Saturday, December 15, 2007

Working group recommends dual goods and service tax

India may go in for a dual Goods and Service Tax (GST) system at the Centre and State levels. The Empowered Committee has accepted the report on GST submitted by the joint working group which has recommended adoption of dual GST. Under the dual GST model, to be implemented from 2010, there could be more than four rates of taxes on goods and services. For example, there will one or more tax on goods, but one rate for services at the Central level. Similarly, there will be one or more tax on goods, but one rate on services at the State level.

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