Advertisement

HindustanTimes Mon,28 Jul 2014

Two committees to be set up to resolve GST differences

HT Correspondent, Hindustan Times  New Delhi, November 08, 2012
First Published: 21:52 IST(8/11/2012) | Last Updated: 21:54 IST(8/11/2012)

Finance minister P Chidambaram on Thursday said that two committees will be set up to iron out contentious issues to ease the implementation of the Goods and Services Tax (GST).

Advertisement

While one of the committees will deal with the compensation of the central sales tax (CST), the other will work on the design of GST.

"The committees will submit their reports by December 31," said Chidambaram, after a meeting with the empowered group of state finance ministers.

CST is collected by the Centre and distributed among states. As a pre-cursor to GST, the Centre and States in April 2007 had agreed to phase out CST over a period of three years and in line with it, the CST rate was first reduced to 3%, and then to 2%.


Advertisement
more from Business

Maruti hikes Celerio AMT output, looks to cut waiting period

Country's largest car maker Maruti Suzuki India (MSI) is looking to increase the supply of auto gear shift version of its latest compact hatchback Celerio to reduce the waiting period that currently stands at about four months.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved