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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.

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




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