STATSGURU

Business Standard

analyses if there is a case for cutting interest rates

Constitution amendment Bill, presented by then Finance Minister Pranab Mukherjee in Lok Sabha, has a provision of independent Tax Dispute Settlement Authority Parliament's standing committee objects to it, saying the authority would have overriding powers over Parliament and state legislatures Bill, presented by Finance Minister Arun Jaitley in Lok Sabha in 2014, says proposed GST council may decide the modalities to resolve disputes. Congress too waters down its earlier demand of independent authority, but wants more categorical wordings in the Bill for resolving disputes than contained in the present Bill Idea emerged in the recent empowered committee and Union finance minister meet that dispute resolution mechanism may be set up on a case-to-case basis States also want exact mechanism for full compensation to them by the Centre for five years A committee might be set up to address the issue. Also, there could be a whole chapter in the GST Bill or rules there under for the mechanism