Loose ends across the Value-added Tax (VAT) system had led to tax evasion in states and such deficiencies should be avoided while introducing the Goods and Services Tax (GST), said a recently-released study by the Comptroller and Auditor General of India (CAG). The performance audit, conducted in 23 states for the post-VAT period between April [...]
Archive for the ‘GST’ Category
Loose ends in VAT system leading to tax evasion could be avoided in GST:- CAG
Posted by admin on July 26th, 2010
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Proposed 3-tier GST structure to increase tax burden on common man
Posted by khyati on July 23rd, 2010
The proposed three-tier Goods and Services Tax (GST) structure unveiled by Finance Minister Pranab Mukherjee will increase the tax burden on the common man, say experts. “There could be some reduction in the cascading effect, but overall, tax burden would go up for common man,” Ernst & Young Tax Partner Bipin Sapra said. Finance Minister [...]
Pranab Mukherjee proposes 20% GST on goods, 16% on services
Posted by khyati on July 22nd, 2010
Finance Minister Pranab Mukherjee proposed a three-rate structure for the Goods and Services Tax – which will simplify the indirect tax regime – under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent. Mukherjee proposed these rates to the state finance ministers at a [...]
Central GST concessional rate at 6%
Posted by khyati on July 21st, 2010
The government plans to keep the central good and services tax (GST) concessional rate for goods at 6 per cent in 2011/12, Finance minister Pranab Mukherjee said in a speech. The GST, India’s most ambitious tax reform, was to have been implemented from April 1, but disagreements with states meant the federal government could not [...]
Govt proposes single rate state and centre GST of 12-20% in first year
Posted by khyati on July 21st, 2010
The finance minister spells out the roadmap and structure of the goods and services tax (GST). The govt proposes a single rate state and centre GST between 12-20% in the first year. The peak effective rate will be at 15%.
