Live
- US confirms first case of clade I mpox in California
- Sandeep Reddy Vanga responds to 'female Arjun Reddy' question, teases woman-centric film
- Andhra Pradesh Government Simplifies Paddy Procurement with WhatsApp Services
- BJP to Hold Workshop, Plans Statewide Yatras and Rallies
- Yemen's Houthis claim hitting 'vital target' in Israel with drones
- Group-III examination centers were inspected at the field level by District Collector Adarsh ​​Surabhi, SP Raula Giridhar IPS Wanaparthy
- Minister Nara Lokesh Pays Emotional Tribute to Late Nara Rammurthy Naidu
- Bihar: Deceased patient's eye missing, RJD condemns incident at Nalanda Medical College
- Rammurthy Naidu's Last Rites Held in Naravari Palli
- PM Modi receives ceremonial welcome in Abuja, begins bilateral talks with Nigerian President Tinubu
GST to result in price reduction and transperancy
The Centre and states have concurrent powers to levy GST and the new indirect tax regime will result in reduction of prices for consumers and broaden the tax base, Revenue Secretary Hasmukh Adhia said today.
New Delhi: The Centre and states have concurrent powers to levy GST and the new indirect tax regime will result in reduction of prices for consumers and broaden the tax base, Revenue Secretary Hasmukh Adhia said today.
At a workshop on Goods and Services Tax (GST) organized under the Speaker's Research Initiative (SRI) in Parliament Library Building today, Adhia explained how the existing multiple taxes at the central and state level will be merged into a single tax.
"The workshop was designed to provide Members of Parliament an insight into the new tax regime being established in the country and give them a better understanding about GST, thereby enabling them to participate fruitfully in the upcoming Parliamentary discussions on the subject," said an official statement.
Under the GST Constitutional Amendment Act, concurrent powers to levy GST has been provided to both the Centre and the states. "Members were also apprised about the major decisions of the GST Council, compensation mechanism for the states and the future roadmap in rolling out the GST in the country," the statement said.
Speaking about the benefits of GST, Adhia stressed that it will not only usher in a transparent tax system thereby reducing cascading of taxes, but will also result in reduction of prices for consumers and broaden the tax base in the country. Earlier in the day, the government tabled 4 supplementary GST legislations in the Lok Sabha. Discussion on the bills is expected to begin on Wednesday.
