The GST will incorporate excise duty and service tax on the central fonts and VAT and local levies on the states font.
The Government said that the broad agreement has been achieved with the states on most of the issues concerning the implementation of Goods and Services Tax (GST), which is scheduled to be rolled out from April 1, 2016, says a PTI report.
“The states will be insulated from the impact of GST on their revenues and gradually the new tax regime will also cover petroleum and petroleum products,” said Jayant Sinha, Minister of State for Finance.
"The tax rate under GST may be nominal or zero rated for the time being. This has been proposed to insulate the revenues of the States from the impact of GST, with the expectation that in due course, GST will be levied on petroleum and petroleum products," Sinha said in a written reply to Rajya Sabha.
"There has been broad agreement on most issues related to GST with the states in the recent months and the GST rollout is scheduled on April 1, 2016," he said.
The GST will incorporate excise duty and service tax on the central fonts and VAT and local levies on the states font. The NDA government is likely to come up with a fresh bill as The GST Constitutional Amendment Bill, which was introduced in the Lok Sabha in 2011, had lapsed.