Home / Knowledge / News / Textiles / GST: Logjam persists over high sea taxes, dual control
GST: Logjam persists over high sea taxes, dual control
04
Jan '17
Goods and Services Tax (GST) will most likely be delayed to September as the deadlock between the Centre and states continues over administrative control over assessees and high seas taxation rights. The issues will be discussed in the next meeting of the Council, comprising finance minister Arun Jaitley and state finance ministers, to be held on January 16.

The Council is yet to make a decision regarding the fund to be allocated for compensating states for the loss of revenue after the implementation of the GST bill. On the first day of the meeting, states demanded an increase in the number of items on which cess is to be levied. Initially, a sum of Rs 55,000 crore was proposed to compensate the states, however, it is likely to be increased to Rs 90,000 crore post demonetisation.

States participation in Integrated GST (IGST) also continues to be a matter of concern for the GST Council, according to media reports.

Some states have also demanded that the GST revenue from the goods that fall under the highest tax bracket should be shared in the 60:40 ratio as opposed 50:50, said Thomas Isaac, finance minister of Kerala. This issue will also be discussed later.

On the first day of the meeting, coastal states like West Bengal, Kerala and Karnataka asked for levying taxes on goods within 12 nautical miles in the sea, thus delaying the IGST draft law on inter-state trade. The Council failed to reach a consensus on defining a state and whether to include 12 nautical miles of high seas in states’ jurisdiction.

The Centre seems to be accepting the states’ demand to include high seas into their jurisdiction, however, it is yet to give its word on the same, added Isaac. The decision could be taken on January 16. (KD)

Fibre2Fashion News Desk – India


Must ReadView All

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Top executives
Textile industry

The foremost issue is bridging the skill gap

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search