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IMPACT OF GST ON SELECT SECTORS PART-II

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 21-12-2015 - Intangible goods / services Presently, intangible goods / services / rights are taxed as one of the declared services under section 66E(c) under temporary transfer of intangible property right services. Such services are also liable to VAT and often there is a dispute on levy of Service Tax or VAT or both. This is likely to be resolved in GST regime as such services will suffer one common tax, i.e., GST. In many count .....

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tax-free goods. Presently, they can purchase goods for generation and distribution of electricity from other States at a concessional rate of tax (CST) of 2%. With the abolition of CST Act and inability of these companies to purchase at concessional rate, this sector will be adversely affected, unless sale of electricity is brought within the scope of GST and set-off of input tax credit is allowed for tax paid on purchases. It is not clear as to what stand would be taken in GST regime. However, .....

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transaction. Products outside the GST ambit GST shall be applicable across the products and services over the taxing jurisdictions with few exceptions. One such exception is petroleum products. The Centre has decided to keep petroleum production tax out of the taxing jurisdiction of the States while the States have retained the power to tax sale of petroleum products and potable alcoholic liquor with themselves. The reason cited for the same is that petroleum production tax fetches nearly 45% o .....

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of criticism. However, it is to be understood that the share of revenue on petroleum may be high, but to judge the impact on the GST on the basis of just share of revenue is to miss the macroeconomic picture. Petroleum is a bulk commodity and is also traded in bulk. So the impact of non-inclusion of petroleum does not adversely affect the creation of a common market for the general merchandise, like raw materials and machines. Moreover, there can be a proper system of value-added tax (VAT) at s .....

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