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``We
also need to focus on the introduction of GST from
Apr. 1, 2010. This is a critical part of our economic
reforms``, he said.
The
new tax system GST is expected to replace most
indirect taxes at the central and state levels.
Mukherjee
further said that as the states had agreed on
eliminating double benefits under the value added tax
(VAT) and central sales tax (CST) compensation
packages, the central government has issued relevant
circulars.
The
Centre had earlier agreed to compensate the states for
loss of revenue following the implementation of VAT
and gradual reduction of CST rate.
Source :
Myiris.com - Mumbai, Maharashtra, India, dated 12/06/2009
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