The Administrative Training Institute in Ranchi today witnessed a training programme on The Goods and Product Tax Bill(GST Bill).
The GST Bill is officially known as The Constitution (122nd Amendment) Bill, 2014.
In effect,GST is to be implemented across the country from April 1, 2016.In fact,GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive direct tax levy on manufacture, sale and consumption of goods as well as services at the national level.
GST is out to replace all indirect taxes levied on goods and services by the Indian Central and Stategovernments. It is aimed at being comprehensive for most goods and services.
Addressing the programme,Additional Secretary(Finance,Government of India)Rashmi Verma said that GST will cover all indirect taxes levied by the Centre and the State.To make it function,tax will be levied on production,sale and utility of all commodities and services and the State and the Centre will benefit from it on 50:50 ratio,said Verma.
“This will increase the revenue of the Centre and the State”,said Verma.
Verma said GST will come into effect from April 1,2016.”In view of this,the programme was held”,she said adding that the GST will benefit those States where the consumption of commodities..
“GST will have its own flow rate and the State can add one or two percent additional tax.Prior to introduce it,the States will have to improve IT infrastructure”,she said