July 18, 2014 1:31 PM

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GST will be implemented with consent of all states: Fin Min

Finance Minister Arun Jaitley has said the Goods and Services Tax will be implemented with the consent of all states and their revenue interest will be protected. Replying to supplementaries in the Lok Sabha today, he said for this, the government will bring amendments to the relevant legislations enacted in 2011.The Finance Minister said, he has written to the States for their consensus on the issue. He said the NDA government has also held meetings with Finance Ministers of State governments twice in this regard.The Minister assured that revenue collection of both Central and State governments will increase after implementation of GST. He said incidents of tax evasion will be checked and 1 to 1.50 per cent hike in GDP is also expected.Mr. Jaitley said if any State suffers in its revenue collections during initial years after implementation of GST, compensation will be provided by the Centre. The Minister said that several States have given their consent for GST and few States has lodged their objections on their state-specific issues.

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