Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 13-1-2016 – There are three prime models of GST which have been decided to be implemented in India, viz, GST at Central (Union) Government level only GST at State Government level only GST at both, Union and State Government Leve Canada has GST at Union level extending to all goods and services covering all stages of value addition. In addition, there is tax at province (State) level in different forms which include VAT, Retail Sales tax and so on. European Union (EU) Nations (each one is independent Nation but, part of a Union and have agreed to adopt common principles for taxation of goods and services) have adopted classic VAT. In the Indian context, Constitution of India
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
implementation of GST: Extensive Computerization and strong IT infrastructure E-filing of periodical returns E-payment of tax Common tax period National portal for access of information National Agency Trained and well equipped staff. Central GST (CGST) Under this option, the two levels of Government would combine their levies in the form of a single National GST, with appropriate revenue sharing arrangements among them. The tax could be controlled and administered by the Central Government. There are several models for such a tax. Australia is the most recent example of a National GST, where it is levied and collected by the Centre, but the proceeds are allocated entirely to the States. In the case of a Central GST (where all goods and se
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ibution based on the place of final consumption. The Bagchi Report also did not favour this option for the fear that it would lead to too much centralization of taxation powers. The key concerns about this option would thus be political. Notwithstanding the economic merits of a National GST, it might have a damaging impact on the vitality of Indian federalism. Salient Feature of CGST CGST on both , goods and services To be levied, controlled and administered by Union. Levied by the Centre through a separate statute on all transactions of goods and services made for a consideration. Exceptions would be exempted goods and services, goods kept out of GST and transactions below prescribed threshold limits. CGST would be levied across the value
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =