Goods and Services Tax – GST – Dated:- 29-3-2017 – New Delhi, Mar 29 (PTI) Allaying apprehension of spike in prices of goods and commodities after the roll out of the GST, Finance Minister Arun Jaitley today said the tax rates will be kept at the current levels so as not to have any inflationary impact. Introducing four bills to give effect to the Goods and Services Tax (GST), Jaitley said the legislations will have to be passed by Parliament and one by each of the state assemblies to turn India into one market with a single tax rate. The Finance Minister said the aim of the GST Council is to decide everything relating to the tax structure with consensus and this is for the first time that such an arrangement has been made, based on the pr
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
cise, service tax and additional customs duty is subsumed. The Integrated GST or IGST will be a tax to be levied by the Centre on inter-state movement of goods and services. The States will pass the State GST or SGST law that will allow them to levy sales tax after levies like VAT are subsumed. Besides, GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years of GST roll out. The fourth law introduced is on Union Territory GST or UTGST for UTs like Chandigarh and Daman and Diu which do not have assemblies. Jaitley said all decisions on GST would be taken by the GST Council, reflecting t
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =