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The Central Government has finally
agreed to many demands of various states during the most successful
meeting held so far on 15th December , 2014. This is claimed to be a
win win deal and passing of first hurdle in rolling out the long
awaited goods and service tax(GST) in India from April, 2016 .Now, the probability of introducing the amended bill in winters parliamentary session cannot be ruled out.
GST will ultimately
create a unified market by ending up the multiple levies of taxes by the
Centre and the States .Consequently, it will lower the costs for
business and more revenue for the government.The states were afraid of
loss of flexibility but it is said that this meeting has cleared many
such fears .Broad agreement has been arrived between the Centre and
various States.
For initial years , petroleum products will be outside the regime of GST.It
is pertinent to note that many states get half of their taxes from such
products only and for long it has had been a major concern for the
states .
The said meeting was very significant
for implementing GST in India in as much as the states have been
allowed to to levy the following taxes in addition to GST :
a.additional levy in lieu of entry tax -such tax will be subsumed into the combined tax on goods and services and
b.transitionary tax – manufacturing states like Gujarat and others can levy transitionary tax for one to two years
In addition to the above, it was
also assured that the Central Government will substantiate all the
losses of states for a period of 5 years after the rolling out of GST in
India.
With these major developments, it can be said that very soon GST in India will
be a dream come true . At the same , it is ironical to note that the
original date was April 2010 for implementing GST in India but it took
long 6 years to implement by making a political will to build a uniform
taxed regime in India and now date for its implementation is April 2016.
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