The Empowered Committee of State Finance Ministers today failed to iron out certain differences over threshold for levying center GST and state GST. <br/><br/>Deputy Chief Minister of Delhi Manish Sisodia, who chaired today's meeting of the states finance minister in the national capital said, the states were divided over the threshold. He said, some states are adamant that it should be 10 lakh rupees and some others demanded it should be increased because inspector raj will increase if small traders come under GST. <br/><br/>Meanwhile, the Centre is of the view that threshold for levying central GST (C-GST) and state GST (S-GST) be kept at an annual turnover of 25 lakh rupees, some small states want it to be at 10 lakh rupees. <br/><br/>The GST Bill, which will subsume all indirect taxes to create one rate and integrate the country into a single market, has been approved by the Lok Sabha and is pending approval of the Rajya Sabha.<br/><br/> The government is hoping to get the bill approved in the winter session and complete the other necessary legislative work by March 31.
News On AIR | November 20, 2015 8:44 PM
States finance ministers fail to iron out differences over GST