Odisha Assembly to ratify GST today

However, the state has claimed over Rs 2,755 crores owards CST compensation for the loss on account of the phase-wise abolition of the tax

A special one-day sitting of the Odisha Legislative Assembly will be held today to ratify the 122nd Constitutional Amendment Bill on the Goods and Services Tax (GST).

Chief Minister Naveen Patnaik would be moving a resolution for a discussion on the bill in which all members would participate.

15 states have already ratified the constitutional amendment bill. With Odisha passing the bill in its legislature, this will touch the magic number of 16, which is required to turn the bill into a law.

According to reports, state finance minister Pradeep Amat has said that Odisha should be compensated for the loss of revenue that will be incurred because of the introduction of the GST.

The state has claimed over Rs 2,755 crores owards CST compensation for the loss on account of the phase-wise abolition of the tax.

Meanwhile, Patnaik on Wednesday wrote to the Prime Minister Narendra Modi demanding that at least 60 per cent of the proceeds of the cess on coal be shared with coal-bearing states through an appropriate mechanism.

The Constitution 122nd Constitutional Amendment Bill was passed by the Parliament on August 8, marking a historic step for tax reforms which Prime Minister Modi said was 'crucial' for ending tax Terrorism besides reducing corruption and black money while making the consumer 'king'.

The government has set a deadline of April 2017 for the GST rollout.