Monday, August 14, 2006

GOODS AND SERVICE TAX

The proposed model of GST being considered by the Government includes:

  • The Kelkar committee had mooted a new legislation called the Indian Goods and Services Act to replace the Central Excise Act and the service tax levied under the Finance Act.
  • Since the deadline for GST (Goods and Service Tax) is 2009-10, the tax may be introduced within the existing framework.
  • A draft paper on the proposed outline for GST is likely to be ready within the next one month.
  • It is also expected that the GST rate will be at 20 per cent or more.

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