There will be uniform tax regime in entire country
Indore: Proposed goods and service tax (GST) will help in enhancing purchasing power of the common man, as it’s widely believed that this will bring down prices. Ultimately, this will be beneficial for trade and industry and sure to be uplifted from the present level, said deputy commissioner of commercial tax (CT) department Sudip Gupta while addressing a discussion at TPA Hall in the income tax office on Friday.
Gupta has also represented Madhya Pradesh in all the national level high power committee meetings held in the past few years. In view of the recently released model GST law, Gupta threw light on all the aspects and possible implications.
He said that after GST all indirect state and central taxes will become single and that it would be levied on all goods and services. Eventually, new tax regime would lighten tax load on the common man which would help in creating demand in the market. If demand rises it always benefits trade and industry.
Presently, input tax rebate (ITR) is not given on VAT, excise duty or service tax, but after GST it would be possible. On carrying out trade within a state GST (SGST) and central GST (CGST) would be applicable and in condition of inter-state trade integrated GST (IGST) would be applicable. Addressing a large number of tax practitioners’ Gupta said that new tax regime would be totally based on self-assessment as there would be on tax fixation mechanism. Gupta answered various queries of audience tax practitioners.