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BASIC CONCEPTS OF GST (PART-8)

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 17-2-2016 - The need of GST can be explained by way of the following reasons or weaknesses in the present system - In present tax structure there is no system of providing input credit mechanism in between taxes levied by state and the centre. Thus, cascading effect arises. There are various definitional issues related to manufacturing, sale, service, valuation etc arises. These needs to be rationalized. Several transactions take .....

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he states and even in different states is different resulting in inefficiencies. India needs comprehensive levy and collection on both, goods and services at the same rate with the benefit of seamless input credit for competitiveness. Subsume multiple taxes like luxury tax, entertainment tax, octroi etc. Limited number of tax rates. Common law and procedure is the need of the hour. Strong administration of the legal compliances. Justification of GST Base on First Discussion Paper on GST, despite .....

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chain in the distribution trade below the manufacturing level in the existing scheme of CENVAT. The introduction of GST at the Central level will not only include comprehensively more indirect Central taxes and integrate goods and service taxes for the purpose of set-off relief, but may also lead to revenue gain for the Centre through widening of the dealer base by capturing value addition in the distributive trade and increased compliance. In the existing State-level VAT structure there are al .....

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any commodity, in general, is produced on the basis of physical inputs as well as services, and there should be integration of VAT on goods with tax on services at the State level as well, and at the same time there should also be removal of cascading effect of service tax. In the GST, both the cascading effects of CENVAT and service tax are removed with set-off, and a continuous chain of set-off from the original producer s point and service provider s point upto the retailer s level is establi .....

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