The biggest tax reforms in the history of Independent India are taking its final shape as the Constitution (122nd Amendment) Bill relating to the Goods and Service Tax (GST) has been passed by the Lok Sabha. Multiplicity of taxes, varying rates, costly compliance and lower revenue to the public exchequer are some of the important reasons which have compelled the administrators to bring in an effective tax system which can address such issues. GST will integrate the State economies and boost overall growth. It would subsume Central Excise Duty, Service Tax, Central Sales Tax, State Value Added Tax (VAT), Entry Tax, Octroi and other State levies, and pave the way for formation of a national market.
Being a proactive Institute, it has been always an endeavor of the ICAI to assist the country’s Government, Regulators and citizens by communicating various concerns and suggestions. The implementation of GST will immensely expand our professional horizons and bring tremendous opportunities to the profession. On our part, we have offered the CBEC, our unconditional support in paving the way for its implementation. Due to its neutral image and credibility, it is privilege of this Institute that government has always been open to the suggestions of the ICAI in any tax related matters and tries to act upon the same to the maximum possible extent.
You are invited to offer your suggestions, comments and thoughts on the said bill to the ICAI by mailing it to CA. Atul Gupta, Chairman, Indirect Taxes Committee, (Member of the Goods and Services Tax Network (GSTN) Advisory Committee as nominated by GSTN Board ) at email@example.com.
20th June 2015