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CBEC member spells out
benefits of GST
Goods and services tax (GST) will
be distinct from the turnover tax in the sense that it will be imposed at each
stage of a commercial transaction right from the initial producer to the final
consumer with a value-added tax (VAT) mechanism by providing credit for the tax
on inputs.
GST would be a dual tax with both
Central and state components levied on the same base. Thus, all goods and
services, barring some exemptions, would be brought into the GST base, said Mr
S. Dutt Majumder, Member-Central Board of Excise and Customs (CBEC).
He was addressing an interactive
meeting organised by the All India Association of Industries (AIAI) and the
World Trade Centre (WTC), Mumbai.
VAT, stamp duty, vehicle tax,
entry tax, luxury tax, taxes on lotteries, betting and gambling, purchase tax,
state cesses and surcharges would all be subsumed to state GST, he explained.
Mr Vijay Kalantri, President of
AIAI, in his welcome address, said that the ground situation was conducive to
successful implementation of GST.
However, the delivery refund mechanism was yet to
be defined besides awareness about GST, he added.
Source : Exim News Service -
Mumbai, March 9
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