Seminar on GST, VAT, Service Tax & Income Tax systems in India
Author(s): City Air NewsA seminar on GST, VAT, Service Tax & Income Tax systems in India being held at Ludhiana. Ludhiana, June 15, 2015: Goods & Service Tax (GST) indirect tax applicability will be most ambitious & biggest ever tax reform...
cityairnews
Jun 15, 2015 12:30
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A seminar on GST, VAT, Service Tax & Income Tax systems in India being held at Ludhiana.
Ludhiana, June 15, 2015: Goods & Service Tax (GST) indirect tax applicability will be most ambitious & biggest ever tax reform since independence. It will be game changing reform anticipated to be applicable w.e.f. 01-04-2016 and will make India a single seamless market. It will remove cascading impact of taxes to bring transparency in compliance enabling about 2% increase in the Country`s economic growth and will make tax structure lean & simple.
Ashok Kumar Juneja, Advocate, a leading tax lawyer & his team of taxation experts who highlighted above facts in a seminar on GST, VAT, Service Tax & Income Tax systems in India. The said seminar was organised by the Ludhiana Sanitary & Pipe Traders Association in Hotel Park Plaza and it was sponsored by the Supreme Industries Ltd the biggest plastic pipe manufacturer who’s General Manager Sh. ArvindSangra highlighted & presented contents, quality & features of their plastic pipes marketed throughout India in most of progressive Countries of the world. The seminar organisors Sh. Taranjit Singh, Chairman, Sh. Gurvinder Singh, President, Anil Aggarwal, General Secretary, S.R. Jain Finance Secretary and about 200 sanitary & pipe dealers from Ludhiana & adjoining cities participated in the event and asked various questions.
Mr.Juneja who is President Punjab Tax Bar Association & Legal advisor of said association said that there are different tax & rates in the states with varying rates on same products but under GST regime these will be subsumed under a single, virtually making India a single market. Alcohol & tobacco may remain outside GST. Mr.Juneja said that the Central Goods & Service Tax will be subsuming various indirect taxes & levies which are A to G and GST will merge in it A to H.
1. CENTRAL GOODS & SERVICES TAX (CGST)
The Central Goods & Services Tax will be subsuming of various Central Indirect taxes & levies as under:
a) Central Excise duty
b) Additional Excise duty
c) Excise duty levied under the medicinal &Tolet preparations (Excise Duties) Act 1955.
d) Service Tax
e) Additional Customs Duty commonly known as countervailing duty
f) Special Additional duty of customs
g) Central Charges &Cesses relating to supply of goods & services.
2. STATE GOODS AND SERVICE TAX (SGST)
The State GST will be Subsuming:-
a) Value Added Tax.
b) Entertainment tax( Other than the tax Levied by the local bodies)
c) Central Sales Tax (CST)(Levied by Centre & Collected by States)
d) Octroi&Entry Tax
e) Purchase Tax
f) Luxury Tax
g) Taxes on Lottery, Betting& Gambling
h) State Cesses& Surcharges in so far they relate to supply of goods & services
Mr.Juneja who is also Convenor Economic Cell BJP (Punjab) and was Chairman, Improvement Trust Ludhiana, said that he will discuss with Mr.ArunJaitley, Finance Minister of India regarding Revenue Neutral rate (RNR) for GST/CGST structure also. Mr.Juneja said that Central govt. earnestly desire that number of assesses in India which are presently about 3% of total population be increased to atleast 6%. He said that Mrs. Anita Kapoor, Chairperson CBDT & special Secretary to the govt. of India vide it`s letter no. FN 282/11/2015-IT(IVV-V)/72 dt 08-05-2015 asked Income Tax Department high-ups to increase the number of existing income tax payers which are very low. When compared to country`s potential these be increased by at least 25 Lacs per month during this Financial Year 2015-16. Department`s efforts to widen tax base are most essential to increase national revenue.
Mr.Juneja`s associates Mr. Sanjay Dudeja, Advocate, Mr.Parveen Garg, Mr. Ashok Bhatia CA`s & Kamal Arora highlighted the provisions of VAT- Service Tax & Wealth Tax in the said seminar.
Date:
Monday, June 15, 2015
