The 2009 GST framework had only two rates, 5% & 14%, Asim Dasgupta
By Sheela Mamidenna As the Chairman of the Empowered Group of State Finance Ministers which was instrumental in the formulation of GST Laws in 2009, Dr Asim Kumar Dasgupta can be rightly called as the ‘architect of GST’. A reformer by heart he set out to mastermind the most ambitious tax reform in Indian history by introducing the Value Added Tax (VAT). He was the man who was instrumental in doing away with many draconian tax levies such as octroi and highway toll in West Bengal and was fondly referred to as ‘my US-trained finance minister’ by the then Chief Minister of West Bengal, Jyoti Basu. Dr Dasgupta, an MIT graduate continues to inspire the new generation as he lectures at various ...
Govt exempts duty on re-imports of certain goods
The Dollar Business Bureau The Government has exempted custom duty on the re-imported goods which are exported under claim for drawback of any customs or excise duties levied by the Union, drawback of any excise duty levied by a State, for rebate of Central Excise duty, bond without payment of Central Excise duty, duty exemption scheme (DEEC/Advance Authorisation/DFIA) or Export Promotion Capital Goods Scheme (EPCG). “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods falling within any Chapter of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975)….when reimported into India, from so much of the duty of customs leviable and the whole of the additional duty, ...
India prepares to implement GST by 2016, with caveats
Compensation for States for loss of revenue due to GST for five years; narrow tax band allowed over GST for both States and the central government for fiscal autonomy The Dollar Business Bureau The World Bank estimates that the delay in movement of goods in India could be cut by around 25% with the implementation of GST In a much needed boost to reforms, Indias Finance Minister Arun Jaitley introduced the Amendment Bill on Goods and Service Tax (GST) in the Parliaments Lok Sabha yesterday. If everything goes well, GST will replace several taxes in the transit of goods within India from April 2016. Jaitley introduced the Bill after it received the Cabinets approval last week following unrest among industry leaders that nothing ...
