Shillong, Jun 5: Meghalaya is gearing up for the implementation of the historic tax reform with the state Cabinet approving the draf Meghalaya Goods and Services Tax (GST) Bill today.
The proposed Bill will be introduced in the Meghalaya Legislative Assembly for its necessary consideration.
Informing reporters after the Cabinet meeting, Chief Minister Mukul Sangma said that a special session of the Assembly has been proposed to be held on June 12, for discussion and consideration of the draft Bill.
He said that the government has written to the Governor Banwarilal Purohit and Assembly Speaker Abu Taher Mondal for convening the special session.
According to him, Meghalaya will also join the rest of the nation in implementing the GST in the country. The target date for rolling out of the GST is from July 1.
Sangma said that under the earlier Value Added Tax (VAT) regime, the states were not adequately compensated as there was no legal binding on the Government of India.
However under the new tax regime – GST, he said that the states will be compensated for the actual loss in the process of transition and the factor of 14 per cent increase has been calculated in term of the growth of tax realization.
