GST with effect from April 1, 2016 to bring greater transparency: FM
Updated: Feb 28, 2015 01:17:59pm
New Delhi, Feb 28 (KNN) The proposed Goods and Services Tax (GST) will that will combine the sales tax and the excise duties of the State and the Centre and make the tax regime easier for the industry and trade will come effective from April 1, 2016. This was announced by the Union Finance Minister Arun Jaitley in his budget today.
The original rollout date of the most ambitious reforms initiative, GST was April 1, 2010 but because of the reluctance of states that feared of losing both revenue and fiscal powers was stuck for almost five years. The reform measure is believed to add as much two percentage points to the country's GDP growth according to some estimates. The Centre will keep petroleum and entry tax within the ambit of this, as it is keen to have a comprehensive GST. States have been demanding control over these levies.
The Constitution Amendment Bill is yet to be passed in Lok Sabha and get it cleared in 15 state legislative assemblies to move forward. The minister met the finance ministers of the states recently to get their consensus on it by addressing aptly to their apprehensions.
A Goods and Services Tax Council (GST Council) comprising the Union Finance Minister, Union Minister of State in charge of Revenue or Finance and a member from each state is also to be formed to take decisions on the tax from time to time
India Inc. feels that its introduction will bring India on a par with developed economies and boost economic growth. (KNN/VV)
The original rollout date of the most ambitious reforms initiative, GST was April 1, 2010 but because of the reluctance of states that feared of losing both revenue and fiscal powers was stuck for almost five years. The reform measure is believed to add as much two percentage points to the country's GDP growth according to some estimates. The Centre will keep petroleum and entry tax within the ambit of this, as it is keen to have a comprehensive GST. States have been demanding control over these levies.
The Constitution Amendment Bill is yet to be passed in Lok Sabha and get it cleared in 15 state legislative assemblies to move forward. The minister met the finance ministers of the states recently to get their consensus on it by addressing aptly to their apprehensions.
A Goods and Services Tax Council (GST Council) comprising the Union Finance Minister, Union Minister of State in charge of Revenue or Finance and a member from each state is also to be formed to take decisions on the tax from time to time
India Inc. feels that its introduction will bring India on a par with developed economies and boost economic growth. (KNN/VV)
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