news round up - Taxmann
news round up - Taxmann news round up - Taxmann
134 GOODS & SERVICES TAX - MAGAZINE [Vol. 1 Conclusion 4. The introduction of the GST regime would definitely go a long way in improving and rationalizing the quality of the indirect tax regime as it incorporates all the desirable features of an efficient tax system. It is for the first time that the system of a continuous set of relief for taxes paid either on inputs or in the previous stage of distributive trade has been proposed. The ultimate process of integration of taxes and equalization of rates is positive step which proves to be the hallmark in the proposed GST regime. Apparently, the proposed regime has given much emphasis to the system of refunds and also fails to provide any justifiable explanation for the reduction in the overall tax burden on the manufacturers/traders and more importantly the final consumers! It is felt that apart from the above issues the biggest of challenges for implementation of the GST model would come in the form of having a sound IT infrastructure to manage the impact as well as the transition towards the GST regime in a more effective and sound manner. GOODS & SERVICES TAX CASES ❑ JANUARY 20 - FEBRUARY 4, 2010 ◆ 44 12-GST
2010] WHAT IS GST ? 135 CA. PRITAM MAHURE WHAT IS GST ? The proposed date for implementation of GST, i.e., April 2010, is approaching fast; if the news reports are to be believed, we may have GST around October 2010. Hence, its just matter of few months before GST becomes a reality. In this article, the author attempts to demystify the concept and scope of GST in question and answer format. What is GST? GST is abbreviation for Goods and Services Tax. It would be levied on all the transactions of goods and services made for a consideration. This new levy would replace almost all of the indirect taxes. In particular, it would replace the following indirect taxes :— � At Central level � Central excise duty � Service tax � Additional excise duties � CVD (levied on imports in lieu of excise duty) � SAD (levied on imports in lieu of VAT) � Excise duty levied on medicinal and toiletries preparations � Surcharges and cesses � At State level � VAT/Sales tax � Entertainment tax (unless it is levied by the local bodies) � Luxury tax � Taxes on lottery, betting and gambling � Entry tax not in lieu of octroi � Cesses and surcharges How GST would be levied? India is implementing ‘dual GST’. In ‘dual GST’ regime, all the transactions of goods and services made for a consideration would attract two levies, i.e., Central GST (CGST) and State GST (SGST). Why GST is being introduced? A product or service passes through many stages till it reaches the final consumer. The Governments at Central and State level have, as and when the need arose, introduced many indirect taxes on various taxable events GOODS & SERVICES TAX CASES ❑ JANUARY 20 - FEBRUARY 4, 2010 ◆ 45
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2010] WHAT IS GST ?<br />
135<br />
CA. PRITAM MAHURE<br />
WHAT IS GST ?<br />
The proposed date for implementation of GST, i.e., April 2010, is<br />
approaching fast; if the <strong>news</strong> reports are to be believed, we may<br />
have GST a<strong>round</strong> October 2010. Hence, its just matter of few<br />
months before GST becomes a reality. In this article, the author<br />
attempts to demystify the concept and scope of GST in question and<br />
answer format.<br />
What is GST?<br />
GST is abbreviation for Goods and Services Tax. It would be levied on all<br />
the transactions of goods and services made for a consideration. This new<br />
levy would replace almost all of the indirect taxes. In particular, it would<br />
replace the following indirect taxes :—<br />
� At Central level<br />
� Central excise duty<br />
� Service tax<br />
� Additional excise duties<br />
� CVD (levied on imports in lieu of excise duty)<br />
� SAD (levied on imports in lieu of VAT)<br />
� Excise duty levied on medicinal and toiletries preparations<br />
� Surcharges and cesses<br />
� At State level<br />
� VAT/Sales tax<br />
� Entertainment tax (unless it is levied by the local bodies)<br />
� Luxury tax<br />
� Taxes on lottery, betting and gambling<br />
� Entry tax not in lieu of octroi<br />
� Cesses and surcharges<br />
How GST would be levied?<br />
India is implementing ‘dual GST’. In ‘dual GST’ regime, all the transactions<br />
of goods and services made for a consideration would attract two levies,<br />
i.e., Central GST (CGST) and State GST (SGST).<br />
Why GST is being introduced?<br />
A product or service passes through many stages till it reaches the final<br />
consumer. The Governments at Central and State level have, as and when<br />
the need arose, introduced many indirect taxes on various taxable events<br />
GOODS & SERVICES TAX CASES ❑ JANUARY 20 - FEBRUARY 4, 2010 ◆ 45
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