In a few more days to go, the most awaited goods and services tax (GST) will be discussed within the authority of GST council headed by the union finance minister Arun Jaitley and state finance minister along with the leaders of the Union Territory in Srinagar on 18-19 May to conclude upon the taxes of various goods and services and will fit them accordingly into the four tax slabs introduced previously.
The 14th meeting of the GST council is significant on its own as it will be held in Srinagar of Kashmir, the place where violence and attacks from cross-border always seem refreshed. This time it will serve for the GST regime in the last moments. The choice and the event is well recognized by the union government as to levitate the importance of the state in positive eyes.
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In the GST, it has seen that both central and union government has given their powers for levying taxes and has adopted a way towards the sovereignty. The state has also participated in the tax reform despite its special position in the constitution of the nation. There was a voice raised in the direction by the Fourteenth Finance Commission making it a good share of states into the net tax income of the central government from 32 percent to 42 percent.
The honorable Prime Minister of India Narendra Modi expressed his views after the central government welcomed the commission’s scheme and wrote a letter to the chief ministers of all the states stating that, “This is all towards the fulfillment of my promise of co-operative federalism. As you have already seen, we have decided to involve states in discussing and planning national priorities.”
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As soon as the GST council formed, the federal framework was fortified and made that union government captures one-third of the decisions and remaining is under the government of the state. And now it’s the time, that Srinagar will be held for this crux of GST council meeting. The meeting will see finance ministers from 32 states and from union territories making it more significant in the uprising of the new tax era in the nation.
