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Maharashtra, Telangana ratify GST Bill; tally 11
30
Aug '16
The state legislative assemblies of Maharashtra and Telangana today unanimously ratified the 122nd constitutional amendment bill that will enable the implementation of Goods and Services Tax (GST).
This takes the tally of states having approved the bill to 11. At least 16 states need to pass the bill before the President can notify the GST Council.
 
Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh, Delhi and Nagaland have already ratified the bill which aims at replacing all central indirect levies like excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, by a single tax pan-India.
 
Moving the resolution in the Maharashtra state assembly finance minister Sudhir Mungantiwar said the state would not suffer financial losses post implementation of the GST due to a revenue-sharing mechanism with the Centre.
 
The minister announced a separate law to ensure compensation towards the loss of revenue to Brihanmumbai Municipal Corporation (BMC), as GST will abolish octroi duty, which is a major source of revenue for the BMC.
 
In Telangana, the GST bill was unanimously ratified at a special session of the two houses convened to exclusively take up the issue. Moving the resolution, chief minister K Chandrasekhara Rao assured the assembly that the state would not face any financial loss as the bill deals only with the commercial taxes component of VAT. He said the state will continue to earn revenue from taxes on petrol and excise duty.
 
He said the state would also benefit from the proposed share the state would get from the Service Tax, which would create additional revenue.
 
The bill was passed by the Lok Sabha and the Rajya Sabha earlier this month. (RKS)

Fibre2Fashion News Desk – India

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