GOODS AND SERVICES TAX THE ROADMAP TO GST (Extracts from Presentation of Revenue Secretary’s of Govertment of India ) • Establishment of Legal Framework • Preparation of IT infrastructure • Change Management: • Training of Officials and Staff • Outreach and Consultation with trade and industry • Target date of GST Roll Out: 1st April 2017… Read More »
SEVENTY THIRD REPORT OF PARLIAMENTARY STANDING COMMITTEE ON FINANCE (2012-13) ON CONSTITUTION (ONE HUNDRED FIFTEENTH AMENDMENT) BILL, 2011 PRESS RELEASE, DATED 7-8-2013 COMPOSITION OF STANDING COMMITTEE ON FINANCE (2012-13) Shri Yashwant Sinha – Chairman MEMBERS LOK SABHA 2. Shri Suvendu Adhikari 3. Dr. Baliram 4. Shri Sudip Bandyoypadhyay* 5. Shri Udayanraje Bhonsle 6. Shri Nishikant… Read More »
TAX REFORMS:INTRODUCTION OF GOODS AND SERVICES TAX INFORMATION BULLETIN NO.LARRDIS(EF)2014/IB-11, DATED DECEMBER 2014 Introduction The Kelkar Task Force on the implementation of Fiscal Responsibility and Budget Management (FRBM) Act, 2003, had pointed out that the existing system of taxation on goods and services suffers from many problems and, therefore, suggested a comprehensive Goods and Services… Read More »
Which taxes at the Centre and State level are being subsumed into GST? At the Central level, the following taxes are being subsumed: Central Excise Duty, Additional Excise Duty, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs. At the State level, the following taxes are being subsumed:… Read More »
Benefits of GST Benefits of GST for business and industry o Easy compliance: A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online, which would make compliance easy and transparent. o Uniformity… Read More »
Ministry of Finance 03-August, 2016 Frequently Asked Questions (FAQs) on Goods and Services Tax (GST) Following are the answers to the various frequently asked questions relating to GST: Question 1.What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market. GST… Read More »
January 7, 2016 The government said on Thursday it agreed to accept demands set by the Congress party to back a landmark tax reform, raising hopes a political standoff that blocked the measure throughout last year might be resolved. Parliamentary Affairs Minister Venkaiah Naidu also said the government was willing to bring forward the next… Read More »
Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST submits its Report to the Finance Minister; On the Revenue Neutral Rate (RNR), the Committee recommends the same in the range between 15 percent and 15.5 percent (Centre and states combined) with a preference for the lower end of… Read More »
REPORT OF SUB-COMMITTEE-II ON MODEL GST LAW
Roadmap for the implementation of GST in India (Extract from REPORT OF THE SELECT COMMITTEE ON THE CONSTITUTION ONE HUNDRED & TWENTY SECOND AMENDMENT) BILL 2014 PRESENTED TO THE RAJYA SABHA ON 22nd July, 2015 Objective of Introducing the GST In international arena GST is known for its end user consumption tax. The broad objectives of… Read More »