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About Goods and Services Tax
The balance of taxation around the world is shifting. With many governments in developed and developing countries facing record budget deficits and high levels of unemployment, taxes on consumption are increasingly seen as playing an important role in the taxation mix. Already a number of countries have raised taxes on consumption, and it seems likely …
TYPE OF GST TO BE LEVIED IN INDIA + TAX RATES
It would be a dual GST with the Centre and States simultaneously levying it on a common tax base. The GST to be levied by the Centre on intra-State supply of goods and / or services would be called the Central GST (CGST) and that to be levied by the States would be called the State GST …
Long journey finally accomplished
The GST was conceptualised for the first time in 1999 during a meeting between the then Prime Minister Atal Bihari Vajpayee and his economic advisory panel which included three former RBI governors IG Patel, Bimal Jalan and C Rangarajan. Much prior in February 1986, Vishwanath Pratap Singh, Finance Minister in Rajiv Gandhi’s government, proposed in …
Way forward for smooth implementation of GST
GST has been launched w.e.f 1.7.2017. In order to ensure smooth working of GST across India the following is necessary: Smooth working of the I T Network at GSTN. Meeting implementation challenges and teething troubles. Effective coordination between Centre & State tax administrations. Reorganization of field formations. Continuous Training of Officials and Trade & Industry. …