LATEST IN GST - REG

[ASHOK AMIN]

Dear Experts,

Is there any latest news in GST. Will the govt produce the GST scheme in the current budget ?

Regards

[Guest]

There is a glimmer of hope for GST in budget 2016. Goods and Services Tax (GST) which is expected to provide the much-needed stimulant for economic growth by transforming the existing basis of indirect taxation in the process enabling the free flow of goods within the economy and also eliminating the cascading effect of the tax on tax.

[KASTURI SETHI]

Chances are bleak due to political turmoil.

[Rajagopalan Ranganathan]

Sir,

You keep your fingers crossed till the end of Budget Session.

[Ganeshan Kalyani]

Chances are bleak in this Budget session. Some news were floating (I do not know how far it is right) that Congress has agreed on RNR but have determined on 1% additional tax issue. Some where it was discussed that BJP would be passing GST without Congress (again I am not dead sure on this). Let's see in this calendar year. There are two more session - monsoon session and winter session. But in this Budget chances are less except some miracle.

AI Summary

Goods and Services Tax prospects remain uncertain amid political disagreement over revenue rates and timing of introduction. Enquiry asks if the Goods and Services Tax will be presented in the budget. Replies highlight the GST's potential to remove tax cascading and ease goods movement, but emphasize low probability of enactment in the budget session due to political disagreement over the Revenue Neutral Rate and proposals for an additional tax, noting possible consideration in later parliamentary sessions or alternative legislative routes.