-Livemint.com Here are some FAQs about the Goods and Services Tax (GST) slated for rollout on 1 July What is GST? Goods and Services Tax (GST) is a value-added tax at each stage of the supply of goods and services precisely on the amount of value addition achieved. It seeks to eliminate inefficiencies in the tax system that result in ‘tax on tax’, known as cascading of taxes. GST is a destination-based...
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How will the Centre ensure States' finances are not hurt?
-The Hindu GST will subsume almost all cesses levied at the moment One of the key sticking points thwarting consensus in the Goods and Services Council over the course of its meetings in 2016 was the compensation the Centre would have to pay States for any losses they might incur due to the implementation of the new indirect tax regime. What was the issue? The GST is a destination-based tax, and as such is...
More »From plate to plough: Farm and the tax -Ashok Gulati & Siraj Hussain
-The Indian Express A smooth GST regime can break inter-state barriers on movement and facilitate direct linkages between processors and farmers After more than a decade of intense discussion and debate, the GST is finally becoming a reality. Although in its current form, it is not as perfect as was originally envisaged, yet it is being lauded as one of the most transformational reforms since 1991. Finance Minister Arun Jaitley was humble...
More »Slabs are still numerous
-The Telegraph New Delhi: The goods and services tax (GST) regime has replaced a cascade of 11 central and state taxes with a concertina of eight tax rates, defeating the original idea of having a three-slab tax structure. The current GST structure on goods ranges from zero to around 40 per cent. If jute, silk and muri (puffed rice) fall in the exempted category, luxury cars and SUVs fall in the top...
More »GST rates announced; milk, cereals to be exempted -Yuthika Bhargava
-The Hindu 81% items to be taxed at below 18% The Goods and Services (GST) Council on Thursday agreed on the fitment of almost all commodities in the various tax slabs under the new indirect regime to be rolled out on July 1. Milk, cereals (unpackaged and unbranded), and jaggery will be exempt from any GST, while sugar, tea, coffee (except instant), and edible oil will be taxed at 5%. Common use items...
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