India attempts GST settlement
Today’s meeting of the GST Council will seek to close the two outstanding blockers to the roll out of GST in April 2017.
The Council is made-up of representatives from the Centre and 16 states. The two key issues are:
- Agreement on the 3 implementation laws: Goods and Services Tax; Integrated GST; and Compensation for States
- Agreement on the ‘assessee jurisdiction’, which governs which state levies and collects the new tax
GST will replace a complex, multi-tax regime that holds back the development of intra-state trade and growth of a manufacturing sector. It is estimated that it could add 2% to annual growth rates.
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