Login | Register Now | Contact Us   
 

CGST Act IGST Act UTGST Act GST (Compensation to the States) Act Addendum to the GST Rate Schedule - 03.06.2017 101st Constitution Amendment Act, 2016 Addendum to the GST Rate Schedule - 18.05.2017 GST Compensation Cess Rates Decided in the GST Council Meeting held on 18.05.2017 Chapter Wise Rate wise GST Schedule - 03.06.2017 Chapter wise GST Rate Schedule for Goods Decided in the GST Council Meeting held on 18.05.2017 Revised Threshold for Composition Scheme - 11.06.2017 IGST Exemptions Approved by the GST Council - 11.06.2017 GST Rates Approved by the GST Council - 11.06.2017 Service Tax Exemptions in GST IGST Exemption, Concession List - 03.06.2017 Composition - Rules Valuation Rules ITC - Rules Invoice, Debit & Credit Notes - Rules Payment - Rules Refund - Rules Registration - Rules Return- Rules Transition Rules Proposed CTD Document Accounts and Record Rules GST rate Schedule for Services Decisions Taken by the GST Council in the 16th Meeting - 11.06.2017 List of Services under Reverse Charge Classification Scheme for Services Under GST
GST: The Talk of the Town
26 October, 2012 Ahmedabad :
GST: The Talk of the Town

Introduction of Negative List based Service Tax vide Finance Act, 2012, was no doubt a step to line up with the proposed introduction of Goods and Service Tax popularly known as GST. The introduction of GST will be a step further towards a comprehensive indirect tax reform in the country.

As we all are aware regarding the announcement which was made by Shri P. Chidambaram, the Union Finance Minister in the Central Budget (2007-2008) that GST would be introduced from April 1, 2010 and that the Empowered Committee of State Finance Ministers, on his request, would work with the Central Government to prepare a road map for introduction of GST in India. However, the target date was missed out due to lack of consensus among states that were worried about losing their freedom.

Constitution of India has given powers to both Union (Central Government) and State Governments to frame law on different items. However, introduction of GST will bring the Central levies like Service Tax, Central Excise and State levies like VAT, Sales Tax under common tax head, “Goods and Service Tax”. P. Chidambaram has identified GST as one of the priorities and is trying hard to convince states to move forward for the introduction of the GST as soon as possible. This reform will in turn reduce the burden on ultimate consumers and thereby helping all stakeholders-government, business and consumers by cascading of taxes and lowering the incidence of tax.

The implementation of new tax regime is a most discussed topic round the corner. Sushil Modi chairman of the empowered group, informed the reporters after meeting P. Chidambaram, that the states and the Centre have reached a consensus on the issues which were working as hurdles for implementation of GST. It is also said that implementation of the new tax would depend on submission of report by the Parliamentary standing committee headed by Yashwant Sinha. Further announcement is expected on 8th November when Finance Minister P. Chidambaram will meet the empowered group of State Finance Ministers.

This is no doubt an important phase before the GST becomes reality as the disputes between the state and centre are getting resolved day by day thereby opening the gates for the implementation of GST which in turn will boost revenues and growth.

replica watches swiss www.bloglista.net

Courtesy: Team STO
Related Contents
  • Goods and Service Tax (GST)
  •  
     

    www.centralexciseonline.com

     


    www.taxolegal.com


    Page copy protected against web site content infringement by Copyscape


    www.customsindiaonline.com
    Home | Mission | Contact Us | Acknowledgements © 2009 Copyrights, All Rights Reserved. 
    Disclaimer Though all efforts have been made to reproduce the order and other contents correctly, the access and circulation is subject to the condition that EASY SERVICETAXONLINE DOT COM PRIVATE LIMITED is not responsible/liable for any loss or damage caused to anyone due to any mistake/error/omissions. Mr Certify site is constantly updated and any or all of the contents are liable to be modified, altered, deleted or replaced. EASY SERVICETAXONLINE DOT COM PRIVATE LIMITED is not responsible/liable for any loss or damage caused to anyone whether directly or indirectly  due to any modification , alteration, addition, deletion or replacement of any of the contents.

    Copyright: Reproduction of news articles, photos, or any other content in whole or in part in any form or medium without express written permission of  EASY SERVICETAXONLINE DOT COM PRIVATE LIMITED is prohibited.Do not copy contents of this site. All pages are protected by COPYSCAPE. Plagiarism will be detected by COPYSCAPE.