Goods and Services Tax delayed, now from April 1, 2011
February 26th, 2010 - 1:52 pm ICT by IANS
New Delhi, Feb 26 (IANS) Finance Minister Pranab Mukherjee Friday said he would introduce major reforms for indirect taxes in the form of Goods and Services Tax (GST) from April 1 next year.
The government was earlier scheduled to introduce GST by April 1 this year.
“I am confident that the government will be in a position to implement DTC (direct tax code) from April 1, 2011. It will be my earnest endeavour to implement GST along with DTC from April 1, 2011,” Finance Minister Pranab Mukherjee said during his annual budget speech in the Lok Sabha.
GST is India’s most ambitious indirect tax reform, which seeks to bring together a common market and reduce costs to replace the current fragmented tax regime at central and states levels like service tax, excise duty, VAT, cesses, surcharges and local levies.
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- Cabinet clears GST Amendment Bill - Mar 15, 2011
- CII, FICCI welcome withdrawal of service tax on healthcare - Mar 22, 2011
- States' demand on GST not acceptable: Revenue Secretary - Sep 29, 2010
- Levy on unbranded jewellery to be withdrawn: Pranab (Lead) - May 07, 2012
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- Goods and services tax bill in budget session: Pranab - Feb 28, 2011
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Tags: april 1, budget speech, common market, endeavour, excise duty, finance minister, goods and services tax, gst, India, indirect tax, indirect taxes, levies, Lok Sabha, New Delhi, pranab mukherjee, tax reform, tax regime