New Delhi: Breaking News! Finance minister Pranab Mukherjee has proposed a three-rate structure for the Goods and Services Tax (GST) under which essential items, services and goods tax rates will be fixed at 12%, 16% & 20% respectively.


The new structure of GST is planned to be implemented from April 1, 2011. According to the new indirect tax regime, all the central and state taxes including excise, VAT and service tax will be enrolled into GST.


Mukherjee said that the total revenue from GST will be shared equally between the centre and states. The 20% taxes on goods, 16% on services and essential items 12% will be equally divided between the centre and the state.


Again, 15% tax will be implemented on the trade and industry as per the dual rate structure for goods, Mukherjee said at a meeting on Wednesday.


IS it true?

Can anybody tell me what is GST Framework that government has decided to put in effect very soon.
I want to know about its implication in Business with respect to billing and Taking Credit while submittion GST Return

Thank You
ChintaN

A person doing general insurance business & providing service to the customer of jammu & kashmir from outside the J&K State as per Service Tax notification Service Tax is not applicable if services provided to J&K state & also now there is GST applicable in the state of J&K for insurance Services can u advice wheather to Service Tax or GST to be collected if services are provided from Outside the J&K State.

how revenue under IGST will be apportioned by the state and central government? because state will not be levying CST so it will be losing it's revenue and central will be collecting taxes in inter state purchases also

I want to know about the "GST"

Sir what are the chances of GST being applicable in India w.e.f. 1/4/2010 as the progress towards the applicability seems very very slow

Will there be any change in the indirect taxes. Applicability of GST from 01.04.10. Will there be any change in excise act and customs act?

Is there any chance of making GST applicable for May 2010.

i already gave 3attmpts of pcc, got exemption in accounts only. plz suggest me good books for audit n law.

also plz suggest me ideas for memorizing theory, i think i m weak in it. bcoz i clear thoery subject, bt dnt get flourishing marks, plzzzz help n save me !!!

Whether GST will be part of IDT for MAY 2011(Final)or old syllabus will exist?
If GST will be included then to what extant it will impact our IDT sylaabus?

Hi

Please highlight few points on GST..

thanx