India reforms tax for better growth - 0 views

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  #1 india incorporated on 12 Nov 14

   

  The much anticipated Goods and Services Tax, which will replace a welter of state-level levies and create a common market across India came a step closer to reality, with the empowered committee of state finance ministers on Tuesday agreeing on a key component called "place of supply rules".

  However, they insisted on keeping petroleum products, taxes on which make up a significant proportion of state budgets, out of GST. They also wanted the threshold annual turnover for levying the new tax to be retained at Rs 10 lakh ($16,000).

  Many of those who attended the meeting expressed confidence that the GST would be in place by April 1, 2016. This would dovetail very well with the Narendra Modi government's stated intention of ramping up India's growth trajectory from 4.5 per cent in the previous year (the last year of UPA rule) to 6.5 per cent next year (beginning April 1, 2015) and even higher in the following years to create the millions of jobs that India's burgeoning army of youngsters are eagerly waiting for.
  
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  <div class="cArrow"> </div><div class="cContentInner"><p>The much anticipated Goods and Services Tax, which will replace a welter of state-level levies and create a common market across India came a step closer to reality, with the empowered committee of state finance ministers on Tuesday agreeing on a key component called "place of supply rules".</p><p>However, they insisted on keeping petroleum products, taxes on which make up a significant proportion of state budgets, out of GST. They also wanted the threshold annual turnover for levying the new tax to be retained at Rs 10 lakh ($16,000).</p><p>Many of those who attended the meeting expressed confidence that the GST would be in place by April 1, 2016. This would dovetail very well with the Narendra Modi government's stated intention of ramping up India's growth trajectory from 4.5 per cent in the previous year (the last year of UPA rule) to 6.5 per cent next year (beginning April 1, 2015) and even higher in the following years to create the millions of jobs that India's burgeoning army of youngsters are eagerly waiting for.<br /><br /><a href="http://www.indiaincorporated.com/item/4008-india-reforms-tax-for-better-growth.html" title="Link: http://www.indiaincorporated.com/item/4008-india-reforms-tax-for-better-growth.html" rel="nofollow">Read More...</a></p><p>Visit us at: <a href="http://www.indiaincorporated.com/" title="Link: http://www.indiaincorporated.com" rel="nofollow">www.indiaincorporated.com</a></p></div>

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