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Last updated: 23 May, 2017  

gst-thmb.jpg GST will go a long way in helping SMEs, says GST Council official

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SME Times News Bureau | 23 May, 2017


The number of tax slabs should be reduced to one to two over a period of time, a top Goods and Services Tax (GST) Council official said on Monday.

"Over a period of time, our aim should be to reduce the number of tax slabs to 1-2," Arun Goyal, Additional Secretary, GST Council said here at a lecture at India International Centre.

The GST currently has 5 percent, 12 percent, 18 percent and 28 percent tax slabs.

There has been debate on the multiplicity of tax slabs under GST with experts and analysts suggesting their reduction but Goyal said that currently the reduction of tax slabs under GST was not feasible because of the wide variety of goods and sevices under the tax net.

He said that the whole system of GST is "self-regulating and it will become increasingly difficult to evade taxes" under the new indirect tax regime that was heading for a July 1 roll-out.

The new tax law will be an important step towards getting the country rid of "tax terrorism" and also make "consumers the king".

The official said that so far 16 states have passed the State Goods and Services Tax (SGST) bill.

Maharashtra, Odisha, Assam, Bihar, Uttar Pradesh, Haryana, Telangana, Rajasthan, Jharkhand, Chattisgarh, Uttarakhand, Madhya Pradesh are among the states that have passed SGST.

"16 states have passed SGST. Within next 15-20 days, it is expected that the remaining 15 states and union territories will pass the bills," Goyal said.

"The quick passage of the State GST Act by different assemblies in a time-bound manner shows the state governments' keenness to ensure there is no further delay in GST implementation in letter and spirit from July 1," he said.

The remaining states/UTs (having legislative assembly) are likely to pass the State GST Bills in their respective latest by early next month.

The officers of the Department of Revenue and officials concerned of state governments have already started an outreach programme to create general awareness among the people at large and stakeholders in particular.

GST is being considered a major step towards a unified goods and services tax regime across the country in what is seen as the most radical indirect tax reform in over six decades.

The new regime -- the idea for which was mooted some 13 years ago -- seeks to subsume all central indirect levies like excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market.

Some items, notably potable alcohol and petroleum products, will be outside its purview for now.

 
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GST will go a long way in helping SMEs
R J Troy | Thu May 25 19:03:16 2017
Some one must be completely out of his mind to make such an outlandish statement. The plethora of compliance requirement will completely destroy the focus of SME which is manufacturing. Every month they will be doing paperwork and uploading data for the fudge masters i.e. the GOI of today. Regarding getting rid of tax terrorism, perish the thought. The purchaser's data will not match the seller's data even if there is a small mistake on either side. The notices will be issued after such a lapse of time that the parties to the supposed crime will have to dig deep into history to try to correct. By that time the penalties, late payment interest will pile up and one would feel sorry that he ever took set offs which he thought were legitimate. The cost of compliance will overshadow the benefits, if any, of GST. As it is small players who were exempted from Excise Duty will now by paying a small component of excise duty, making their products more expensive. The earlier Governments knew the mischief they were creating when they imposed service tax in a small way. But the present dispensation does not even know the shaky ground under their feet and cannot refrain from their regular habit of shouting from the roof tops as if everything will fall in place just by their shouting. Alternate narratives cannot become actual or real just by shouting about them.


SERVICE TAX
Arjun | Wed May 24 04:32:42 2017
IF any Service tax changes this year? what about the service tax?

  Re: SERVICE TAX
R J Troy | Thu May 25 19:08:20 2017
GST is Integrated Tax for Goods and Services. So service Tax will fall into one of the GST slabs, mostly 18 % wherever it used to be at 15 % after subsuming Swatcha Bharat and Kisan Kalyan Cess etc. So for all practical purposes Service Tax in the new garb of GST can be assumed to be 18 %.


Gst
C.S.KRISHNA | Tue May 23 15:43:52 2017
Gst will destroy SME sector unless Exemption limit is increased to Rs 2 crores from Rs 20'lacs which is peanuts.


 
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