Unified common GST rate may be more than 12%: Revenue Secy
Published on Fri, Mar 05, 2010 at 13:29 | Source : Moneycontrol.com
Updated at Fri, Mar 05, 2010 at 16:12
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Unified common GST rate may be more than 12%: Revenue Secy
In an exclusive conversation with CNBC-TV18’s Ashwin Mohan, Revenue Secretary Sunil Mitra said that the government is unlikely to unify 12% as a common rate for good and service tax (GST)—in fact, the rate would definitely be more than 12%, he added.
The government is unlikely to unify 12% as a common rate for good and service tax (GST), said Revenue Secretary Sunil Mitra in an exclusive conversation with CNBC-TV18's Ashwin Mohan. The rate would definitely be more than 12%, but how much more will depend on the Centre-state talks. "We are looking at a quick consultation with the industry in April-June on the issue of Direct Tax Code (DTC)."
Commenting on how much ground has been covered on issues like the GST and of course the Direct Tax Code, Mitra said, "Looking backwards, considering all the legislative processes that have to happen, the only time in which we can begin this quick consultation process would be between mid April to about June. There has been an elaborate consultation process already. We have to jointly work out with the state. For the Centre we expect it to be largely revenue-neutral but for the states there would be a significant loss of revenue. So we would have to come to some kind of an understanding with them. That's going to be crucial consensus issue. Otherwise there is no dispute on the structure of GST."
