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India's Upper House Finally Agrees To Goods And Services Tax

by Mary Swire, Tax-News.com, Hong Kong

05 August 2016

India's upper house of Parliament has finally endorsed legislation to introduce a goods and services tax in India.

With approval from the upper house, after constant delays to its passage, the GST may now expected to be rolled out on April 1 next year. However, the bill still needs to be ratified by 50 percent of Indian states.

Under the GST proposals, the various elements of the existing indirect tax regime will be replaced by a comprehensive dual-GST system, with Central GST and State GST to be levied concurrently by the center (federal Government) and the states, respectively. A government panel has suggested a rate of 17-18 percent for the tax.

According to the Indian Government, the GST will make tax compliance easier and improve the nation's competitiveness.

India has been working towards implementing a GST for 13 years.

TAGS: compliance | tax | tax compliance | India | goods and services tax (GST) | tax rates | tax reform | services

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