https://www.taxtmi.com/article/detailed?id=5970 Introduction of a Goods and Services Tax is urged to replace the complex central-state indirect tax system and eliminate cascading taxation by enabling a unified Input Tax Credit mechanism across goods and services; current deficiencies include inconsistent definitional and valuation rules, overlapping sales/service characterisation, divergent exemption and abatement regimes, narrow credit conditions, and disparate administration, and the proposed GST aims for common rates, subsumption of multiple levies, harmonised law and strengthened administration to simplify compliance. en-us Fri, 26 Dec 2014 08:19:39 +0530 Wed, 04 Feb 2015 18:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5970 Introduction of a Goods and Services Tax is urged to replace the complex central-state indirect tax system and eliminate cascading taxation by enabling a unified Input Tax Credit mechanism across goods and services; current deficiencies include inconsistent definitional and valuation rules, overlapping sales/service characterisation, divergent exemption and abatement regimes, narrow credit conditions, and disparate administration, and the proposed GST aims for common rates, subsumption of multiple levies, harmonised law and strengthened administration to simplify compliance. Articles Goods and Services Tax - GST Fri, 26 Dec 2014 08:19:39 +0530 https://www.taxtmi.com/article/detailed?id=5970