April 1, 2017 target for GST tough, but deadlines better: Jaitley
Авг 10 2016 by Johnny Bowman
Odisha Finance Minister Pradeep Amat on Thursday said it would bring uniform tax rate throughout the country and help in seamless movement of goods and services across the states.
As regards the impact of GST rollout on inflation, Jaitley said over the years, the tax rates will come down and hence the prices of many commodities will also decline.
The Finance Minister said government had marathon rounds of consultations and Centre was accommodative of various views but without compromising on the fundamentals of the bill. The bill now needs to be passed by Lok Sabha and then ratified by at least 15 states.
Pointing out that the bill also needs support from state legislative assemblies before GST is rolled out, he said "this system of one country with one tax will improve transparency in the economic activities".
The constitutional amendment will enable both the Centre and the States to simultaneously levy the GST, which will subsume all indirect taxes now levied, including excise duties and service tax.
An op-ed piece in Global Times said China was willing to work with India to make GST Bill a "reality".
He said GST will further burden the common man as corporates will get relaxation in tax under it and the government will gain in revenue collection, but it is the common man who will suffer. "There was a public anxiety, nearly an exasperation, over the delay", he said.
The Constitution (122nd Amendment) Bill, 2014, that would lay the ground for roll out of GST regime, was passed by the opposition-dominated Upper House after the government moved four amendments.
As well as simplifying the system, Prime Minister Narendra Modi's government hopes the reform will boost trade between territories that have previously double-taxed goods moving across state lines.
An IT network is also to be erected for which a non-profit, non-government company has been set up called Goods and Services Tax Network that will formulate the front-end and back-end modules - the deadline is 2016-end. The GST Council will be recommending rates of tax, period of levy of additional tax, principles of supply, special provisions to certain states etc.
При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна. «» 2007 - 2018 Copyright. Автоматизированное извлечение информации сайта запрещено.