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Lok Sabha nod for CST phase-out

Special Correspondent

NEW DELHI: The Lok Sabha on Monday approved a Bill to phase out the Central Sales Tax (CST) in four steps to prepare the stage for its eventual abolition in three years. Its abolition would pave the way for introduction of an integrated Goods and Services Tax (GST) by April 1, 2010.

Earlier, piloting the Taxation Laws (Amendment) Bill in the House, Finance Minister P. Chidambaram told members that the CST was proposed to be slashed from four to three per cent from April 1 through an amendment of the CST Act of 1956.

The levy, he said, would be further reduced from three to two per cent from April 1, 2008, and subsequently to one per cent from April 1, 2009, and abolished from March 31, 2010, to usher in the GST from April 1.

The RBI was on Monday empowered with more operational flexibility in conducting monetary policy with Parliament approving the relevant amendments in the Banking Regulation Act.

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