GST Bill: Principle of GST rate decided, should provide relief to common man

26 July, New Delhi

The empowered committee of State Finance Ministers on Goods and Services Tax has decided the principle of GST rate. The meeting was chaired by Finance Minister Arun Jaitley.

The chairman of the committee and Finance Minister of West Bengal Dr Amit Mitra told reporters after the meeting of the committee in New Delhi this evening that the rate should provide relief to common man but it should not result in loss of revenue to states.

Dr Mitra said, it was agreed in the meeting that states will be given five-year compensation and the Bill will have provision for compensation mechanism. Besides, businesses of less than 1.5 crore rupees turnover should be under states’ control and the above 1.5 crore rupees will be under dual control of states and Centre. The Bill is likely to be listed for discussion in the Rajya Sabha this week.