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GST WAY FORWARD

Goods and Service Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 6-7-2015 - Goods and services tax is a tax levied on goods and services imposed at each point of sale or rendering of service. Such GST could be on entire goods and services or there could be some exempted class of goods or services or a negative list of goods and services on which GST is not levied. GST is an indirect tax in lieu of tax on goods (excise) and tax on service (service tax). The GST is just like State level VAT which .....

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trade barriers by creating a common domestic market for goods and services at a national level. GST will be an answer to this goal which is a broad based tax levied at multiple stages of production and distribution with the taxes on inputs credited against taxes payable on output. At the same time, revenue is protected by being collected throughout the chain of economic transactions but without any distortions in production processes or decisions. Tax collected at any intermediate stage is only .....

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ned. The Government has already introduced the Bill to amend Constitution of India for Goods and Services Tax (GST) in December, 2014 in Parliament. GST is expected to play a transformative role in the way our economy functions GST will add buoyancy to economy by developing a common Indian market and reducing the cascading effect on the cost of goods and services. The Budget speech reaffirms the commitment to have GST in place from next year. The Budget speech states - I have already introduced .....

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ition 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%. The debate whether to introduce a Goods and Services Tax (GST) must now come to an end. We have discussed the issue for the past many years. Some States have been apprehensive about surrendering their taxation jurisdiction; others want to be adequately compensated. I have discussed the matter with the State .....

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ation cess have been subsumed in excise duty and Service Tax in the present Budget. Further, the general rate of excise duty will be rounded off from 12.36% (including cesses) to 12.5%. In case of Service Tax, it will go up from 12.36% (including cesses) to 14%. The Union Budget focuses on Goods & Services Tax (GST) covering following aspects: State of the art GST regime to be introduced GST likely to be introduced from 1st April, 2016 GST will enable leakage proof tax regime GST to play a t .....

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onstitution requires amendment to allow states to tax services and the Centre to tax goods at the retail level and to provide legal framework for GST by providing for constitution of a GST Council and dispute settlement mechanism. GST is expected to play a key role in bringing about more transparency into the tax system. Instead of fiscal concessions, concessions to select industries on grounds such as environmental protection etc. could be provided in a transparent manner through cash refunds o .....

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