sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Service Tax »
 Central Goods and Services Tax (Twelfth Amendment) Rules, 2018
 The Central Goods And Services Tax (Amendment) Act, 2018
  How much tax are you liable to pay on long-term capital gains on property?
 Finance Ministry simplifies GST refund claim process for businesses
 Section 44 (2) of the Central Goods and Services Tax Act, 2017 read with Rule 80 of the Central Goods and Services Tax Rules, 2017
 Advance Tax 2018 benefits for salaried employees, professionals, small business, married couples, seniors, homeowners, families
 Step by Step Guide for GST Enrolment for existing Central Excise /Service Tax Assessees
 Here’s all you need to know Income tax benefits on education costs for individuals
 How to track your income tax refund status? Check out details and step by step guide
 The Central Goods And Services Tax (Amendment) aBill, 2018
 How to get registered under goods and services tax

Dewan Negara passes Goods and Services Tax Bill 2014
May, 06th 2014

The legislation was aimed at streamlining the taxation system to be more efficient and ensure the country's future through better revenue collection.

Earlier, when winding up the debate, Deputy Finance Minister Datuk Ahmad Maslan said the GST must be implemented as the government found the current tax collection system not effective, especially in the development of the country's economy.

"We admit the current taxation system is quite weak and the government needs a new taxation system which is more effective for the country...and that is why we are introducing the GST.

"Does the opposition in protesting against the implementation of the GST wish to continue with the weak system when we have a more effective and transparent system which could reduce our dependence on petroleum tax," he said.

He said even though the introduction of GST could cause a 1.8 per cent rise in the Consumer Price Index, the people need not worry as it would be a temporary effect before the normal process sets in on the new taxation system.

Ahmad said GST would be imposed on 689 goods in which only 73 items will experience price hike, 287 items would see a price drop and price of 329 items will remain the same while 255 other goods are being reviewed.

To avoid traders who may arbitrarily raise prices, the government would be issuing a shoppers guide containing 1,000 types of goods, three months before GST was implemented, he said.

The difference between Sales and Service Tax 1975 (SST) was that it was a single tier tax while GST was staggered with tax imposed at various stages from production to distribution, he added.

GST will be introduced in April 2015 at 6 per cent to replace the SST of 16 per cent.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions