GST to convert entire country into one market: Patnaik

GST to convert entire country into one market Naveen Patnaik

GST to convert entire country into one market Naveen Patnaik

Milk, a product of wide consumption, has been exempted from taxation under the GST. It will replace 16 current levies - seven central taxes like excise duty and service tax and nine state taxes like VAT and entertainment tax - thereby creating India as one market with one tax rate.

Jaitley is hopeful that the GST Council will be able to reach a consensus to finalise the list of exempted items on Friday, including tax rate of gold and bidi.

With the GST, India will join select league of nations with a goods and service tax.

"We hope that the country's GDP will increase by 2 per cent following GST implementation". Saudi Arabia plans to do it in 2018.

A day before the introduction of the State Goods and Service Tax (GST) Bill in the Odisha Assembly, Chief Minister Naveen Patnaik on Wednesday said GST was a major financial reform which would transform the country into one single market.

"The GST will bring about comprehensive reform of the indirect tax regime of the country". Besides, for demerit and luxury goods, a cess will be levied on top of the peak rate. Expressing similar views, Emami CEO (Finance, Strategy and Business Development) said: "It appears that the rate will benefit us and industry but we need to understand GST (rates) in entirety to comment on the subject".

He further said that the new tax rate "will be adverse for the Ayurvedic medicines category and that too at a time when the government has been talking about promoting traditional Indian alternative medicine". "If the revenue collection, post GST implementation would not be 14 per cent more than the previous year, the Centre would compensate the remaining amount to the state from GST compensation fund", said finance secretary T K Pandey.

He said GST has to be passed through State assembly and also endorsed by the people before it is implemented here.

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