AIADMK, Sena MPs in panel oppose GST

NEW DELHI: The AIADMK continued to oppose the Goods and Services Tax (GST) Bill with the party member in the Select Committee objecting to the tax reform saying it would harm the interests of Tamil Nadu. During a meeting of the panel on Friday, the AIADMK member said the Bill was not acceptable at all to the party.

Shiv Sena too expressed opposition to the Bill at the meeting.

The AIADMK member is learnt to have argued that Tamil Nadu would lose heavily due to GST as it does not have any safeguards to protect the interests of the manufacturing state.

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NEW ITR FORMS , The last date for filing of Income Tax Return (ITR) has also been extended.

New Delhi, May 31  

The controversial requirement of filling foreign travel and dormant bank account data has been dropped in the new 3-page ITR forms introduced on Sunday by the Indian Finance Ministry, which extended the deadline for filing returns to August 31.

However, the assessees have been asked to give their passport number as also the details of their active bank accounts, the Finance Ministry said.

The main ITR form will not contain more than three pages, while 'other information' will be captured in the "schedules" which will be required to be filled only if applicable.

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Benefits of GST

Question  :   How will GST benefit industry, trade and agriculture ?

Answer:

As mentioned in Answer to Question 3, the GST will give more relief to industry, trade and agriculture through a more comprehensive and wider coverage of input tax set-off and service tax set-off, subsuming of several Central and State taxes in the GST and phasing out of CST.

The transparent and complete chain of set-offs which will result in widening of tax base and better tax compliance may also lead to lowering of tax burden on an average dealer in industry, trade and agriculture.

Our Answer/Comment:

The intention behind the Goods and Service Tax (GST) is to simplify tax and reduce the burden of double taxation. 

 Presently to claim input on purchases and input on services covered under two  laws also. There is a burdensome over industry to maintain  input register in excise.

Also need to differentiate- Input from local purchase and from Central purchase. There is a VAT chain but upto state level.

To remove this difficulty and to simplify the forms and to cover all transactions in a single act will help businesses and trades.  

 Also Read What is the justification of GST ?

Government doing very well; GST would give boost to growth: Adi Godrej

MUMBAI: The Narendra Modi-led government is "clearly on the path of reform", industrialist Adi Godrej today said here, adding if the Goods and Services Tax (GST) comes into effect next April, India could see over 10 per cent GDP growth.

"If the GST bill is passed and comes into effect from April 1, then we could see double digit GDP growth of over 10 per cent," the Godrej Group chairman said.
"This will be extremely good for the economy and our businesses will benefit a lot," he added.

The macro-economic situation is currently very conducive to growth, he said.

"The macro-economic situation has been brought under control, fiscal deficit is under control, foreign exchange reserves are growing, the rupee has stabilised," Godrej said.

About Narendra Modi government's one year in the office, he said, "The government has done very well in the first year. It is clearly on the path of reform and liberalisation."

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source:- ET