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GST: DELAY IN IMPLEMENTATION
In 2006, the UPA Government announced that a comprehensive GST would be launched on 1st April, 2010 and it was believed that the introduction of GST is a difficult task, as our current structure of indirect taxes is driven by the multiplicity of taxes. Some levied by the Centre and others by the States.
Keywords: Nagesh Bajaj, INDIRECT TAXES, FINANCE MINISTER, TH FINANCE, STATES LOSING, FINANCE COMMISSION, TASK FORCE

GST AND FISCAL AUTONOMY TO THE STATES
The proposed GST Scheme has created a sense of fear among states that they will lose their autonomy over levy of taxes. Presently, states enjoy total autonomy atleast in respect of state taxes. It is upto state governments to decide - what to levy, type of levy, rate of tax and how to tax.
Keywords: Nagesh Bajaj, STATE GOVERNMENTS, FINANCE MINISTERS, FISCAL AUTONOMY, STATE FINANCE MINISTERS, STATE TAXES

GST : Need of Present
In proposed GST, the supply of goods and services will be treated as a taxable event and there will be concurrent imposition of CGST (Central Excise, Service tax etc) and SGST (Sales tax/Vat etc) on each such event.
Keywords: Nagesh Bajaj, PROPOSED GST, CGST CENTRAL, CENTRAL EXCISE, OFF BENEFITS, CENTRAL GST SHALL, EXEMPTED GOODS

GST AND ITS DEPENDENCY ON IT INFRASTRUCTURE
IT infrastructure will be one of the basic requirements for successful implementation of Goods and Services tax. It should be well in place before introduction of GST. Based on the experience of different state governments, we can say that without an efficient e-governance it is not possible to administer value added tax regime effectively. The Input Tax Credit (ITC) is an important aspect of VAT and it is difficult to monitor ITC in the absence of fully developed computerized system.
Keywords: Nagesh Bajaj, FINANCE MINISTER, FINANCE MINISTER RAGHAVJI, PRADESH FINANCE MINISTER, STATES OPPOSE DRAFT

GST and Economic Growth
To make India as a financial super power, the introduction of GST is must. There are much apprehension relating to proposed GST regime regarding the growth in Indian Economy and its effects thereof. As we know in India economy, destination based taxation requires high compliance cost and efficient administration
Keywords: Nagesh Bajaj, ECONOMIC GROWTH, INDIAN ECONOMY, PROMOTING ECONOMIC GROWTH, INDIA ECONOMY, PROMOTING ECONOMIC

IGST MODEL - AN INNOVATIVE IDEA
The First Discussion Paper produced by the Empowered Committee of state Finance Ministers has come out with an innovative way to deal with inter-state transaction of goods and services. The forthcoming GST will be dual in nature and will be levied on all transactions of goods and services. Centre will impose CGST while the state will impose SGST on the same transaction. IGST will be combination of these two, i.e., (CGST plus SGST).
Keywords: Nagesh Bajaj, FINANCE MINISTER, FINANCE MINISTER RAGHAVJI, PRADESH FINANCE MINISTER, STATES OPPOSE DRAFT

GST and Trade
In GST, Exports would be zero rated. As a result, the exporters will be eligible to claim the refund of the eligible input tax credits subject to conditions, limitation and procedures. Similar benefits may be given to Special Economics Zones (SEZs). Such benefits will only be allowed to the processing zones of the SEZs. No benefit to the Sales from an SEZ to Domestic Tariff Area (DTA) will be allowed.
Keywords: Nagesh Bajaj, INDIAN TRADE, INDIAN GOODS, GST PAID, LOCAL MANUFACTURED GOODS, MANUFACTURED GOODS, STATE GST, INPUT GOODS

GST in AUSTRALIA
In Australia, administration of the GST is handled by the Australian Taxation Office known as A.T.O. Australian Taxation Office are expressed in Public Rulings and there are more than 70 Public Rulings concerning the operation of the GST.
Keywords: Nagesh Bajaj, PUBLIC RULINGS, AUSTRALIAN TAXATION, TAXATION OFFICE, GST CREDITS, GST FREE, AUSTRALIAN GOODS

GST in CANADA
In Canada Goods and Services Tax (GST) is a multi-level value added tax introduced on January 1, 1991, by Prime Minister Brian Mulroney and Finance Minister Michael Wilson. The GST replaced a hidden 13.5% Manufacturers' Sales Tax (MST);
Keywords: Nagesh Bajaj, SERVICES TAX GST, CPROVINCIAL SALES, TAX GST, NOVA SCOTIA, DENTAL SERVICES, CANADA REVENUE AGENCY, CANADA GOODS

Goods and Services Tax (New Zealand)
Goods and services tax (GST) is an indirect tax introduced in New Zealand on October 1, 1986 at 10%, and later increased to 12.5% on July 1, 1989, and is to be increased to 15% on October 1, 2010. This brought a major change in New Zealand taxation policy as until this point almost all revenue had been raised through direct taxes. Now 19% of the New Zealand Government's core revenue comes from GST.
Keywords: Nagesh Bajaj, SERVICES DIRECTLY, ZEALAND TAXATION POLICY, CLAIM BACK, ZEALAND GOVERNMENTS, SERVICES SOLD

DEVELOPMENT OF GST IN INDIA
In the Union Budget for 2009-2010, the Finance Minister announced that GST would be in effect from April 1, 2010 in India. However , at the end of January, Asim Dasgupta, Chairman of the Empowered Committee of State Finance Ministers made a statement that GST implementation in India would be deferred.
Keywords: Nagesh Bajaj, EMPOWERED COMMITTEE, THIRTEENTH FINANCE COMMISSION, THIRTEENTH FINANCE, STATE FINANCE, STATE FINANCE MINISTERS

CHALLENGES OF GST
The actual challenge before the Finance Minister is not of drafting a model GST but of its proper implementation and smooth transition from the prevailing system.

The challenges which the Government has to face in introducing GST are as follows:
Keywords: Nagesh Bajaj, INTER-STATE TRANSACTIONS, GST MODEL, RECIPIENT STATE, CREDIT MECHANISM, DUAL GST MODEL, DISPATCHING STATE, RESPECTIVE STATES

A STEP CLOSER TO GOODS AND SERVICE TAX
Finance minister Pranab Mukherjee has proposed a three-year timeline to fully implement the GST. In the first year, there will be a dual-rate GST. The Central GST is proposed at 6% for essential commodities and a 10% standard rate for other goods. States are expected to impose similar levies. As a result, the combined GST on goods will be between 12% and 20%. The tax on services will be levied at 8% by the Centre and a similar levy by the states.
Keywords: Nagesh Bajaj, STANDARD RATE, STEP CLOSER, PRANAB MUKHERJEE, PROPOSED CONSTITUTIONAL, FINANCE MINISTERS, PROPOSED GOODS, PROPOSED CONSTITUTIONAL AMENDMENT

IT INFRASTRUCTURE - A PRIORITY FOR GST
Unique Identification Authority of India (UIDAI) Chairman Nandan Nilekani is working on the IT preparedness for GST .IT infrastructure will play a huge role in interstate GST. Inter-state GST (IGST) will be collected by the Centre and passed on to the states. It will have to be transferred electronically.
Keywords: Nagesh Bajaj, PROPOSED GOODS, NANDAN NILEKANI, IDENTIFICATION AUTHORITY, UNIQUE IDENTIFICATION, UNIQUE IDENTIFICATION AUTHORITY

Tax Help for the Self Employed
It is exciting being self employed. However, paying taxes and filing returns for such individuals can actually be quite stressful.

Here is some tax help for individuals who are self employed in the UK. It provides some of the information that can get a self employed individual started on the process of registering and submitting tax return.
Keywords: Sarah Shore, Accounting services, tax help, tax return help

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