New Delhi: The Centre and states have concurrent powers to levy GST and the new indirect tax regime will result in reduction of prices for consumers and broaden the tax base, Revenue Secretary Hasmukh Adhia said today.
At a workshop on Goods and Services Tax (GST) organized under the Speaker's Research Initiative (SRI) in Parliament Library Building today, Adhia explained how the existing multiple taxes at the central and state level will be merged into a single tax.
"The workshop was designed to provide Members of Parliament an insight into the new tax regime being established in the country and give them a better understanding about GST, thereby enabling them to participate fruitfully in the upcoming Parliamentary discussions on the subject," said an official statement.
Under the GST Constitutional Amendment Act, concurrent powers to levy GST has been provided to both the Centre and the states. "Members were also apprised about the major decisions of the GST Council, compensation mechanism for the states and the future roadmap in rolling out the GST in the country," the statement said.
Speaking about the benefits of GST, Adhia stressed that it will not only usher in a transparent tax system thereby reducing cascading of taxes, but will also result in reduction of prices for consumers and broaden the tax base in the country. Earlier in the day, the government tabled 4 supplementary GST legislations in the Lok Sabha. Discussion on the bills is expected to begin on Wednesday....