CashewInfo
News

Home   >   NEWS & VIEWS   >   News

  • Taxes on goods and services of India formally been issued

    Sep 30th, 2016

    President of India, Mr. Pranab Mukherjee signed the official order issued Act goods and services tax (GST) after the Legislative Assembly of 18 of the 29 States through the Act.Under the provisions of the Constitution, the important laws passed after the House and Senate should continue to be passed in the Legislative Assembly a minimum of 50% of the State, recently, the newly adopted GST in the state of Andhra Pradesh approved bringing the total number to 18 states pass the minimum necessary (16 states).

    The next step, the Government of India will establish GST Council by the Minister of Finance of India head, 1/3 of the members will come from central government, the rest are members of the Alliance.GST Council shall determine the details of the tax rate for each commodity and industry specific services, while offering the voting mechanism, a dispute settlement mechanism. All decisions want to achieve through the consent of three-quarters of the voting members.

    The Indian government is racing against time to get ready for this important law enforcement from the beginning of the next financial year (01/4/2017). Recently, Mr. Ajun Jaitley, Minister of Finance of India said that the goal here is difficult, as there are many jobs to be done. Both the central and local authorities should make every effort to build the infrastructure, software and unified tariffs.

    Mr. Arvind Subramanian, chief economic adviser to the Government of India (National Economic Adviser) said that some of the goods will be low tariffs at 15 to 15.5%, common tariffs will is 18%.Earlier, the GST was passed in the Senate the day 03/8 with a very high number of 203 votes out of 244, and was re-passed in the House of Representatives dated 08/8. Many experts said that this is the biggest policy reforms since India performed open economy towards a market economy in 1991 and was the most important tax amendments since pendence Pulled.

    With the unification of the common market into a market instead of 29 as before and a national average tax rate, GST can help overall gross domestic product increased from 1 to 2% per year.As of the date of 08/9, the states ratified the GST are: Assam, Bihar, Jharkhand, Chhattisgarh, Himachal Pradesh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Maharashtra, Haryana, Sikkim, Mizoram, Telangana, Goa, Odisha, Rajasthan and Andhra Pradesh.


    Source: MARKET OF AFRICA, West Asian, South Asian - MOIT