Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

GST to be Simple, Less Burdensome for Industry: Revenue Secy

Goods and Services Tax (GST) will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheque and NEFT, Revenue Secretary Hasmukh Adhia said on Wednesday.

Press Trust Of India

Updated:January 11, 2017, 11:45 AM IST
facebookTwitterskypewhatsapp
GST to be Simple, Less Burdensome for Industry: Revenue Secy
File photo of Hasmukh Adhia. (Photo: Reuters)
Loading...

Gandhinagar: Goods and Services Tax (GST) will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheque and NEFT, Revenue Secretary Hasmukh Adhia said on Wednesday.

He said, GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.

"GST is a very simple thing to follow, it is going to be very easy for all of you. There will not be any border restriction when you move goods from one state to another. And many of the small small taxes will go away. It will be one unified tax," Adhia said at the Vibrant Gujarat global Summit.

The government had planned to roll out GST, which will subsume excise and service tax and other local levies, from April 1, 2017. However, vexed issues like jurisdiction over assesses, remain to be resolved by the GST Council chaired by Union Finance Minister Arun Jaitley.

"We are working overtime to make it a reality as early as possible. Our target date is April 1, 2017, and we will see to it that we try our best to bring it to people," Adhia said, adding that taxes can be paid by way of NEFT, RTGS, cheque, and debit/credit cards.

Explaining the procedure of tax payment under the new tax regime, he said GST is a single tax and Integrated GST on cross border movement of goods and services is only an "interim" tax for which input tax credit can be claimed.

"GST will indeed become a very simple and less burdensome tax for most of the people of the country. Be it manufacturers or traders. Simple tax, single compliance procedure, it will become very very simple for the people to pay taxes," Adhia said.

The GST Council has already reached an agreement on a 4-tier tax structure -- 5,12,18 and 28 per cent. Besides, a cess on demerit, luxury and some more goods would be levied.

| Edited by: Sujit Nath
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
ICICI Lombard 1,102.00 -6.26
Reliance 1,295.85 2.65
Axis Bank 781.65 2.46
Indiabulls Hsg 621.55 0.40
Tata Steel 498.00 2.42
Company Price Change %Gain
Reliance 1,295.80 2.63
Indiabulls Hsg 621.75 0.42
Yes Bank 110.05 -1.70
ICICI Lombard 1,102.10 -6.40
Tata Steel 497.60 2.36
Top Gainers
Company Price Change %Gain
JSW Steel 267.05 3.59
BPCL 393.10 3.22
Reliance 1,295.85 2.65
Axis Bank 781.65 2.46
Tata Steel 498.00 2.42
Company Price Change %Gain
Reliance 1,295.80 2.63
NTPC 138.90 2.51
Axis Bank 781.85 2.49
Tata Steel 497.60 2.36
Power Grid Corp 201.55 1.31
Top Losers
Company Price Change %Gain
Yes Bank 110.05 -1.70
Bharti Infratel 269.80 -1.10
Asian Paints 1,363.10 -0.95
IndusInd Bank 1,449.65 -0.81
Tech Mahindra 724.35 -0.54
Company Price Change %Gain
Yes Bank 110.05 -1.70
Asian Paints 1,363.20 -0.96
IndusInd Bank 1,450.05 -0.73
HUL 1,756.35 -0.42
Larsen 1,535.05 -0.41

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results