INDIA
This development could delay the implementation of the GST further as the new Chairman would have to start afresh building consensus among all states.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD(U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime — Goods and Services Tax (GST).
"I have demitted my office as Deputy Chief Minister and Finance Minister, Bihar. I have also resigned from post of Chairman, Empowered Committee of State Finance Ministers," he stated in a letter to Union Finance Minister P Chidambaram.
In his letter, Modi pleaded for early payment of Central Sales Tax (CST) compensation to states to build the trust between states and union to ensure early roll out of the GST, which has missed several deadlines.
This development could delay the implementation of the GST further as the new Chairman would have to start afresh building consensus among all states.
In 2011, Modi replaced Asim Dasgupta, who had resigned following defeat of Left-front government in West Bengal.
The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. After the committee submits its report, the states and the Centre would together finalise the draft and bring it back to Parliament.
Modi had earlier said that 80% consensus has been built on the Bill.
The proposed GST will bring in a common tax regime for goods and services by subsuming most indirect taxes, and is expected to help increase revenue mop ups.
The GST rollout has missed several deadlines on account of differences over contentious issue of Central Sales Tax compensation and design of the GST structure between the states and the Centre.
Conventionally, the post of chairman of empowered committee has been with the opposition party. So now it is likely that the finance minister of a BJP ruled state or from Punjab or Odisha could chair the committee.
J-K: Grenade attack by terrorists on Army post in Poonch; no casualties
Indian tech entrepreneur Yash Gupta launches breakthrough recycling plant to combat e-waste crisis
Cloud Architecture and Migration: The expertise and achievements of Anand Kumar Chennupati
Indian Navy’s Power on Display: Odisha hosts Navy Day operational spectacle
Chandni Chowk is among least polluted spots in Delhi, reason is...
THIS star cricketer confirms rift with MS Dhoni, says 'we don't talk...'
Singham Again OTT Release: Ajay Devgn film to start streaming online from.... but there is a twist
Shatrughan Sinha reacts to Vikrant Massey's temporary break from acting: 'Aaj kal be bache zyada...'
Jamshetji Tata shut down first business where Tata name was used due to...
'Mirchi ka halwa' dessert at wedding leaves guests in SHOCK, video goes viral
SAD Chief Sukhbir Singh Badal shot at Golden Temple
Pushpa 2 first review out: Allu Arjun, Rashmika Mandanna impress but Fahadh Faasil leaves...
Russia: Asteroid collides with Earth, lights up sky over Yakutia, watch viral video
Nargis Fakhri shares first post after sister Aliya Fakhri's arrest, it is connected to...
Indian Navy Day 2024: Know history, importance and theme of the day
Mukesh Ambani SUPERHIT plan for Jio users: 5G data, unlimited calls, OTT subscription at just Rs…
Shillong Teer Results TODAY December 4, 2024 Live Updates: Check lucky winning numbers, prize money
Rapper Eminem's mother, Debbie Nelson, passes away at 69
South Korean President Yoon Suk Yeol lifts martial law after major backlash: Here's what happened
Shraddha Kapoor accidentally shares her Aadhaar photo while taking selfie, pic goes viral
Meet woman, who cracked UPSC exam twice, resigned as IPS to become...
Sanjay Dutt's premium Scotch whisky brand makes record sales in 7 months, it is priced at Rs...
IND vs AUS: Yashasvi Jaiswal on verge of breaking THIS record of Sachin Tendulkar in Pink Ball Test
Comedian Sunil Pal found safe after his wife reported him missing in police complaint
DNA TV Show: High-tech preparations for Maha Kumbh 2025, UP govt to set up luxury tent city
This vegetable has multiple benefits, available for only 3 months in winter season, it is...
Watch: Sachin Tendulkar reunites with childhood friend Vinod Kambli, netizens say, 'how life...'
After Diljit Dosanjh, Karan Aujla comes under fire for glorifying alcohol
Amid Govinda and Krushna Abhishek's truce, Tina Ahuja makes shocking revelation: 'I will not lie...'
ISRO Launches Proba-3: ESA's Daring Mission To Touch The Sun On December 4
South Korean President Yoon Suk Yeol declares emergency martial law: What it means
Raid 2: Ajay Devgn-Riteish Deshmukh's crime thriller gets postponed, to release on THIS date
IIM CAT 2024 Answer Key out: Know how to download, get direct link here
Madras HC rejects Tamil producers association plea to ban film reviews for...
Rishabh Pant or Nicholas Pooran? Sanjiv Goenka breaks silence on LSG captaincy choice for IPL 2025
Why Azim Premji's Wipro shares are showing 50% fall on some mobile apps
IndiGo sues Mahindra Electric for using '6E' in their upcoming cars
How to Find Trendy and Comfortable Kids’ Clothes Online
Measuring emotional intelligence: The role of communication in psychometric assessments
The India Edit: New Scents Inspired by India
Unsold in IPL Auction 2025, Gujarat batter Urvil Patel sets new T20 world record
GST on cigarettes, tobacco, aerated beverages to be hiked to 35%? Know here
Naveen Kasturia marries girlfriend Shubhanjali Sharma in Udaipur; see first pics here
WATCH: MS Dhoni dances to ‘pahadi’ song with wife Sakshi, video goes viral
Meet Venkata Datta, Hyderabad techie, who is set to marry badminton star PV Sindhu
The KYC Bubble: How digital ID’s could trigger a global collapse
5 reasons why Allu Arjun will become biggest pan-India star with Pushpa 2: The Rule
Kerala Lottery Result Today December 3: Sthree Sakthi SS-444 winners to be announced shortly