GST NEWS
FM proposes introduction of GST from 1 April 2010
FM proposes introduction of GST from 1 April 2010
Jul 7, 2014

In Budget 2006-07, P. Chidambaram, Minister of Finance of the UPA II proposed implementation of Goods and Services Tax (GST) by April 1, 2010. The tax is yet to be rolled out.

A consumption based tax, the idea was to do away with the complications afflicting the current system of taxation. In a comprehensive GST regime all the transactions would be liable to a single unified tax.

The Empowered Committee of State Finance Ministers is yet to begin work on the design and format of the GST and is waiting to hear from the Central Government on the issues it has raised on the draft Constitution Bill for the implementation of the GST.

This statement captures the departures from the normal tax regime. This exercise is a first attempt that will be fine tuned in the years to come.

It was also announced that the Departments of Income Tax and Customs and Central Excise would undergo Business Process Reengineering. Following which nationwide networks were put up to connect 745 income tax offices in 510 cities and 550 customs and central excise offices in 245 cities, creating national databases. National data centres, data warehousing facilities and disaster recovery sites are being set up.

This statement captures the departures from the normal tax regime. This exercise is a first attempt that will be fine tuned in the years to come.

It was also announced that the Departments of Income Tax and Customs and Central Excise would undergo Business Process Reengineering. Following which nationwide networks were put up to connect 745 income tax offices in 510 cities and 550 customs and central excise offices in 245 cities, creating national databases. National data centres, data warehousing facilities and disaster recovery sites are being set up

Source :  The Hindu

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