NEW DELHI, Nov 20:

State Finance Ministers todayfailed to iron out certain minordifferences over the proposedGoods and Services Tax (GST),days before start of a crucial ses-sion of Parliament that has to passa law for the new regime to comeinto force from April next year.

The Empowered Committeeof State Finance Ministers didnot discuss the GST rate butreferred to a sub-committee theissue of threshold below whichsmall businesses would beexempted from the new levy.

Delhi Deputy Chief MinisterManish Sisodia, who chairedtoday's meeting, said the stateswere "divided" over the threshold.

While the Centre is of theview that threshold for levyingcentral GST (C-GST) and stateGST (S-GST) be kept at anannual turnover of Rs 25 lakh,some small states want it to be atRs 10 lakh.

"Some states are adamant thatit should be Rs 10 lakh. Some oth-ers said it should be increasedbecause inspector raj will increaseif small traders come under GST...So, we thought that we shouldcollect data from all states,"Sisodia said.

The GST Bill, which willsubsume all indirect taxes tocreate one rate and integrate thecountry into a single market, hasbeen approved by the Lok Sabha

and is pending approval of theRajya Sabha.

After the ConstitutionalAmendment Bill is approved bythe Rajya Sabha, the Bill needsapproval of half of the state legis-latures before it can become a law.

The Government is hopingto get the bill approved in thewinter session beginning onNovember 26 and complete theother necessary legislative workby March 31.

Sisodia said the EmpoweredCommittee of State FinanceMinisters will meet next monthto decide on a new chairman.

"The EmpoweredCommittee will in its next meet-ing in the presence of FinanceMinister Arun Jaitley decide onthe chairman... The meetingshould happen in December," hetold reporters here.

Selection of a new chairmanhas been necessitated by the

incumbent Kerala FinanceMinister K M Mani's resignationearlier this month in the wake ofa High Court ruling against himin the bar bribery case.

The states have two options -- either raise the number of taxpayers or decrease the numberand levy higher tax, Sisodiasaid.

"Based on data, a decisionwould be taken so that it shouldnot be on the basis of prejudice.The sub-committee would sub-mit its report before the nextmeeting," he added.

Although the Governmenthad planned to roll out GST,which is billed as the most com-prehensive indirect tax reformsince the Independence, fromApril 1, 2016, it looks difficultas the Constitution AmendmentBill is stuck in the Rajya Sabhawhere the ruling NDA does nothave a majority.(PTI)

SATURDAY, NOVEMBER 21, 2015 (PAGE 20) DAILY EXCELSIOR, JAMMU

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NOTICEStates fail to iron out differences over GST