Understand the Goods and Services Tax (GST) and its impact on businesses. Learn about GST rates, compliance requirements, and its role in simplifying taxation. Stay updated with the latest GST news and updates.
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These recommendations differ considerably from the model and structure of the GST envisaged by the Empowered Committee of State Finance Ministers (EC) as described in the First Discussion Paper released by the EC on 10 November, 2009. The differences relate to several critical areas such as the tax base, tax rates, threshold limits, taxation of inter-State supplies of goods and services, exemptions/ compounding schemes and taxation of alcohol, tobacco and petroleum products in the GST regime, amongst others. It must be clearly understood that these are only recommendations and it is for the EC to accept or reject these recommendations.
The Discussion Paper has envisaged a model of dual GST which has got certain structural defects that need to be pointed out for correction before the second Paper comes out. The proposed GST is an under achievement compared to the professed idea of a conceptually correct GST. It is an imperfect GST which has four rates with probably numerous exemptions, four thresholds, several taxes outside GST, a highly complicated system for inter-State credit of input tax and finally with no certainty that States will always abide by the fixed rates of tax. It is destined to be more complicated and ill administered than now.
The Prime Minister’s Economic Advisory Council, or PMEAC, has favoured asingle slab each for goods and services or one common rate for both under the proposed goods and services tax (GST), unlike the proposal mooted by the states.“The Centre could follow the pattern in which there is only one rate for goods and one rate for services, or one rate which is common to both goods and services,” PMEAC Chairman C Rangarajan said.
GST is just a VAT :-GST as you are aware is just value added tax (VAT) because when made a presentation to the chief minister this was an issue which I was asked – In three years you have somehow setup VAT and now you are talking about GST. I told them GST is VAT but two major more taxes are coming in but every other operation is like VAT.
The Thirteenth Finance Commission’s taskforce on the proposed goods and services tax (GST) has recommended a 5 per cent central GST and 7 per cent state GST on all goods and services, except five specific categories. It has proposed a zero rate for exports though it is not in favour of any special dispensation for the special economic zones (SEZs).
In spite of the optimism shown by Asim Dasgupta, chairman of the empowered committee of state finance ministers, the much-anticipated goods and services tax (GST) is unlikely to be introduced on April 1, 2010. The process of Constitutional amendment to bring the new indirect tax legislation may take another five months. “It will take 5-6 months for the amendment and everything else to fall in place. Besides, wecannot start work on things like IT infrastructure as long as a final GST structure is not there,” a highly-placed government official said.
The Centre has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax. The government has in fact suggested that both alcohol and tobacco, which are demerit goods and considered harmful for health, should be kept under GST, with the states getting the power to levy excise duty over and above GST on alcohol. The Centre would have the same power in case of tobacco.
Businesses with more than Rs 10 lakh turnover may end up paying the central goods and services tax, with the Centre not agreeing to states’ suggestion of keeping the threshold at Rs 1.5 crore. The empowered committee of state finance ministers had suggested separate thresholds for central GST and state GST, wherein businesses below a […]
He said that the white paper proposes that the Central GST and State GST, that is CGST and SGST, will be concurrently administered by the centre and the state. Mr. Bhatia seems to believe that this will lead to immense confusion because it means that for every transaction, every dealer has to go to two authorities. And in some way that sort of subverts the intent of simplicity for which GST is being put in place in the first place.
The proposed goods & services tax (GST) could turn out to be a far more benign impost than anyone expected.In what would amount to a radical tax reform, the 13th Finance Commission is understood to have arrived at a revenue-neutral rate of around 12%, at least 4 percentage points lower than what most believed the combined Centre-state rate would be.