White paper on GST
By: – Arun Kumar Singh
Goods and Services Tax – GST
Dated:- 9-12-2009<\/p>\n
The proposed GST structure in India proposes dual structure. GST shall have two components- Central GST and State GST. The model shall be implemented by multiple statute- one for Central GST and SGST statute for every state. However, it is proposed that basic feature of laws related to chargeability of tax, definition of taxable event, taxable person, basis of classification, basis of value for chargeability of tax shall remain uniform. Further, to an extent uniform procedure for collection of both Central GST and State GST shall be prescribed.
\nCentral GST shall be payable to the account of Central Government whereas State GST shall be <\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n l be subsumed: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nding scheme for state GST is being proposed for turnover till 50 lakhs. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" White paper on GSTBy: – Arun Kumar SinghGoods and Services Tax – GSTDated:- 9-12-2009 The proposed GST structure in India proposes dual structure. GST shall have two components- Central GST and State GST. The model shall be implemented by multiple statute- one for Central GST and SGST statute for every state. However, it is proposed … Continue reading “White paper on GST”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-412","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=412"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/412\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nCentral Excise Duty
\nAdditional Excise Duties
\nExcise duty levied on medicinal and toiletries preparation.
\nService Tax
\nAdditional Custom Duty (CVD)
\nSpecial Additional duty (SAD)
\nSurcharges
\nCesses.
\nFollowing state taxes shall be subsumed in state GST:
\nVAT\/Sales Tax
\nEntertainment Tax
\nLuxury Tax
\nTaxes on lottery, betting and gambling
\nState cesses and surcharges
\nEntry tax not in lieu of octroi.
\nItems not covered under GST:
\nThe proposed GST Structure keeps liquor and petroleum products out of the purview of GST. Regarding applicability of GST on natural gas, decision will be taken in course of time. Excise duty, presently levied by the states shall not be affected. Tobacco products shall be subject to GST with input<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nTo implement the model various legislative changes and constitutional amendment shall be required. It is expected that draft Central GST Act may be released in course of a few weeks for discussion.
\nComments:
\nThe proposed structure is certainly far better than the existing structure. However, a single GST structure, with tax revenue distributed between Centre & states would have been better for trade. Even in the proposed dual structure, it will be advisable for parliament to make basic law even for State GST, which is possible under the present Constitutional scheme. Nevertheless, politics is not something what ought to be done but it is more about what could be don<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n