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Dual structure of GST could be adopted - survey

Thu Jul 2, 2009 3:19pm IST
 
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NEW DELHI (Reuters) - India could adopt dual structure of Goods and Service Tax (GST), expected to be implemented from April, 2010, as it would balance fiscal autonomy of both centre and states, a key government report said on Thursday.

Following were the highlights of the Economic Survey, on tax, presented in Parliament on Monday:

*Tax system at Centre and states remain complex mainly due to various tax exemptions and multiple rates.

*Introduction of GST would deepen the reform process already underway.

* The dual GST option strikes good balance between fiscal autonomy of the Centre and States.

*To empower both levels of government to apply tax to a large base of goods and services.

* GST to eliminate tax cascading, which is occuring due to partial application of taxes.

* Phasing out of Central Sales tax to faciliate introduction of GST.  Continued...

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