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'Make plans to meet GST regime' Chennai
In three years the Goods and Services Tax Act (GST) will come into force and the process has begun, according to Mr Gautam Bhattacharya, Commissioner, Service Tax, Central Board of Excise and Customs. He asked the trade to start planning from now on to meet the GST regime. The Finance Minister had earlier announced plans that levy of tax on services are to be converted under the Act, which is expected to be introduced from April 2010. “We are on target,” he said at a seminar on Indirect Tax - Policies and Perspectives, jointly organised by the Southern India Chamber of Commerce and Industry and the Madras Chamber of Commerce and Industry. A high-powered empower committee on goods and services tax, headed by the Finance Minister of West Bengal, had submitted its report in April-end to the Centre for suggestions or modifications, he said. One of the most important and difficult parts of the tax is the inter-state trade and dealing with services. The Act will cover services, manufacturing and trading. The important word is “supply” — whether it is supply of goods, services or trading. [Source: The Hindu Business Line]
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