The select panel on Goods and Services Tax has submitted report in the Rajya Sabha with a proposal for three modifications to the Bill. The modifications are related to Clauses 12,18, and 19.
- Clause 12 (4) (e) is on GST Council’s powers on recommending rates within a band and the panel may propose that the ‘band’ be defined within GST laws.
- The panel felt that the 1 percent additional inter-state tax may lead to cascading of taxes, and may call for clarifying Clause 18 to prevent that.
- Third is modification to Section 19, which is basically compensation for GST related losses to states for a period of five years.
Also in addition there are set of suggestions on the GST rate but the GST council will decide on the final rate.
— moneycontrol.com
