Report Of Empowered Committee Of State Finance Ministers On Vat Changes About GST: Still More To Do

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Changes About GST: Still More To Do

The government has finally taken a step towards rolling out the GST after getting the President’s approval to introduce the Constitution Amendment Bill in the Parliament. In other words, the government finally introduced the Constitution Amendment Bill in Parliament but there were some issues on which most of the states expressed concern.

The Constitutional Amendment Bill proposes to constitute the GST Council and establish a dispute resolution body. Therefore, the two main pillars of Goods and Services Tax i.e. GST Council and Dispute Resolution Body will remain the central part of the GST architecture. The GST Council will be headed by the Finance Minister with members from states. The Council will be empowered to recommend tax rates and exemption and threshold limits for goods and services.

Some states are in favor of a phased approach for constitutional amendment, while other states are of the opinion that the need for constitutional amendment should be met before taking any further steps. In a phased approach, the main focus will be to allow the Center and the states to share their tax base and only initial amendments to the Constitution will be made for this. However, the two main pillars of Goods and Services Tax i.e. GST Council and Dispute Resolution Authority will be kept outside the Constitution and both can be given green signal with constitutional amendment at a later stage if necessary. It seems that GST is experimented with and if that is not successful there are other options available which can be looked at at a later stage.

Regarding dispute resolution bodies, the Center has been demanding that instead of forming them by amending the constitution, the states should make laws to form such bodies individually. States are basically trying to protect their fiscal autonomy which they think will be affected in the new tax system.

Recently, Gujarat Minister of State for Finance and Industries Saurabh Patel has said that the government is trying to take away the autonomy of the state. VAT will no longer be a state subject. Parliament will have all the power to decide on exemptions and tax rates.

Consent is the only word on which the future of goods and services depends, but the Empowered Committee of State Finance Ministers has many hurdles in front of the Finance Ministry to achieve that.

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