Goods & Services Tax (GST)

August 2012 continues to be the date for rolling-out GST as announced in FM’s budget speech 2012-13
  • FM assured states that the GST compensation package could be even beyond Rs. 50,000 crore as suggested by the 13th Finance Commission
  • Govt. believes that the two tax reforms, would boost the tax-GDP ratio in India to 15% in the next three years from the current 11% level.
Petroleum products like crude, motor spirit, ATF and HSD outside the purview of GST.

• Report submitted by Empowered Committee of State Finance Ministers to Govt.
  • All area-based & sectoral excise exemptions to be done away with. Exports to be zero-rated
  • Levies unlikely to be subsumed are octroi, entry tax, entertainment tax & electricity duty
• Both the states and the Centre have agreed to a dual GST model
  • One levied by the Centre i.e. Central GST & by states i.e. State GST.
  • Centre would pass on the GST on imports to concerned states on the destination principle.


 
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