What is GST (Goods and Services Tax) ___ _ Erewise

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What is GST (Goods and Services Tax) _

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  • 12/27/2014 WhatisGST(GoodsandServicesTax)???|Erewise

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    WhatisGST(GoodsandServicesTax)???22Dec2014 Comments(0)

    CentrehastabledthemuchhypedGoodsandServicesTax(GST)BillintheLokSabha.

    Thelegislationseekstocreateasingleandunifiedtaxregimeinthecountryputtinganendtocomplicatedsystemoftaxationwheremultipleagencieslevytaxonthesameitem/serviceoneafteranother.

    TheBillaconstitutionalamendment(122nd)isbelievedtoboosttheeconomybyplacingabusinessfriendlyeconomicstructure.

    Beingaconstitutionalamendment,itneedstwothirdmajorityinParliamentinadditiontoratificationbyoverhalfofallthestatelegislatures.

    Benefits

    Itwillcreateasingleandunifiedeconomyinwhichtaxeswillbeleviedonanationalbasissomebystates,restbycentreinaclearlydefinedmanner.Thiswillmakedoingbusinesseasierinthecountrybyimprovingtransparencyandefficiency.Thisislikelytoimprovetaxcollections.GSTwillbeisleviedonlyatthedestinationpoint,andnotatvariouspoints(frommanufacturingtoretailoutlets).IfitgetspassedthenewregimewilltakeeffectfromApril2016.

    Whatkindoftaxesitwillreplace?

    Centralexcise,stateVAT,entertainmenttax,octroi,entrytax,luxurytaxandpurchasetaxongoodsandservices.

    Exception

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  • 12/27/2014 WhatisGST(GoodsandServicesTax)???|Erewise

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    Liquorhasbeenkepttotallyoutofthesystemwhereasinclusionofpetroleumproductslikepetrolanddieselwillhavetransitionalarrangements.

    Whowillgovernthenewstructure?

    GSTCouncilastatutorybodyhasbeencreatedwithonethirdrepresentationfromcentrewhiletheresttwothirdcomefromthestates.AnydecisionsregardingtheGSTstructurewillrequire3/4majoritygivingnoneofthetwostakeholdersabsolutepowertotinkerwiththesystem.Thecouncilwilldecidetheitems/servicesonwhichthetaxwillapplyforanygivenperiod.

    KeyPoints

    ThelegislationhasbeeninthepipelinesincethedaysofUPA2(2011).StatesfearinglossofrevenuewereagainstGST.TospeeduptheimplementationCentrehashadtoconcedemanypointstostateinlieuoftheirsupport.Centrehasagreedtogivecompensationtosuchstatesforaperiodoffiveyearsinthefollowingway100percentforfirstthreeyears,75percentinthefourth,goingdownto50percentforthefifthone.PetroleumproductswillbeleviedatzeroratemeaningthatthestateswillcontinuetolevyVATwhileCentrewillexhortexcisedutyforinitialfew(5?)years.Thestateswheregoodsoriginatecanlevy1percentadditionaltaxoverGSTtomakeupforanyrevenuelossforthefirsttwoyears.

    Willitleadtopricerise?

    Onthecontraryitmaydotheoppositethankstotheexpecteddeclineintaxcorruption.However,thesystemneedssometimetosettleforthepricestostabilise.


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