India will likely to be able to roll out the goods and services tax (GST) from July 1, commented on Monday, over seemingly intractable issues of tax administration after center accommodate state concern .
The GST council, which has Jaitley as chairman and state ministers as members, resolved to share the entire taxation base between the assessment machiney of the centre and the states.
Jaitely said , “Both will have intelligence based assessment powers".
Power to levy and collect the I-GST lies with the central government but states will also be cross-empowered in the same ratio as above through a special provision in the law. Any IGST disputes among states will be resolved by the centre.
He also said on Monday, all ministers agreed to the proposals except West Bengal finance minister Amit Mitra. The state wanted exclusive jurisdiction for states up to the limit Rs 1.5 crores. Other stated did not support West Bengal's demand ,said in the meeting.On the other hand ,states such as Assam and Maharastra demanded a higher number of assesses above 1.5 crore threshold and fewer below.
"It's indeed a very positive development and takes GST journey forward", said Harishanker Subramaniam,national leader,indirect leader. "What remains now are rates for various goods and services ,which I am sure will be decided in March 2017".
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