Exemptions under the GST undercut its main advantage

Late last month, the empowered committee of state finance ministers met in Shillong to discuss the goods and services tax (GST). It asked the Centre to keep taxes on petroleum products, liquor and entry of goods out of the GST's ambit. It also asked the Centre to devise a constitutional framework to compensate states for any loss of revenue due to the introduction of the GST.

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