Goods and Service Tax – GST – By: – Nagesh Bajaj – Dated:- 27-9-2011 Last Replied Date:- 30-12-1899 – As we are expecting that the new regime GST will have a significant effect on the Indian Trade and will have a great impact on the day to day business established in India. Mr. Jose Cyriac, Additional Secretary (Revenue) Ministry of Finance said in the Seminar organized by the Banglore Chamber of Industry and Commerce that GST will be Trade Friendly . According to FM, a new GST regime will generate the targeted revenues with the minimization of exemption. It will broaden the tax base and lower the tax rates. GST is based on destination principle, so the distortions will be reduced fostering a common market across the country. The complianc
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nditions, limitation and procedures. Similar benefits may be given to Special Economics Zones (SEZs). Such benefits will only be allowed to the processing zones of the SEZs. No benefit to the Sales from an SEZ to Domestic Tariff Area (DTA) will be allowed. Both CGST and SGST will be levied on Import of goods and services into the country. The incidence of tax will follow the principle of destination based tax. The SGST of that State will be applicable where the goods and services are consumed. Full and complete set-off will be available on the GST paid on imports on goods and services. In GST, the relief is given to whom those who have Small businesses. They are out of the purview of the GST, means that the businesses with an annual turnove
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olic beverages would be kept out of the purview of GST. Sales Tax / Vat could be continued to be levied on alcoholic beverages as is prevailing in the present. There is no objection if some States impose Vat on it and if impose excise duty that may also not to be affected. On the other hand, tobacco products would be subjected to GST. Centre may be allowed to levy excise duty on tobacco products over and above GST. So far as petroleum products are concerned, it is decided that the basket of petroleum products, i.e. crude, motor spirit (including ATF) and HSD would be kept outside GST as is the prevailing practice in India . Sales Tax could continue to be levied by the States on these products with prevailing floor rate. Similarly, Centre co
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