New Delhi: Finance Minister P Chidambaram on Thursday said that the Centre will soon bring in a major change in the taxation system in the country. Speaking to reporters, Chidambaram said, "We are moving towards bringing a major change in the taxation system in the country. We are working on the GST."
GST is the Goods and Services Tax that, if implemented, will replace all other indirect taxes levied on goods and services.
The Finance Minister said that there was consensus among states on the implementation of GST. "However, we want to discuss the design of the GST," he said, adding that two committees will be formed to sort out issues on its implementation.
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06:00 PM, Nov 08, 2012