Shillong, June 5 (IANS): The Meghalaya Cabinet on Monday accorded approval to a draft of the State Goods and Services Tax (SGST) Bill, which will be introduced in the assembly for passage during a special session on June 12. The bill will be passed ahead of the GST roll-out from July 1.
Last year, the assembly ratified the Constitution (122nd Amendment) Bill, 2014, officially known as the Constitution (101st Amendment) Act, 2016, related to the GST. “The state requires its own GST Bill. The state government has written to Governor Banwarilal Purohit and assembly Speaker Abu Taher Mondal to convene the special session to consider and pass the State GST Bill on June 12,” Chief Minister Mukul Sangma told journalists after chairing the Cabinet meeting.
Under the new indirect tax system, Sangma said, the state will receive compensation from the Centre for loss of revenue due to abolition of taxes such as Value Added Tax.
“Earlier, our request for adequate compensation based on projected loss of revenue was not met due to lack of binding clause. With the GST roll-out, all -- whether consumer or producer states -- will be compensated under the law,” Sangma said.
