AGARTALA, Nov 6 - Welcoming proposed Goods and Services Tax (GST), Tripura Finance Minister Bhanu Lal Saha said the State would not suffer once the new taxation policy is introduced.
The BJP-led NDA Government plans to implement GST by April 1, 2017. For further deliberations, Union Finance Minister Arun Jaitley held a meeting of GST Council in New Delhi on November 3 and 4.
After attending the meeting, Saha returned to the State and told the media that collection of taxes would be easier after introduction of GST. �The State will not suffer after introduction of the new tax regime. Even if the State suffers loss, it will be reimbursed by the Centre for the next five years�, he said on Sunday.
Saha further said, �Issues like slabs of tax collection and power of State Government have not been solved in the meeting. Initially, it was agreed that the State Government will collect GST from those whose annual turnover is not more than Rs 1.50 crore. And beyond it, the Centre will collect the tax.�
Besides Jaitley, GST Empowered Committee�s president Amit Mitra, who is also West Bengal Finance Minister and Finance Ministers of all States were present in the meeting.
In the existing tax regime, States collect VAT while the Centre collects Central Excise and Service Tax. In the meeting, the Union Finance Minister hinted at reaching consensus on proposed GST so that GST Bill could be passed in Lok Sabha and Rajya Sabha with thumping majority. The next meeting of GST Council will be held on November 24 and 25.