New GST panel head hopeful of 2014 rollout

New Delhi: Jammu & Kashmir Finance Minister Abdul Rahim Rather has been elected as the new Chairman of the Empowered Committee of State Finance Ministers on Good and Services Tax (GST).

Rather, also a senior National Conference leader, was chosen to head the panel at a meeting of state Finance Ministers in Delhi.

In an interview to Business Standard, Rather says, “My first priority will be to build consensus on GST. The ultimate aim is to introduce GST in a timely manner. Before that, the passage of the Constitutional Amendment Bill is essential.”

[caption id=“attachment_978063” align=“alignright” width=“380”]  J&K Finance Minister Abdul Rahim Rather. Image: moneycontrol[/caption]

The J&K minister said he is hopeful that of introducing the tax reform by April 2014.

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The post of chairman of the FM’s committee on GST has been lying vacant since June 17 when Bihar Finance Minister Sushil Kumar Modi resigned following the JD(U)-BJP split in the eastern state.

The new chief will have a formidable task of pursuing the proposed new indirect tax regime (GST) which will subsume excise, service tax and local levies.

The Standing Committee on Finance had last week finalised its views on the GST Bill, which was introduced in Parliament in 2010.

The states and the Centre would together finalise the draft now and bring it back to Parliament.

In 2011, Modi had replaced Asim Dasgupta, who had resigned following the defeat of Left-front government in West Bengal.

He had earlier said that 80 per cent consensus had been built on the Bill.

The GST rollout had 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 the GST structure.

With inputs from PTI