Goods and Service Tax – GST – By: – Bhuwan Bhatt – Dated:- 22-8-2013 Last Replied Date:- 30-12-1899 – Of late, the business fraternity of India has been obsessed with certain economic reforms that have been in the pipeline for too long now. These reforms, like The Direct Tax Code, a common tax for goods and services, and a new Companies Act are said to contain the potential to transform the entire business scenario and promote the economic prosperity of the nation. Among these, The Goods & Service Tax (GST) seems to be most promising as it aims to bring in a common tax regime for goods and services by subsuming most indirect taxes prevalent in the economy today. Needless to say, there has been so much dialogue on GST that it no longer
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and service tax regime, becoming the first country to do so. It is a quirk of fate that we struggle to have such rational framework even today, when more than 150 countries in the world already benefit from some or the other form of GST. For us, it has become yet another classic example of how political interests and red-tapism can outweigh even such imminent reforms. In 2000, Government started discussion on GST by setting up an Empowered Committee of State Finance Ministers. The committee was headed by Asim Dasgupta, (Then Finance Minister, West Bengal). It was given the task of designing the GST model and overseeing the IT back-end preparedness for its rollout. The all-encompassing GST was mooted again by finance minister P. Chidambaram
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ter the committee submits its report, the states and the Centre would together finalize the draft and bring it back to Parliament. The Constitution Amendment Bill, a prerequisite for GST, is with the law ministry for its opinion. The standing committee of finance has finalized its report on the bill and is expected to table its report in the monsoon session of Parliament beginning 5 August. The draft Bill after incorporating the recommendations and opinion of law ministry will then be circulated to the state finance ministers before it is taken to Parliament. The time when GST sees the light of the day seems to be distant. Our Prime Minister Dr. Manmohan Singh indicates that GST implementation may prolong till the next financial year when h
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