissioner of Central Excise, Kochi Zone, Pullela Rao inaugurated the event and discussed various upcoming opportunities and hurdles along with significant tax regime.