Even as goods and services tax (GST) may have completed two years since introduction, it’s still an unfinished agenda, said 15th Finance Commission Chairperson NK Singh said at the National Taxation Awards on Monday.
According to the Act, the distribution of taxes suggested by the 15th Finance Commission to the state of Jammu and Kashmir will have to be apportioned to the Union Territories of J&K and Ladakh. The award made by the Fourteenth Finance Commission.
Any special dispensation for the Union Territory of Jammu & Kashmir will also have to be done keeping in view similar demands by two other union territories with a legislature, Delhi and Puducherry, to be a part of the divisible pool.
Calling India’s tax reforms incomplete, Singh said that there was a need to bring in the simplified direct tax code and remove the bottlenecks in the goods and services tax regime.