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GST in Budget 2015

Goods and Service Tax - GST - By: - Deepak Aggarwal - Dated:- 2-3-2015 Last Replied Date:- 30-12-1899 - Goods and Services Tax (GST) Here are the relevant extract of GST reference in Budget speech 2015 and other budget documents - We are now embarked on two more game changing reforms. GST and what the Economic Survey has called the JAM Trinity - Jan Dhan, Aadhar and Mobile - to implement direct transfer of benefits. GST will put in place a stateof-the-art indirect tax system by 1st April, 2016. .....

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ur economy functions. It will add buoyancy to our economy by developing a common Indian market and reducing the cascading effect on the cost of goods and services. We are moving in various fronts to implement GST from the next year. As part of the movement towards GST, I propose to subsume the Education Cess and the Secondary and Higher Education Cess in Central Excise duty. In effect, the general rate of Central Excise Duty of 12.36% including the cesses is being rounded off to 12.5%. I also p .....

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o excise levy on cigarettes and the compounded levy scheme applicable to pan masala, gutkha and certain other tobacco products. Introduction of GST is eagerly awaited by Trade and Industry. To facilitate a smooth transition to levy of tax on services by both the Centre and the States, it is proposed to increase the present rate of service tax plus education cesses from 12.36% to a consolidated rate of 14%. Hassle Free Business Environment: Created a non-adversarial tax regime, ending tax terro .....

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hope we are able to find a solution in the course of this year and approve the legislative scheme which enables the introduction of GST. This will streamline the tax administration, avoid harassment of the business and result in higher revenue collection both for the Centre and the States. I assure all States that government will be more than fair in dealing with them. The performance of key industrial sectors based on the Index of Industrial Production (IIP) reveals the reversal in trends of .....

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