FM Wants New Tax Regime Which is Simple and Broad Based Leading to Lowering of Tax Rates, Better Tax Compliance and Reduced Litigation: Looking forward to Constructive Suggestions from Empowered Committee of State FMS on GST to set-up an Innovative & Cooperative Fiscal Federalism https://www.taxtmi.com/news?id=1192 The document outlines establishment of a Direct Tax Code incorporating time-tested practices to simplify taxes, lower rates and reduce litigation, and a constitutionally enabled Goods and Services Tax implemented cooperatively with States. GST design features include uniform exemption thresholds and aligned exemption lists across central and state components, simplified compliance and compounding provisions for small dealers, a phased multi-rate to single-rate transition for goods and services, and prior deployment of dedicated IT infrastructure through an empowered TAGUP group with Centre-State representation. en-us Thu, 22 Jul 2010 22:16:01 +0530 Thu, 05 Feb 2015 12:03:00 +0530 TaxTMI RSS Generator FM Wants New Tax Regime Which is Simple and Broad Based Leading to Lowering of Tax Rates, Better Tax Compliance and Reduced Litigation: Looking forward to Constructive Suggestions from Empowered Committee of State FMS on GST to set-up an Innovative & Cooperative Fiscal Federalism https://www.taxtmi.com/news?id=1192 The document outlines establishment of a Direct Tax Code incorporating time-tested practices to simplify taxes, lower rates and reduce litigation, and a constitutionally enabled Goods and Services Tax implemented cooperatively with States. GST design features include uniform exemption thresholds and aligned exemption lists across central and state components, simplified compliance and compounding provisions for small dealers, a phased multi-rate to single-rate transition for goods and services, and prior deployment of dedicated IT infrastructure through an empowered TAGUP group with Centre-State representation. News - Thu, 22 Jul 2010 22:16:01 +0530 https://www.taxtmi.com/news?id=1192