Kerala Finance Minister T M Thomas Issac informed the state assembly that there were no “fundamental” disputes in GST council.
Speaking during the Question Hour, Issac told the House, “There were no fundamental disputes in GST council.” The next meeting of the council, to be held in Srinagar, would take decision to fit different goods and services into the four approved slabs of 5, 12,18 and 28 per cent tax rates under Goods and Service Tax (GST).
Issac added that the decision on tax rate of gold was yet to be taken.
It was also estimated that an amount of Rs 55,000 crore was necessary to pay compensation to states for revenue loss in the aftermath of introduction of GST, Issac said.
Issac also said that government would take stern action against tax evasion.
However, he said the government would find a solution if any complaints were received on harassment of traders by officers on account of collecting tax.
GST is scheduled to be put into force in the country in coming July.
Money Control, 01 March 2017