Working group on GST likely to submit report in November - Shome
The working group on Goods and Services Tax (GST) is likely to submit its report to the empowered committee and the finance minister in November, advisor to Finance ministry Parthsarathi Shome said in Kolkata.
"The working group will hopefully submit its report in November," he said on the sidelines of a seminar on 'Indirect Taxation and its Future Reforms'.
The model which would be developed for India would not be a copy of those followed by other countries, he said, adding "it will be our aim to improve upon the existing VAT system."
Shome said GST, which is proposed to be introduced by April 1, 2010, has the potential for reducing prices of commodities if the cascading effect was completely eliminated. He said the very aim of GST was to eliminate distortions by harmonisation of taxes levied by the Centre and states.
For complete elimination of loopholes and distortions, there would have to be a communication channel between the Centre and the states, He said. Remember CBEC Member stating in our Seminar that the States are not on talking terms?