GST regime unlikely from April 2012

The introduction of big-ticket tax reforms through the Goods and Services Tax (GST) regime seems unlikely from next April with the BJP-ruled states on Tuesday saying they would not like to be reduced to “municipality or corporations”. “The kind of draft that they (Central government) have presented.I do not think it could be passed. Which state will agree to become a municipality or corporation? To hand over all the powers to the Centre and then beg before it for money is against the spirit of the Sarkaria Commission report,” Madhya Pradesh Finance Minister Raghavji told reporters. - www.business-standard.com