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2011-03-22

FM rolls out GST

An achievement in 4 years

FM rolls out GST

Union Finance Minister Pranab Mukherjee Tuesday introduced the Goods and Services Tax (GST) Constitution Amendment Bill in the Parliament to facilitate implementation of GST which will  facilitate implementation of a new tax regime that subsumes levies like excise, sales and service tax.

"The GST would replace a number of indirect taxes presently being levied by the central government and the state governments and is intended to remove cascading of taxes and provide a common national market for goods and services", said the statement of objects and reasons of the Bill.

The Bill provides for creation of a GST Council to be headed by Union Finance Minister. Besides, the bill proposed a GST Dispute Settlement Authority to deal with grievances of the centre and the state with regard to GST.

 

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