It is India’s most radical tax reform. The Goods & Service Tax (GST), expected to be launched next year, will replace around 16 taxes, including central excise and service tax as well as state levies like value-added tax (VAT), stamp duty and entry tax. It has the potential to increase the country’s GDP by $500 billion and exports by up to 15 per cent.
Even with all the compromises and exhortations from the Finance Minister, there is a situation in regard to GST which has all the elements of a cul de sac. The more the FM concedes, the more demands are coming for concessions from the States. They basically ask for more power to themselves to alter the [...]
17TH AUG 2010 How GST will work in Our Country? In India the states and Centre are agree on “Dual GST” in which a single transaction of sale of Goods will be taxed both by the state and centre. Let us try to understand this with the help of an example:- Illustration under proposed GST [...]
The United Progressive Alliance (UPA) government’s effort to introduce the Goods and Services Tax (GST) looks uncertain, as the Bharatiya Janata Party (BJP) led National Democratic Alliance is likely to continue with its opposition towards the GST Bill. Even as the BJP agreed to allow the government go ahead with the Civil Nuclear Liability Bill, [...]
As the government has failed to reach a consensus on goods and service tax (GST) some more BJP ruled states have joined the bandwagon. States like UP and Tamil Nadu are opposing the GST draft amendment.. Asim Dasgupta, chairman of the Empowered Committee of State Finance Ministers has said that states have sought for one [...]
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
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