Goods and Service Tax – GST – By: – Nagesh Bajaj – Dated:- 2-11-2011 Last Replied Date:- 30-12-1899 – The central and state governments moved closer to ushering in a nationwide goods and services tax on April 1, 2011, that will simplify the manner in which corporates, small enterprises and traders will be levied taxes on goods and services. The reform would eliminate multiple indirect taxes levied by states and the central government, that will not only make life easier for most manufacturing companies but also allow products and services to be priced uniformly across the country. On Wednesday, federal and state finance ministers emerged from a meeting saying they had narrowed differences that have delayed implementation. States are worrie
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
entation of the goods and service tax (GST) can give a trillion-dollar boost to the economy, taking the total output to $2 trillion in a short span of time. The gain from GST will propel the country from one-trillion dollar economy to two trillion-dollar economy in a short span of time. Well designed GST will see an increase of 2 to 2.5 per cent in the GDP. The government will also float a special purpose vehicle (SPV) for setting up information technology (IT) infrastructure for the proposed Goods and Services Tax (GST). The SPV, called GST N (Network), will have the Union government, the states and a technology partner as its stakeholders. In a presentation given to the empowered committee of state finance ministers today, Unique Identifi
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ering the tax needs to be created. There is a hope that the legislation will be introduced in parliament in the session that begins on July 26. Pranab Mukherjee has set a deadline of August 20 for states to give their final consent on the new duty structure and all other pending issues, including the proposed constitutional amendment. This is to enable him to move the GST Bill in the monsoon session of Parliament. The empowered group of state FMs has decided to meet on August 4 in the Capital to thrash out all pending issues. LAWCRUX TEAM Import export trade, Custom duty, Central excise duty, GST, Indirect tax services, indirect tax, advance license, foreign trade policy, tax planning, e-book, EOU, SEZ, NEPZ, EPCG, DFRC, CBCC, DGFT, DEPB {
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =