GST Bill or Constitution (122nd) Amendment Bill, 2014 will subsumes all indirect taxes like Excise Duty, Service Tax, Central Sales Tax, Value Added Tax, Entry Tax, Octroi levied on goods and services by Centre & State. This regime will anticipate a comprehensive tax base and will benefit both government as well as common man with an increase in GDP exports, revenues for government and reduction in prices of many manufactured goods and also by reducing time wastage in paying taxes. Main goal of GST is elimination of cascading effect of taxes while impacting Tax Structure, tax Payment and Credit Utilisation. Regarding its implementation, Empowered committee of state finance ministers have released the draft GST Bill in public domain after discussing upon it in their meeting scheduled on 14th june. Whereby after the consideration of Shareholder’s suggestions on the draft bill containing:
- Central/State GST Act, 2016 comprising 25 chapters with 4 schedules.
- Integrated GST Act, 2016 comprising 11 chapters.
- GST Valuation(Determination of Value of Supply of Goods and Services)Rules,2016,
Implementation of GST will take a step forward.