The goods and services tax (GST), which can replace all indirect levied on goods and services, is likely to benefit everyone, experts say.
According to Kameswari Subramanian, chief commissioner, Central Excise &Customs, Bangalore, priority should be given to harmonize tax administration, uniform laws and structures, all of which are key for implementing a flawless GST.
"Efforts are being made to reach a decision on issues pertaining to GST," said Subramanian, while speaking at a seminar on GST organized by the Bangalore Chambers of Industry and Commerce (BCIC).
GST is touted as a major tax reform which will integrate state economies and boost overall economic growth.
It is considered to be a comprehensive tax levied on the manufacture, sale and consumption of goods and services at a national level.
Implementation of GST is expected to lead to the abolition of other taxes like octroi, state level taxes, stamp duties, entry tax, taxes on transportation of goods and services, taxes on consumption or sale of electricity and other multiple taxes that exist in the country.
Finance Minister Arun Jaitley had mentioned during this Union Budget that the debate on whether or not GST is needed should end now, as discussions have started with various states on implementing GST.
"GST is needed as it is seen to reduce the burden of taxes. There are many taxes currently. Apart from the value added tax (VAT), there are taxes like entertainment tax, luxury tax and many more. So the idea is to take all taxes into one bundle which will be the GST," said Sumit Dutt Mazumdar, former chairman, Central Board of Excise and Customs.
According to Mazumdar, in India, there will be dual GST, whereby the states and Centre will simultaneously collect GST in a harmonized manner.
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