The Haryana Government's Excise and Taxation Department was preparing a roadmap for implementation of the Goods and Services Tax (GST) as the officers concerned have already been imparted training on how to implement it effectively.
Addressing a news conference on Thursday, Haryana Finance Minister, Capt. Abhimanyu said as the Bill has now been passed during the Monsoon Session, all States could complete the proceedings in their legislative Assemblies and pass this Bill in the Budget Session in 2017. By then, this Bill would take the form of a law, he added.
Replying to a question, he said that the States would not incur any revenue loss after its implementation. However, in case of losses, if any, the Central Government would offer compensation up to five years after its implementation.
He said that the revenue growth of the State was increasing and was better than that of the neighbouring States. This would further increase after implementation of the GST Bill, he added.
Reiterating that the State Government would abide by the promises made to industries and traders even after implementation of the GST system, the Minister said that this system would not only benefit the States directly, but would also benefit the industrial and trade sectors, apart from the consumers.
Referring to the recommendations of the Seventh Pay Commission, he said that the state government had already made provision of Rs 4,000 crore for this purpose. These recommendations would be implemented in Haryana along with their implementation at the Centre.
Meanwhile in a tweet, Haryana Chief Minister, Manohar lal said that the passing of Goods and Services Tax (GST) Amendment Bill with the support of all parties is a historic occasion that brings economic integration of the country.
Hailing passing of the bill unanimously by the Rajya Sabha,he described it as the result of continued determination of the Prime Minister, Narendra Modi and Finance Minister, Arun Jaitley for integrating India's economy.