The proposed Goods & Services Tax (GST) will be a simplified taxation system which will eradicate miseries being faced by trading community in present taxation system. The GST will end the cobweb of various taxes levied at different stages from production to distribution and will also bring an end to multiple Authority taxation regime "-said Union Finance Minister Mr. Arun Jaitley while talking to a delegation of the Confederation of All India Traders (CAIT) at his residence today at New Delhi.
The CAIT delegation led by its National Secretary General Mr. Praveen Khandelwal comprised of several senior trade leaders.
According to CAIT sources, the delegation urged the Finance Minister to get the tax bifurcated between Central & State Governments through computerised system and traders may not be held as a subject to multiple Authorities. While advocating a reasonable tax rate under GST, the delegation also said that levy of 1% Additional tax on inter-state transactions should be reconsidered as it will have a cascading effect since traders will not be able to obtain input tax credit on the same.
Jaitley while giving a patient hearing to the delegation said that once the GST Bill is passed by Parliament and subsequently by State legislatures, separate Bills for CGST and IGST will need to be passed by Parliament and SGST Bill will be passed by State legislatures and at that time the stakeholders will be consulted and their apprehensions will be suitably addressed.
He also informed that GST rates will be finalised by GST Council comprising of Union & State Governments Finance Ministers. Mr. Jaitley said that GST is aimed to avoid distortions in tax regime due to multiplicity of taxes & exemption and at the same time will give every opportunity to traders and other stakeholders to make a voluntary compliance which will result into widening of tax base.
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