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Business EconomyPosted at: Jul 4 2015 7:44PM


GST will simplify taxation system in country: Jaitley

New Delhi, Jul 4 (UNI) The proposed Goods and Services Tax (GST) will simplify taxation system and eradicate miseries which are being faced by the trading community in present taxation system, Union Finance Minister Arun Jaitley said today. Addressing the delegation of the Confederation of All India Traders (CAIT) here, the Finance Minister said “the GST will end the cobweb of various taxes levied at different stages from production to distribution and will also bring multiple authority taxation regime.” “ Once the GST bill is passed by Parliament and subsequently by the state legislatures, separate bills for Central Goods and Service Tax (CGST) and IGST need to be passed by Parliament, he said and added that State Goods and Services Tax (SGST) bill will be passed by state legislatures and at that time the stakeholders will be consulted and their apprehension will be addressed”. The delegation had urged the Finance Minister to get the tax bifurcated between the central and state governments through computerised system and traders may not be urged by multiple authorities. The CAIT had asked that levy of 1 per cent additional tax on inter-state transactions should be reconsidered as it will have a flow effect since traders will not be able to obtain input tax credit on the same. UNI XC CH 1945
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