Union Ministry of Finance formed two committees for facilitating implementation of GST [ Current Affairs ]
Union Ministry of Finance formed two committees for facilitating implementation of Goods and Services Tax (GST) from 1 April 2016. Committee will be headed by Arvind Subramanian who is the Chief Economic Advisor (CEA), Ministry of Finance. These committees are intended to speed up the process of establishing necessary administrative infrastructure to implement the GST.
- This committee will recommend possible tax rates under GST that would be consistent with the present level of revenue collection of the Union and States and it would take into account expected levels of growth of economy, different levels of compliance and broadening of tax base under GST.
- It would also analyze the Sector-wise and State-wise impact of GST (indirect taxes like excise, services tax, sales tax, octroi etc) on the economy and it is expected to give its report within two months with the terms of Reference of Steering Committee on GST rate.
- It will monitor the progress of IT preparedness of Goods and Services Tax Network (GSTN)/ the Central Board of Excise and Customs (CBEC)/Tax authorities. It has members from Central Board of Excise & Customs, Department of Revenue, and Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governments.
- It will monitor the finalization of reports of all the Sub-Committees constituted on different aspects relating to the mechanics of GST and drafting of Central GST, Interstate GST and State GST laws/rules.
- Published on: June 24, 2015