SME Times is powered by   
Search News
Just in:   • NITI Aayog unveils roadmap on AI to empower 490 million informal workers  • New French PM expected to be appointed within next 48 hours: Lecornu  • Guterres welcomes Gaza deal, sees opportunity for two-state solution   • PM Modi welcomes Israel-Hamas pact on 1st phase of Prez Trump's peace plan  • Leader capable of filling gaps: Colombian envoy on PM Modi 
Last updated: 29 Jul, 2024  

Industry.9.Thmb.jpg 'Tax paying to be easier for industry under GST'

Rupee.9.jpg
   Top Stories
» PM Modi meets Keir Starmer in Mumbai for strengthening India-UK ties
» Piyush Goyal, Keir Starmer discuss ways to deepen trade and economic partnership
» PM Modi inaugurates Phase 1 of Navi Mumbai International Airport
» Gold prices hit historic highs globally, Indian rates touch Rs 1.22 lakh on MCX
» Institutional investments in India's real estate hit $4.3 billion in Jan-Sep
SME Times News Bureau | 14 Jul, 2010
Tax paying will be easier for the industry under the proposed Goods and Services Tax (GST) as it will enable manufactures to make payments of almost all indirect taxes through a single challan under, said a top official from the Department of Revenue.

"The proposed Goods and Services Tax (GST) would revolutionise the indirect tax regime by facilitating payment of almost all indirect taxes by the manufacturer through a single challan”, said Mitra, while speaking at a Panel Discussion jointly organised by CUTS International and the University of Rajasthan to deliberate on the distinctive features of Direct Tax Code (DTC) and GST, on Tuesday.
 
Mitra laid great stress on the important role that the proposed tax reforms could play in raising resources for the country’s infrastructure development which in turn is imperative for sustaining the rate of economic growth.

Earlier A.D. Sawant. Vice Chancellor, University of Rajasthan also had drawn attention to the role of taxation in facilitating infrastructure development while stressing the need to check tax evasion.

Speaking at the event, CUTS International Secretary General Pradeep S Mehta lauded the consultative process underlying the mentioned reform of the tax regime.

He highlighted the increase in tax revenues as a proportion of the Gross Domestic Product that has taken place through reforms in the recent past, a trend which the DTC and DST would help continue.

Senior Advocate N.M. Ranka praised the reforms as they would do way with loopholes in the current system of taxation and reduce the incidence of complex litigation He, however, pointed to the need for improving the accountability of tax assessing officers.

Pankaj Ghiya, a lawyer, echoed his optimism about the reforms and opined that the GST would make our manufacturing exports more competitive by reducing costs for manufacturers.
 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
₹84.00
₹82.25
UK Pound
₹104.65
₹108.10
Euro
₹92.50
₹89.35
Japanese Yen ₹56.10 ₹54.40
As on 25 Jul, 2025
  Daily Poll
Who do you think will benefit more from the India - UK FTA in the long run?
 Indian businesses & consumers.
 UK businesses & consumers.
 Both will gain equally.
 The impact will be negligible for both.
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter