Economic Affairs Secretary, Shaktikanta Das said that GST will be effective from 1st of July all the states agreed for this decision. According to Mr. Shaktikanta Das, GST is playing the role of Game changer and it takes place of various consumption taxes. He also added that when GST is applied in India the opportunities for competitiveness, investment and job creation also increased.
WHAT IS GST?
GST implementation would abolish all central, state and interstate taxes; and only “single-taxation” system would be levied.
Finance Minister Arun Jaitley said in the interview with London news agency PTI, all the processes regarding the GST implementation will be completed till 15 September. He also added that after Independence this is the first Tax reform in India. The draft for this is already prepared and would be presented in the parliament which is started from 9th of March.
Proposal for 4 tax rates
– 4 proposed levels for Goods and Services tax rates will be categorized in 5, 12, 18 and 28%.
– After the GST bill is passed in the parliament it must be forwarded to all state assemblies for approval.
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