|
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.
Source :
Reuters India - Mumbai, India, dated
02/07/2009 |
