Nebulous Environment Over The Gst-beself

Taxes GST would be one of the most significant fiscal reforms of independent India. It is expected to replace all indirect taxes, thus avoiding multiple layers of taxation that currently exist in India. Earlier our Finance Minister, Mr. Pranab Mukherjee said that the Government is looking forward to bring the Goods and Services Tax along with the Direct Tax Code (DTC) in April, 2012. But now our Finance Ministry is .ing with a fresh statement that the proposed Goods and Services Tax (GST) might not .e into force along with the Direct Taxes Code (DTC) in April 2012. This will only create a nebulous environment over the future of the Goods and Service tax. However, the Finance Ministry indicated that the proposed GST may still be introduced sometime during 2012-13. GST is a transaction based tax. It is not necessary to introduce it only at the beginning of the next financial year. It can be introduced anytime in that year. It is very difficult for the Government to bring about certain amendments to the Constitution required for the rolling out of the GST in the current financial year. The whole process required for the introduction of the Goods and Services Tax is very long and .plex. The second part of the Budget Session will begin from April 4, 2011 and our Finance Ministry is looking forward to table a Constitutional Amendment Bill in this .ing Budget Session of Parliament, for introducing the Goods and Services Tax (GST). It will then go to the Parliamentary Standing .mittee on Finance. If the Standing .mittee gives its suggestion towards the end of the Winter Session, the Government can present it for voting in Parliament earliest in the next Budget Session. Once it is voted in Parliament, it has to go for ratification of 50 per cent states that will take some time. Now with the recent statements of the Finance Ministry that the proposed Goods and Services Tax regime might not be implemented by April1, 2012and also the timeframe for the roll out of the Goods and Services has not been set yet, the future of Goods and Services Tax seems to be Nebulous and now it only depends on the Consensus between the Centre and the States on the issue of the Constitutional Amendments. About the Author: 相关的主题文章: