Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: empanelment :: VAT RATES :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT Audit :: due date for vat payment :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
Service Tax »
 IT infrastructure firm of GST under scrutiny for tax evasion
 GST council OKs draft law on relief to states
 GST Network gets notice for avoiding service tax
 GSTN contract may attract tax
 GST Council may discuss tax rate on gold at Udaipur meet
 Govt may rework indirect tax estimates mid-way after GST
 GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
 Government may rework indirect tax maths mid-way after GST entry
 Govt may rework indirect tax mid-way after GST entry
 GST rollout will reduce disparity among states
 GST: E-tailers oppose tax laws

GST to be major milestone for tax reform, govt revenue
July, 10th 2014

Implementation of the long-pending Goods and Services Tax (GST) will be a a key milestone for the economic reform process as it would improve tax administration and increase the resource raising potentials of the state governments, the survey said. Tax reform would also be critical for improving the ease of doing business and promoting efficiency and productivity growth.

Advertisement
“The introduction of GST will have a significant bearing on the resource-raising potential of state governments, besides being an important tax reform measure,” the survey said.

Replacing all existing indirect taxes, the GST will create a national market, besides eliminating cascading taxes and aligning taxation of imports and exports correctly. The move will also improve competitiveness of production and exports from India.

The implementation of a Central GST (CenGST) could be the first step towards implementation of the GST, the survey added.

“CII strongly advocates early implementation of GST, which would increase GDP growth by about 1.5% and hopes that the suggestion in the survey on a single-rate GST would be fast- tracked,” said Ajay S Shriram, president, CII.

The Direct Tax Code (DTC) would also be critical for a clean modern replacement of the existing laws.

“Just as GST is a transformation of indirect taxes, DTC is required as a clean modern replacement for the existing income tax law,” the survey said.

Last week, finance minister Arun Jaitley held a meeting with the Empowered Group of State Finance Ministers to discuss the issues related to its implementation while attempting to iron out differences between the Centre and states.

Issue related to compensation to states and the demand to keep petroleum products and entry tax out of the purview of GST need to be sorted out. However the minister said he was hopeful of an early solution to the issue.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System development CMS development Content Management Solutions CMS Solutions Content Management Services CMS Services CMS Software

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