Monday, May 23, 2011

The next biggest taxation reforms in India

The next biggest taxation reforms in India would be the introduction of Goods and service Tax (GST). Like it or not, the Government will implement GST, just a matter of time.

The proposed GST will replace the current taxes such as Central Sales Tax, octroi, VAT, entry tax, stamp duty, telecom licence fees, turnover tax, tax on consumption or sale of electricity, taxes on transportation etc. thus avoiding multiple layers of taxation that currently exist in India.

Goods and Services Tax might not be implemented by Apr 2012, even as the Government gets set to introduce the Amendment Bill required for GST during the coming session of Parliament

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