Dual structure of GST could be adopted - survey
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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