GST will do away with cascading of multiple taxes: Revenue Secretary Adhia

President Pranab Mukherjee on April 13 gave his assent to the GST bills.

With the Goods and Services Tax set to become a legislation following President's assent, Revenue Secretary Hasmukh Adhia on Tuesday said it would do away with seperate taxes at multiple stages whether goods or services.

"There will be no separate taxes, no service tax/luxury tax/entertainment tax, only one GST on total supply whether goods or services," he said.

Tax officials of the central and state governments held a meeting last week on devising a formula for tax rate to be levied on services under the Goods and Services Tax regime from July 1.

An official earlier said tax rates will be decided in a fashion to keep their impact on inflation as well as revenues to the government near neutral.

Once tax rates on services are decided, the fitment committee will meet again after a fortnight or so to decide on tax rates on goods before a full report of the panel is put up for consideration before the GST Council in its May 18-19 meeting in Srinagar.

[President Mukherjee clears all four GST bills]

President Pranab Mukherjee on April 13 gave his assent to the GST bills, paving the way for it to become legislation. The Goods and Services Tax bills were on April 6 passed in the Rajya Sabha.

On March 29, the Lok Sabha cleared all the four bills for the launch of the Goods and Services Tax. It is the country's biggest tax reform since 1947. The aim of the GST is to unify India into a common market and eliminate several central and state levies.

OneIndia News