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Common taxation will benefit nation: Venkaiah Naidu
A common taxation system - Goods and Service Tax (GST) -- will be introduced in the country from April and the Central government has been taking necessary steps for the passage of the GST Bill in Parliament, said Union Parliamentary Affairs Minister M Venkaiah Naidu.
Visakhapatnam: A common taxation system - Goods and Service Tax (GST) -- will be introduced in the country from April and the Central government has been taking necessary steps for the passage of the GST Bill in Parliament, said Union Parliamentary Affairs Minister M Venkaiah Naidu. Naidu, who was here on Sunday to inaugurate the Global Youth Meet-2015, told reporters that the new taxation system would help increase the national income from 2 to 2.5 per cent.
He said the Bill has already been approved by the Lok Sabha and as was suggested by the Congress, it will be sent to the Select Committee and after obtaining the approval, it will be introduced in the Upper House. ‘This Bill, no doubt will bring a revolutionary change in the tax reforms of the country’, Naidu felt.
Explaining the new tax system, the Union minister said there will be no tax on goods produced in a state in another state and the payment mode of taxes was also ‘made easy’. ‘Simplifying the taxation will result in increase of production which automatically boost up national income to be spent on implementation of various welfare schemes and service activities’, he observed.
Stating that the Goods and Service Tax system is presently implemented in about 160 countries, the Union minister said the GST was formulated here following the advice of the Panel of Finance Ministers which visited some developed countries to study the tax system. The Union Finance Minister also discussed the new taxation policy with all trade and commerce federations of different States in the last six months.
About the Centre’s help to the flood-hit Andhra Pradesh, Naidu reiterated that no area or State will be discriminated in sanctioning of necessary funds in case of natural calamities. As soon as the AP government sends its report on the total loss due to recent floods, the Centre will help the state, he added. State Health Minister Kamineni Srinivas, LS Member K Haribabu and MLA P Vishnukumar Raju were present.
GST Framework
The GST will have a 'dual' structure, which means it will have two components- the Central GST and the State GST. They will both have separate powers to legislate and administer their respective taxes. Thus equally empowering both. Taxes such as excise duty, service, central sales tax, VAT ( value added tax), entry tax or octroi will all be subsumed by the GST under a single umbrella.
With passing of the GST bill, we can expect a climate of improved tax compliance. Thus, the GST will basically have only three kinds of taxes, Central, State and another called the integrated GST to tackle inter-state transactions.
