The Parliamentary Standing on Committee on Finance may not be able to submit its report on the Good and Services Tax (GST) during the forthcoming Winter Session.
New Delhi: The Parliamentary Standing on Committee on Finance may not be able to submit its report on the Good and Services Tax (GST) during the forthcoming Winter Session.
"The Committee is awaiting a report on GST from the Finance Ministry. As soon as we get that, it will start work on the GST. It would be difficult for the Committee to submit its report on GST during this (Winter) session of the Parliament," a source said after the panel's meet here.
After postponing it thrice, the Centre now aims to introduce GST from April 1, 2013. Once implemented, it will subsume most of the indirect central and states taxes, duties and service taxes. It was to be introduced from April 2010.
About the Finance Ministry's note on the 12th Five Year Plan (2012-17) document, the sources said the Committee has received inputs from the Planning Commission on it.
"According to the Finance Ministry, the Rs 36 lakh crore Plan expenditure for the 12th Plan is highly over-optimistic in view of the available resources," he said.
About the discussions on issue of reduction in the production of gas from KG-D6 block, the source said, "Finance Ministry was not very well informed about the issue".
The Committee has asked Finance Ministry to provide more information on it.
"Without going into the technical aspects of production (of Gas), the Committee asked on what grounds production is sought to be reduced. The broader aspect of accrual of revenue and receipt to the government, is what the Ministry of Finance is concerned about," the source added.
He informed that the panel has asked the Finance Ministry to coordinate with oil ministry to provide more information on the matter.
The committee has decided to call oil ministry representatives in its next meeting and also deliberate on the rising prices of LPG, the source added.
Expenditure Secretary R S Gujral, Department of Economic Affairs Secretary Arvind Mayaram and Revenue Secretary Sumit Bose were also present at today's meeting.