Economy

GST to convert entire country into one market: Patnaik

GST to convert entire country into one market: Patnaik

At the meeting held today, the tax rate of almost 1,205 items were finalised.

"The enactment of the State Goods and Service Tax will be the begining of a journey".

The rates fixed will be charged from July 1, the scheduled date for rollout of the GST - India's biggest tax overhaul since independence.

With the GST Council meeting on Thursday and Friday to finalise the rules pertaining to various aspects of GST, industry leaders and tax experts have raised several issues that the Council must look at. In GST, the curtailment of layers of movement of goods is inevitable.

"We hope that the country's GDP will increase by 2 per cent following GST implementation". China implemented GST in 1994 while Russian Federation did it in 1991.

In a statement, KEA Chairman Farooq Dar said holding GST council meet in Srinagar is a well-hatched plan of the government of India to implement the tax regime in the State.

Ahead of the introduction of the State Goods and Service Tax (GST) Bill in the Odisha Assembly, a workshop on GST was organised by the Finance Department in Odisha Secretariat today.

The GST Council in its previous meetings had decided on a four-tier tax structure of 5, 12,18 and 28 per cent.

FMCG firms Dabur and Emami welcomed the rates on commonly used consumer items stating it would be beneficial but said more clarity is needed to understand overall impact.

As a large number of Central and State taxes will be subsumed into the GST, the cascading of taxes will be minimised and this will result in benefits to business and industry as well as consumers. The Centre was conducting outreach efforts and training programmes, he said.

Currently, there are 17 items in the negative list of services on which service tax is not levied. On top of that there are over 60 services, like religious pilgrimage, healthcare, education, skill development, journalistic activities, which are exempt from service tax.


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