The blueprint for GST prepared by the empowered committee of state finance ministers suggests that, following the current practice under the state value-added tax, or VAT, these excisable products, including petroleum, would remain outside the scope of GST. While the reasons for this treatment are not fully articulated, it is contrary to international best practices and warrants reconsideration.
Essay on GST about in 100 words Ask for details; Follow Report by Ikki6022 19.10.2017 Log in to add a comment Answers S321 Ace hii :) GST stands for goods and service tax.GST is intended to replace the existing multiple tax structures at central and state level prevailing in India. Currently goods and services are being taxed saparately in India which is cause of complexities in splitting.
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The GST at the Central and at the State level will give more relief to industry, trade, agriculture and consumers through a more comprehensive and wider coverage of input tax set-off and service tax setoff, subsuming of several taxes in the GST and phasing out of CST. With the GST being properly formulated by appropriate calibration of rates and adequate compensation where necessary, there may.Read More
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