GST: DELAY IN IMPLEMENTATION
By: – Nagesh Bajaj
Goods and Services Tax – GST
Dated:- 14-9-2011<\/p>\n
In 2006, the UPA Government announced that a comprehensive GST would be launched on 1st April, 2010 and it was believed that the introduction of GST is a difficult task, as our current structure of indirect taxes is driven by the multiplicity of taxes. Some levied by the Centre and others by the States.
\nUnder the Chairmanship of Dr. Asim Dasgupta, the Empowered Committee carve out the design and structure of GST. The new regime GST gives an opportunity to bring together the machinery of the Centre and the States to jointly work for better enforcement.
\nPrime Minister has also realized and stated that we have travelled a long way on implementing or introducing a GST regime.
\nThe new debatable question arose as the time passes that creates confusion on various aspects between Centre and State and thus causes delay in the implementation of the GST i.e. on 1st April, 2010. States<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n rores annually. Dr.Asim Dasgupta also said that 'CST loss is a serious issues for States'. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ctor because right now there are lot of industry anomalies which are there in the service tax sector, which needs to be corrected, I think GST, going forward, is going to correct those anomalies". = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST: DELAY IN IMPLEMENTATIONBy: – Nagesh BajajGoods and Services Tax – GSTDated:- 14-9-2011 In 2006, the UPA Government announced that a comprehensive GST would be launched on 1st April, 2010 and it was believed that the introduction of GST is a difficult task, as our current structure of indirect taxes is driven by the multiplicity … Continue reading “GST: DELAY IN IMPLEMENTATION”<\/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-475","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/475","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=475"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/475\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nThe another controversy arose in the matter of petroleum and in alcohol. There are restrictions on availing credit of taxes paid on fuels. Further, the Task Force has recommended a dual levy of GST and excise on tobacco and alcohol with restrictions on credit. The EC aligned with the Task Force on Tobacco, however in case of alcohol they suggested that it should be out of the ambit of GST while Vat and excise duty should be continued.
\nVijay Kelkar, chairman of the 13th finance Commission also suggested sectors such as real estate and construction as well as railways to brought in the ambit of GST just to bring more transparency in the real estate sector transaction.
\nFrom the source of The Hindu Business….Mr. Jose Cyriac, Additional Secretary ( Revenue ) Ministry of Finance stated that the GST regime, which is excepted to come into force on April 1, 2010 will be 'trade friend<\/p>\n
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\nOn 26th Feb,2010 Finance Minister in Budget speech has announced a roadmap for GST. In his words, "The process of building a simple tax system is near completion." We aim to implement GST by April 1,2011.
\nThere is a also criticism against the number of exemption mentioned in budget that meant to increase the distortions.
\nTo summarise the above, the GST will be implemented on April 2011 and is welcomed by all the classes.
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\nAuthor: Nagesh Bajaj
\nLawCrux Advisors (P) Ltd.
\nLaw House
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