Centre in favour of single rate of CGST, SGST and uniform registration system linked to PAN
Feb 10, 2010 Goods and service Tax
As is now well known, the Empowered Committee of State Finance Minister (EC) had, in November 2009, issued a First Discussion Paper (Paper) on the dual Goods and Service Tax (GST). This paper had set out the EC’s views on the nature of the dual GST, its coverage, the manner of its applicability, its coverage and on several other design aspects of the GST as well, including on treatment of inter-state supplies of goods and services.
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Tags: alcohol and petroleum products, Central GST, Dual GST, Empowered Committee, ministry of finance, Rate Structure of GST, State Finance Minister, State GST
Frequently Asked Questions and Answers on Goods and Service Tax (GST)
Nov 11, 2009 Goods and service Tax
Question 1 : What is the justification of GST ?
Answer : There was a burden of “tax on tax” in the pre-existing Central excise duty of the Government of India and sales tax system of the State Governments. The introduction of Central VAT (CENVAT) has removed the cascading burden of “tax on tax” to a good extent by providing a mechanism of “set off” for tax paid on inputs and services upto the stage of production, and has been an improvement over the pre-existing Central excise duty. Similarly, the introduction of VAT in the States has removed the cascading effect by giving set-off for tax paid on inputs as well as tax paid on previous purchases and has again been an improvement over the previous sales tax regime.
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Tags: all you want to know about gst, applicability of gst, benefit of gst, Central GST, composition scheme under GST?, compounding scheme under GST, Dual GST, goods and services taxes, gst and other tax provisions, gst in india, gst provisions, meaning of gst, rate structure proposed under GST, salient features of the proposed GST model, State GST, tax on import under gst, threshold exemption for GST
Goods and service Tax (GST), Dual GST -meaning, provisions and applicabilty in brief
Aug 28, 2009 Custom Duty, Excise Duty, GST, Goods and service Tax, MVAT, Service Tax
Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to introduce a Dual GST regime i.e. Central and State GST.
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Tags: cgst, Dual GST, economic system, efficiencies, expectation, FAQ on gst, goods and services tax, indirect taxes, sgst, single tax, state government, tax incidence, tax rate, taxable value