Panel Gathers to set GST Rate
Finance ministry and state finance ministry officials gathered in New Delhi on Tuesday for a three-day meeting that will seek to finalise the main rate of the Goods and Services Tax and pave the way for its introduction next April.
The long-delayed tax, which would transform Asia's third-largest economy into a single market for the first time, should boost revenues through better compliance while making life simpler for businesses that now pay a host of federal and state levies.
Prime Minister Narendra Modi, who wants to make doing business easier in India, has said India needed the tax reform to end widespread evasion by businesses and prevent officials from waging arbitrary tax "terrorism".
Last month the GST Council, a decision making body that comprises federal and state finance ministers, resolved key issues on how the sales tax would work and approved draft rules for its collection.
Finance Minister Arun Jaitley expects to get parliamentary approval for bills next month that would set the rate and scope of the GST. The states would also have to approve similar bills in their assemblies.
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