West Bengal Finance Minister Amit Mitra on Saturday revealed that the Center has agreed to all the 26 proposals that have been put forward by the states, adding that the decision showcased the 'federalist quality' of the country.
"Incorporation of IGST was the highlight of the meeting. Once implemented, this will enable cross-empowerment of states and the Center," said Amit Mitra while applauding the decision taken by the Cabinet.
The Goods and Services Tax (GST) Council, which approved the Central GST and Integrated GST on Saturday in its 11th meeting, witnessed the state finance ministers talking in chorus with the centre.
"Incorporation of IGST was the highlight of the meeting. Once implemented, this will enable cross-empowerment of states and the Center," added Mitra.
However, Mitra highlighted the three main points of the GST implementation, which includes the benefit of the common man, enough compensation if the revenue falls and avoiding of dual control for enterprises up to 1.5 crore.
"An important achievement from today's meeting is the approval of the compensation scheme on small enterprises like Dhabas. To this effect, the Center has approved a five percent tax on turnover of up to Rs. 50lakh, as opposed to the 18 percent rate fixed under the GST," added Mitra.
Echoing similar opinion, Jammu and Kashmir Finance Minister Haseeb Drabu revealed that the aforementioned provisions are being considered for minor editorial changes, and State GST will be discussed in the next meeting.
"No changes are to be made with regards to the peak rate on tax slabs, which is capped at 28 percent," he added.
Continuing from the previous meeting, Deputy Chief Minister of Delhi Manish Sisodia urged for incorporating the real estate sector in the purview of GST.
"If real estate is included in GST, it will stop black money in this sector, bring transparency and stop land-hoarding. Subsequently, property allocation for those in need can be implemented," Sisodia added.
The GST Council, headed by Union Finance Minister Arun Jaitley met on Saturday at Vigyan Bhavan with the next meeting scheduled for March 16.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)