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GST Bill to be introduced in current Parliament session
03
Dec '14
The much-awaited Goods and Services Tax (GST) Bill may finally see the light of the day. GST which provides for a uniform indirect tax structure would be introduced in the current winter session of Parliament.

"We will try to introduce GST Bill in this winter session and would be taken up by the Cabinet after the Empowered Committee of state finance ministers meeting on December 12," Indian finance minister, Arun Jaitley said.

A new Finance Commission may be set up ahead of its scheduled implementation from April 1, 2016, to look into issues and challenges related to the new indirect tax regime.

A PIB press release quotes the latest India Development Update of the World Bank, which mentions that the implementation of GST, combined with dismantling of inter-state check-posts, is the most crucial reform that could improve competitiveness of India’s manufacturing sector.

GST has been so designed that credit of taxes paid at every stage of value addition from the point of manufacture to the point of consumptions, can be availed at the next stage. GST is essentially a tax on value addition, and there is seamless transfer of input tax credit across the value chain.

GST will simplify and harmonise the indirect tax regime in the country. It is expected to reduce cost of production and inflation in the economy, thereby making the Indian trade and industry more competitive, domestically as well as internationally.

It is also expected that introduction of GST will foster a common or seamless Indian market and contribute significantly to the growth of the economy. Further, GST will broaden the tax base, and result in better tax compliance due to a robust IT infrastructure.

Due to the seamless transfer of input tax credit from one stage to another in the chain of value addition, there is an in-built mechanism in the design of GST that would incentivize tax compliance by traders. (AR)

Fibre2fashion News Desk - India


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