Parliamentary panel suggests white paper on GST

The white paper would give details on how much of the revenue generated via the reformative tax is going to be divided among the centre and the states

The Union Finance Ministry today held a meeting of the Parliamentary Consultative Committee. During the meeting a suggestion was made by some members of the committee that the government should release a consultation paper before the roll out of the national Goods and Services Tax (GST).

The white paper should give details on how much of the revenue generated via the reformative tax is going to be divided among the centre and the states. Clarity was also sought on whether the manufacturers, suppliers or consumers would be the ultimate beneficiary of the move.

‘As the volume of trade expands and the growth momentum picks-up, then every State will be benefitted with the rise in their revenue collections with the implementation of GST,” said Arun Jaitley.

The meeting in addition of the member of parliaments also had several bureaucrats in attendance including members of ministry of finance and department of revenue.