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 ...
