MoS Finance likely to be convenor of GoM on GST compensation cess
Group of Ministers on reworking the nomenclature for GST compensation cess is likely to be convened by Union Minister of State for Finance Pankaj Chaudhary and include members from states, an official has said. The official further said the Terms of Reference (ToR) and the members of the GoM are in the process of getting finalised.
«The GoM will have to suggest how the cess collected on demerit and luxury goods will be apportioned between Centre and states and suggest the legal changes that would be required to enforce the change,» the official said.
The members of the Group of Ministers (GoM) on GST compensation cess are in the process of being decided. But, since the issue is with regard to cess, which is collected by the Centre, and its apportionment, the GoM would have a member from the Centre as well, the official explained.
Generally, the senior-most member of the GoM is made its convenor. So, the Union Minister of State for Finance is likely to be the convenor of the GoM on GST compensation cess, the official told PTI.
The GST Council, in its meeting last week, had decided to set up a panel of ministers to suggest to the Council how to go about the GST compensation cess, which is levied on luxury, sin and demerit goods after the loans taken to meet the shortfall in revenue of states during Covid-affected years are repaid.
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