The Congress has launched a signature campaign among political parties, aimed at jointly petitioning the finance minister against introducing the operative GST bills.
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The amendments seek to clarify that state’s share of IGST will not form part of the Consolidated Fund of India and the term IGST itself would be replaced by Goods and services tax levied on supplies in the course of inter-state trade or commerce. Finally, they walked out Rajya Sabha since the government did not accept their amendments in GST Bill.
Government in todays meeting has made a decision to organise Mysuru Dasara in both “traditional” and “attractive” way, a state government release said.
“GST will be the most pivotal reform since 1991 which will make India an attractive destination for foreign investments”.
The government’s chief economic adviser has proposed a band of 17-19 per cent for the GST rate, but some states have said it must be higher than 20 per cent to offset revenue losses.
India’s parliament has passed the much-awaited Goods and Services Tax (GST) bill.
“GST is arguably the most talked about fiscal reform in recent times and India appears set to transition into a GST regime in the coming year”. The GST is expected to simplify taxes, reduce procedural hurdles, increase tax base, reduce tax avoidance, and bring down costs thereby benefit all the stakeholders ie Government, Businesses and the consumer.
Parsekar said that there is no involvement of any risk factor as the Central government has assured us to compensate tax for five years.
Khurana told PV tech that it is still not known what rate the GST tax will be set at and this will be determined by a GST Council.
The states have also been asked to ratify the GST bill within 30 days of the President’s assent to the landmark legislation. Just to give an idea, GST at state level will subsume, value added tax/sales tax, entertainment tax, octroi and entry tax, purchase tax, luxury tax and taxes on lottery. As regards the impact of GST rollout on inflation, Jaitley said over the years, the tax rates will come down and hence the prices of many commodities will also decline. “Along with other restrictions, the country’s complicated and cumbersome taxation system as well as bureaucracy related to tax-collection remains a hurdle for the firms doing business in India”.
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Meanwhile, the Confederation of All India Traders (CAIT) has expressed satisfaction over the declaration that there will be single return for both CGST & SGST and there will not be any dual control of authority under the GST tax regime.
