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NOTHING ON GST IN BUDGET - 2016

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 10-3-2016 - Union Budget for F.Y. 2016-17 is a complete miss so far as Goods and Services Tax is concerned, more so when everyone was expecting some announcement on GST in this Budget. .....

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ess and commitment towards migrating to GST. It is regretful that with this broader focus in mind, Government has failed to touch upon the way forward for GST in India and thus missing the unique opportunity in the third Budget (out of five) of the p .....

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add to any clarity, whatsoever. On the positive side, many cesses have been scrapped as a clean-up exercise. 13 cesses which did not yield tax revenue of more than ₹ 50 crore have been withdrawn. These include education cess, secondary and hig .....

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e for GST regime. Textiles, readymade branded garments, edible oils, jewellery etc have been subjected to excise duty. Many exemptions in Service Tax have also been withdrawn and negative list pruned. On the fillip side, Budget has introduced new ces .....

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ss would be from 1% to 4% on various types of specified vehicles excluding taxies, three wheelers, ambulance, vehicles use by handicapped persons etc. Another cess called Krishi Kalyan Cess (KKC) @ 0.50 percent has been levied an all taxable services .....

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to consolidated Fund of India and appropriated by the Parliament. In post Budget interaction with stakeholders, it has been stated by Ministry of Finance team that many procedural changes have been made keeping in mind goods and services tax in near .....

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T in still under preparation and is expected to be put up in public domain before finalization. It is an irony that even after twenty five years of starting economic reforms in India since 1991, we have not been able to have required tax reforms in p .....

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