Parl Committee on Finance finalises GST report

The Parliamentary Standing Committee on Finance today finalised its report on Goods and Services Tax (GST) which will be tabled in Parliament in the monsoon session beginning August 5.

Sources said the report will be sent to the Parliament today only.

The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.

The proposed GST is aimed at bringing in a common tax regime for goods and services by subsuming most indirect taxes. It is also expected that GST will help increase revenue collections.

The GST roll-out has missed several deadlines due to differences between the states and the Centre over contentious issue of central sales tax, compensation to states and design of GST structure.