Goods and Service Tax – GST – By: – Abhishek Jaju – Dated:- 27-11-2009 Last Replied Date:- 30-12-1899 – November 10, 2009 was much like an anticipated momentous day with the industry and professionals hoping a Pandora box to open. Now the discussion paper on GST has been in the public domain for quite an amount of time and the views from the industry have started pouring in. The arrival of this paper is slated to become one of the historic events in the taxation history of the country. Bringing in tax sector reforms has been on the radar of the present Central Government. The draft Direct tax code is already out and inviting reactions/ suggestions from cross sections of the country. And now the other big thing is on Indirect tax front- con
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tional Institute of Public Finance and Policy, prepared by a team led by Dr. Bagchi. In recommending a state VAT, the Bagchi report clearly recognized that it would not be the perfect or first best solution to the problems of the domestic trade tax regime in a multi- government framework but that was the only feasible option at that hour. · Journey of Value Added Tax in India: 01.03.1986 Introduction of MODVAT on selected no. of commodities 2002-03 CENVAT covered all the commodities CCR, 2004 (w.e.f. 10.09.04) Service tax/ Excise Duty adjustment available 01.04.2005 Implementation of state level VAT (in most of the states
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anufacturing to retail …. The fact that inter adjustment of CGST and SGST would not be allowed is bit disturbing in context with the FM's speech. Also the issue of set off of input IGST against output CGST is not very clear. The paper failed to throw light on the essentials like- · Rates of taxes · Threshold limit for services · Time Schedule for bringing in the draft, constitutional amendment, state laws · Bringing in consensus among the states · Manner of taxing inter-state services Essentially GST is a single rate structure and would have been phenomenal step if tax at single rate was levied with the sharing of revenue between states and centre based on range of parameters. Bringing in two co
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