CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. India To Form GST Council, To Decide On GST Rate

India To Form GST Council, To Decide On GST Rate

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

14 September 2016


With the Constitutional Amendment Bill to introduce goods and services tax (GST) now ratified, the Indian Government has announced the formation of the GST Council, which will meet for the first time on September 22.

The Council will deliberate on the goods and services tax rate, with the transition to GST proposed to be revenue neutral.

Under the GST proposals, the various elements of the existing indirect tax regime in India 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. The centrally levied indirect taxes that would be replaced by the GST include CENVAT, the central excise duty, services tax, customs duties, and any related surcharges. State-levied taxes that would be subsumed by the GST include VAT, sales taxes, entertainment and gambling taxes, the luxury tax, certain entry taxes, and related state surcharges.

The Council is expected to settle on a headline rate of between 18 and 20 percent.

As the GST is proposed to be in place by April 2017, the Government may decide to bring forward the winter session of parliament to expedite final approval of the critical details.

TAGS: VAT rates | tax | value added tax (VAT) | sales tax | India | gambling tax | VAT legislation | goods and services tax (GST) | luxury tax | excise duty | gambling | legislation | services

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »