Addressing to a galaxy of Finance Ministers from various
The meeting was chaired by the Minister for Finance,
The 1st marathon meeting of the Empowered Committee of State Finance Ministers was held in
The Finance Minister, opined that the national services sector has expanded at a faster pace in the first seven months of the current fiscal year vis-à-vis the corresponding period of the last fiscal, the situation offers the best opportunity to broaden our tax base by switching over to GST while the trends of steady growth continue. He, however, cautioned that this ideal system should have ideal settings and, therefore, use of advance technology in terms of modern techniques and strong IT backup for efficient administration of the tax system and better service delivery to the tax payers, remains a sine qua non. Other tools for sharing of information, online facility of filing returns, making e-payments, de-mating of statutory forms and simplification of procedures have to be put in place before embarking upon the new tax regime, he added. He said that the State of
With regard to the adoption of modalities for finalizing RNR, Rather suggested that a committee of experts within the Empowered Committee be constituted to examine the issue thoroughly so as to suggest a rational rate acceptable to all stakeholders. He observed that any hasty decision in this regard can have serious consequences which can jeopardize the actual roll out of GST in the country.
The Minister also deliberated in detail on other issues relating to SGST, IGST, ITC, Entry Tax, etc. relevant in the context of taxation matrix of the State of
Concluding his address, the Finance Minister stated that it was his considered view that the Empowered Committee can prove as an effective body to usher in a successful GST regime in the country like the successful implementation of VAT about half a decade back, it succeeds.