Home Today's Paper Most Popular Video Gallery Photo Gallery
Subscription Blog Signin Register
Logo
Saturday, March 25, 2017 11:25:34 PM
Follow Us On: Facebook Twitter Twitter Twitter Twitter

GST to be simple, less burdensome for industry'

By
12th-Jan-2017       Readers ( 50 )   0 Comments
Comments
Share your thought
Post a comment »
Read all (0) »

PTI, Gandhinagar :
Goods and Services Tax will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit cards, cheque and NEFT, Revenue Secretary Hasmukh Adhia said today.
He said, GST will make it easier for traders and industry to access Input Tax Credit and also ease compliance burden as the entire country will become a single market.
"GST is a very very simple thing to follow, it is going to be very easy for all of you. There will not be any border restriction when you move goods from one state to another. And many of the small small taxes will go away. It will be one unified tax," Adhia said at the Vibrant Gujarat global Summit here.
The government had planned to roll out GST, which will subsume excise and service tax and other local levies, from April 1,2017. However, vexed issues like jurisdiction over assesses, remain to be resolved by the GST Council chaired by Union Finance Minister Arun Jaitley.
"We are working overtime to make it a reality as early as possible. Our target date is April 1, 2017, and we will see to it that we try our best to bring it to people," Adhia said, adding that taxes can be paid by way of NEFT, RTGS, cheque, and debit/credit cards.
Explaining the procedure of tax payment under the new tax regime, he said GST is a single tax and Integrated GST on cross border movement of goods and services is only an "interim" tax for which input tax credit can be claimed.
"GST will indeed become a very simple and less burdensome tax for most of the people of the country. Be it manufacturers or traders. Simple tax, single compliance procedure, it will become very very simple for the people to pay taxes," Adhia said.
The GST Council has already reached an agreement on a 4-tier tax structure-
5,12,18 and 28 per cent. Besides, a cess on demerit, luxury and some more goods would be levied.

0 Comments. Share your thoughts also.
Write a comment
Tariff
Add Rate

News Archive

Inside The New Nation

Cricket »

Happy birthday to Shakib Al Hasan


Hadn't he born, Bangladesh cricket team would have deprived of many outstanding victories.Number one all-rounder Shakib Al Hasan, who demonstrated his magical batting and bowling displays many times to ensure victories for the Tigers, stepped into 31st year on Friday.However, he was celebrating his birthday with his teammates in Sri ...

Editorial »

Fire at BB head office raises many questions


THE fire incident at Bangladesh Bank has come as a renewed shock to the nation prompting questions from many quarters how the central bank is falling is so insecure as a highly sensitive establishment from national security perspective. The incident just within one year of the sensational money heist of ...

Entertainment »

Moushumi`s film career turns two eras today


Sheikh Arif Bulbon :On March 25, Friday of 1993, viewers for the first time watched today’s popular film actress Moushumi on the screen in movie Keyamat Theke Keyamat. It was made by Sohanur Rahman Sohan and it was produced under the banner of Ananda Mela Cinema Ltd. Late popular hero ...

City »

Fire fighters making frantic efforts to extinguish the fire which was originated at Rafas Tower in the city`s Karwanbazar on Friday.


International »

Iraqi forces prepare new push, tactics in Mosul as civilians flee city


Reuters, Mosul :Iraqi forces are preparing a fresh push against Islamic State using new tactics, but operations to drive the militants out of their last stronghold in the country are on hold, military officials said on Friday.Families streamed out of the northern Iraqi city during the lull in fighting, part ...

International »

Merkel does not expect more EU departures after Brexit


Reuters, Berlin :Chancellor Angela Merkel does not fear that more countries will leave the European Union, she told a German newspaper as the bloc's leaders prepare to celebrate 60 years of union on Saturday days before Britain files for divorce.Prime Minister Theresa May will next Wednesday launch a two-year countdown ...

Editorial »

We mourn with brave British people who will not waver


THE very fact that Western cities are yet extremely vulnerable to extremists "Lone-wolf" attacks was once again proved on Wednesday when such an attacker drove a vehicle randomly along London's Westminster Bridge towards the Houses of Parliament - killing five including a police officer and maiming innocent bystanders as the ...

Cricket »

Miraz drafted in Tigers' ODI squad


Off-spinner Mehidy Hasan Miraz has been included in the Bangladesh ODI squad for the three-match ODI series against Sri Lanka. Miraz is scheduled to reach Colombo later today, said a BCB press release on Thursday.Meanwhile, off break bowler Naeem Hasan, who made his first class debut for Chittagong Division in ...

City »

Former President of Chhatra League Noor-e-Alam Siddiqui speaking at a discussion organised by 'Prakton Chhatra League Foundation' at the Jatiya Press Club on Thursday marking Flag Day.


Entertainment »

Why is Varun Dhawan not taking up any TV offers?


Arjun Kapoor, Sonakshi Sinha, Shahid Kapoor are among the young crop of stars who have worked on the small screen. Ask Varun Dhawan if he too is keen to get on the bandwagon and he says, "I have been offered a couple of game and dance shows. I had been ...

International »

Despite Trump push, healthcare vote going to the wire


AFP, Washington :President Donald Trump faces a reckoning Thursday as US lawmakers vote on his presidency's biggest legislative test, the Republican plan to repeal and replace Obamacare, as conservatives vowed to kill it unless important last-minute changes are made.The Republican-controlled House of Representatives votes on the controversial measure despite challenges ...

Editorial »

Digging city roads facing monsoon is intriguing


FACING the arrival of monsoon two Dhaka City Corporation (DCC) authorities have permitted different utility service providers to dig up road surface without taking into account that it will cause heavy traffic congestion and immense suffering to city dwellers. Utility providers like Dhaka Water Supply & Sewerage Authority (DWASA), have ...

City »

Bangladesh Federal Union of Journalists (BFUJ) and Dhaka Union of Journalists (DUJ) jointly brought out a rally yesterday towards the Office of the Prime Minister demanding immediate declaration of 9th Wage Board and later submitted memorandum to the Prime Minister.


.

Football »

Mexico`s Nestor Araujo (left) and Javier Hernandez practice during a training session in Cuernavaca, Mexico on Tuesday. Mexico will face Costa Rica in a 2018 World Cup qualifying soccer match on March 24.


.

Entertainment »

When people deter me, it only makes me stronger: Anushka Sharma


Hate begets hate. Positivity spawns positivity and failure is just one more step in our march to success - this is the mantra that Anushka Sharma lives by. She shrugs off slander, laughs away at the evils of social media and confesses that she didn’t have a clear vision from ...

 
Items that you save may be read at any time on your computer, iPad, iPhone or Android devices.
 
Are you new to our website? Do you have already an account at our website?
Create An Account Log in here
Email this news to a friend or like someone
Email:
Write a comment to this news