CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
21 January 2009
WHAT IS DUAL GST - (GOODS AND SERVICE TAX).
HERE IS THE ANSWER FROM DR. ASHIM DAS GUPTA , THE CHAIRMAN OF THE HIGH POWERED COMMITEE OF THE STATE FINANCE MINITER:-
"There will be a dual GST, a central GST and GST by the states. So far as the rate structure is concerned the exact rate you will know soon but not today," Dasgupta said.
The full news can be had on :-
https://www.business-standard.com/india/news/gst-may-not-exceed-16-per-cent/20/51/53395/on
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 22 January 2009
| GST may not exceed 16 per cent |
| Press Trust of India / New Delhi January 21, 2009, 19:34 IST |
The proposed goods and services tax (GST), which would replace VAT, central excise duty, and service tax, among others, is likely to be not more than 16 per cent.
|
GST, which is slated to come into force by April 2010, is likely to be imposed at the same rate by the Centre and states, sources said today.
"We are converging on the point that the rates of tax at the state and the Centre would be the same," the source said.
However, officially VAT panel Chairman Asim Dasgupta has said that the rates could be known only in March.
The Empowered Group of State Finance Ministers on VAT met here today to discuss the structure of GST, which will create uniformity in the indirect tax structure across the country.
Dasgupta said the rates would be few and there would be a dual structure of GST, which means that both the Centre and states would impose this tax.
"There will be a dual GST, a central GST and GST by the states. So far as the rate structure is concerned the exact rate you will know soon but not today," Dasgupta said.
The rates of taxes in the GST regime would be aimed at giving relief to trade, industry, agriculture and consumers, he said.
He said sales taxes on petroleum products would be out of GST in the initial stage as they are not market-determined as yet.
These taxes are also not part of state-level VAT.
GST is expected to usher in further reforms in the indirect tax structure, a phase of reforms that started with the replacement of sales tax with VAT from 2005-06.
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