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GST compensation to cover NE tax exemptions

By Spl Correspondent
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NEW DELHI, Oct 19 - State Finance Minister Himanta Biswa Sarma said today that all tax exemptions to industries in the northeastern States will be calculated as revenues for purpose of GST (Goods and Services Tax) compensation, bringing a much required succour to the region.

�I specially thank and compliment Union Finance Minister Arun Jaitley for this relaxation, which will secure our revenue growth under the GST regime. The fixed secular growth rate of 14 per cent for calculating revised growth in next 5 years is a big concession to all States,� Sarma, who took part in the GST Council meet, said.

A four-tier structure for GST, comprising a lower rate of 6 per cent, two standard rates of 12 per cent and 18 per cent, and a higher rate of 26 per cent with an additional cess for luxury and demerit goods, were proposed in the third meeting of the GST Council on Tuesday.

The council has decided to discuss the rates structure in the next two meetings, which are likely to take place on the first week of November.

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GST compensation to cover NE tax exemptions

NEW DELHI, Oct 19 - State Finance Minister Himanta Biswa Sarma said today that all tax exemptions to industries in the northeastern States will be calculated as revenues for purpose of GST (Goods and Services Tax) compensation, bringing a much required succour to the region.

�I specially thank and compliment Union Finance Minister Arun Jaitley for this relaxation, which will secure our revenue growth under the GST regime. The fixed secular growth rate of 14 per cent for calculating revised growth in next 5 years is a big concession to all States,� Sarma, who took part in the GST Council meet, said.

A four-tier structure for GST, comprising a lower rate of 6 per cent, two standard rates of 12 per cent and 18 per cent, and a higher rate of 26 per cent with an additional cess for luxury and demerit goods, were proposed in the third meeting of the GST Council on Tuesday.

The council has decided to discuss the rates structure in the next two meetings, which are likely to take place on the first week of November.

More in Entertainment
Similar Posts