GST issue will be resolved soon: Chidambaram

July 13th, 2012 - 5:51 pm ICT by IANS  

P. Chidambaram Chandigarh, July 13 (IANS) The government will soon resolve the issues hindering the implementation of goods and services tax (GST) that aims to bring uniformity in indirect taxes across the country, Home Minister P. Chidambaram said Friday.

“I am sure it will be resolved. I hope it will be resolved soon,” Chidambaram said while addressing a press conference here.

He said the empowered group of state finance ministers was looking at the issue and it would reach the conclusion soon.

“As you know there is an empowered group of state finance ministers, headed by finance minister of Bihar. I am confident that they will find a solution,” he said.

Chidambaram expressed hope that the new taxation system, which aimed to integrate the country in a common market by bring in uniformity in tax rates, will be implemented soon.

Several states, especially those ruled by BJP like Madhya Pradesh, Gujarat and Karnataka, have been opposing the new tax regime saying it would undermine the states’ financial autonomy.

The issue of compensation of revenue losses incurred due to reduction of central sales tax rate is another sticky point.

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