Powerd By SAG INFOTECH
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These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, We pay VAT and other taxes on purchasing a product.
The most awaited Constitution Amendment bill was stuck in the last two sessions to roll-out Goods and Service Tax bill in the Parliament. But now, the Finance Minister Mr. Arun Jaitley is confident regarding the GST Bill. In the next session, the members of opposition party will be reduced and ruling BJP will get more majority in the upper house. Therefore, the Bill will be rolled out in Budget session sure.
The finance ministry and empowered committee of state finance ministers have released a usual exempted items list including tea, coffee, biscuits and other medicines that have been exempted from excise duty.
GST Stands for Good and Services Tax that is a vital regime of India. It is the biggest indirect tax reform since independence. It would be levied when a consumer will buy a good and service.
The All States Finance Ministers have met together in a meeting on Friday regarding the GST Bill. The meeting was held in the context of cull a new chairman of the GST Panel and debate on the Bill. State FMs is willing to pass the Goods and Services Tax system. The empowered committee meeting is directed by the Delhi deputy chief minister, Mr. Manish Sisodia, said the states were “divided” over the threshold.
Ex Finance Minister of Kerala Mr. K M Mani has stepped down from his post of chairman of the empowered group of State Finance Ministers panel on Goods and Services Tax. He has resigned from his current post and sent his resignation letter to the Finance Minister of India, Mr. Arun Jaitley. He was taken oath of Chairperson of the panel of GST in the March, 2015.
