Some important points on gst (for the motion)
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Get in simple terms means a uniform tax that will be implemented across the nation. Goods & service tax all the indirect taxes are levied by central and state government.
The current committee headed by Arvind Subramaniam has recommended the three rate setup for rolling out gst. The panel has recommended that for goods that are meant for the poor 12 % gst can believed. The panel has also suggested a 18% gst for all other common items and 40% for luxury items.
For corporate India, gst will remove the cascading effect of tax. As a result of which, double taxations will reduce as the centre and state are working in tandem. In short, we will see crucial step towards reforming the Indirect tax system in India.
The current committee headed by Arvind Subramaniam has recommended the three rate setup for rolling out gst. The panel has recommended that for goods that are meant for the poor 12 % gst can believed. The panel has also suggested a 18% gst for all other common items and 40% for luxury items.
For corporate India, gst will remove the cascading effect of tax. As a result of which, double taxations will reduce as the centre and state are working in tandem. In short, we will see crucial step towards reforming the Indirect tax system in India.
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