Saturday, June 15, 2013

GST -Consensus on exempted goods being thrashed

The following difference are occurring in case of State List and the Centre's List for Goods & Service Tax (GST):

  • As of now, the exempt list of states contains 96 items whereas the Centre's list has 243 items.
  • Common exemption list for goods and services sought so that fewer items remains outside the indirect tax net.
  • States also recommend traders with a turnover of less than Rs 1.5 crores be exempt from the dual control which leads to tax overburden.


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