Dated:- 28-11-2014 – The latest India Development Update of the World Bank published in October 2014 has mentioned that the implementation of the Goods and Service Tax (GST), combined with dismantling of inter-state check-posts, is the most crucial reform that could improve competitiveness of India s manufacturing sector. It is proposed to introduce GST in the country in April 2016. The various aspects of GST design are being discussed in the Empowered Committee of State Finance Ministers so that there is broad consensus regarding modalities of its implementation. GST has been so designed that credit of taxes paid at every stage of value addition from the point of manufacture to the point of consumptions, can be availed at the next stage.
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