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Finance minister to attend GST meet


OST Bureau

Bhubaneswar, Sep 15

Odisha Finance minister Prasanna Acharya will attend a meeting of the empowered committee of state finance ministers on introduction of Goods and Services Tax (GST) in New Delhi on September 19.

The empowered committee of state finance ministers, which also comprises representatives from the Union Finance ministry, would meet to discuss the Bill to amend the Constitution that will pave the way for the introduction of GST in the country. The empowered committee had recently visited South Africa to study the GST model operational in that country.

Earlier, the states had agreed to a compensation formula for losses owing to reduction in the Central Sales Tax (CST) rate from four per cent to two per cent. Odisha, which suffered a revenue loss of Rs 1,533 crore, has sought compensation for it. The Central Government has so far provided Rs 256.17 crore in 2011-12 by way of compensation. So, Finance minister Acharya is likely to demand better compensation at the meeting.