An important meeting of GST council comprising the centre and the states on Friday has failed on to agree on the crucial issue of “dual control” to divide the administrative, auditing and assessing powers between the two governments under the proposed nation-wide goods and services tax.
There will be an informal meeting of the ministers on November 20, primarily aimed at hammering out political consensus. Also State GST, Central GST and Interstate GST being a tax bill will be taken as money bill in the upcoming session of the Parliament.
The GST Council meeting on Friday remained inconclusive as state finance ministers will now meet informally on November 20 to sort out pending issues.
The GST Council will meet again on November 24-25 to sort out the dual control issue. Addressing a press conference, Union Finance Minister Arun Jaitley said that so far about 10 important issues have been resolved and decisions have been taken.
The contentious issue of cross empowerment is expected to be decided in next meet now.
Central and state government officers will prepare the drafts of four supplementary bills dealing with CGST, SGST, IGST and the compensation law.
The drafts of these laws have to be prepared by Nov 14-15. These drafts will be then given to states for comments and they have to give comments within a week of getting the drafts. Efforts are on to pass supporting GST legislations in Winter Session of Parliament beginning Nov 16.
On Thursday, the Centre and the states managed to thrash out a broad consensus on the contentious issue of fixing tax rates under the proposed goods and services tax (GST) regime, marking a significant step forward in the rollout of the new tax regime by early next fiscal.