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2011-03-22

FM rolls out GST

An achievement in 4 years

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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