The government should subsume all Central and state level indirect taxes into proposed Goods and Services Tax (GST), industry chamber CII has said.The chamber favours consolidation of all indirect taxes levied by states on goods and services such as VAT, purchase tax, cess and surcharge, luxury tax as well as octroi/entry tax collected by municipalities, barring property tax, CII Task Force Chairman...
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indirect taxes should be merged in the proposed goods and services tax (GST), senior supreme court advocate and Rajya Sabha Member of Parliament, YP Trivedi, said here."All indirect taxes including octroi and entertainment tax should be merged in the proposed goods and services tax (GST). The Government is keen to bring GST to reduce litigation and bring down hardship caused to people because of various...
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The dual goods and services tax (GST) is fundamentally different from the existing indirect tax regime. This article explains how it is so with the help of arithmetical and diagrammatic illustrations. These illustrations are limited to the manner of taxation of goods both intra-state and inter-state, under the GST.Taxation of intra-state supplies of goods The discussion paper envisages the applicability...
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today said the proposed Goods and Services Tax (GST) would help lower the incidence of taxes by avoiding cascading effect of multiple levies....
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should subsume allCentral and state level indirect taxes into proposed Goods andServices Tax (GST), industry chamber CII has said.The chamber favours consolidation of all indirect taxeslevied by states on goods and services such as VAT, purchasetax, cess and surcharge, luxury tax as well as octroi/entrytax collected by municipalities, barring property tax, CIITask Force Chairman Sunil Munjal said in...
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The government today said the proposed Goods and Services Tax (GST) would help lower the incidence of taxes by avoiding cascading effect of multiple levies."Proposed GST would help achieve common market for goods and services at lower tax rates, avoiding cascading effect of these taxes," Finance Minister Pranab Mukherjee said at CII conference on Competition Policy.He said the Empowered Committee of...
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on Monday said the proposed Goods and Services Tax (GST) would help lower the incidence of taxes by avoiding cascading effect of multiple levies."Proposed GST would help achieve common market for goods and services at lower tax rates, avoiding cascading effect of these taxes," Finance Minister Pranab Mukherjee said at CII conference on Competition Policy.He said the Empowered Committee of state finance...
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With less than five months left for the proposed roll-out of the Goods and Services Tax (GST), the empowered group of state finance ministers today suggested a model of inter-state goods and services tax (IGST) for inter-state transactions. The Centre would levy GST which would comprise central and state GST, with appropriate provision for consignment or stock transfer of goods and services.In its...
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will meet state finance ministers on Tuesday to discuss the preparation for rolling out a nationwide goods and services tax (GST).The empowered of group state finance ministers headed by West Bengal Finance Minister Asim Dasgupta would release a discussion paper on the new tax regime.The final form of GST is envisaged to be a comprehensive value added tax (VAT) on goods and services and is aimed at...
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Empowered Committee of State Finance Ministers will form joint committees at the level of the states for inputs on the proposed goods and services tax (GST) before its planned introduction next...
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