https://www.taxtmi.com/article/detailed?id=6657 The article identifies structural risks in the proposed Goods and Services Tax as a concurrent Centre and State levy, citing stock transfers taxed then credited and inclusion of service tax in integrated GST as sources of transactional burden and regressive import incidence. It lists common incorrect input tax credit claims and compliance failures that will cause leakage and disputes, and outlines prerequisites for an efficient GST: harmonised tax base and rates, full input credit to avoid cascading, destination based levy, uniform law, protection of provincial fiscal autonomy, rationalised exemptions, unified rates, phased abolition of small taxes and CST, and a clear inter state revenue sharing mechanism. en-us Thu, 04 Feb 2016 06:58:48 +0530 Thu, 04 Feb 2016 06:58:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6657 The article identifies structural risks in the proposed Goods and Services Tax as a concurrent Centre and State levy, citing stock transfers taxed then credited and inclusion of service tax in integrated GST as sources of transactional burden and regressive import incidence. It lists common incorrect input tax credit claims and compliance failures that will cause leakage and disputes, and outlines prerequisites for an efficient GST: harmonised tax base and rates, full input credit to avoid cascading, destination based levy, uniform law, protection of provincial fiscal autonomy, rationalised exemptions, unified rates, phased abolition of small taxes and CST, and a clear inter state revenue sharing mechanism. Articles Goods and Services Tax - GST Thu, 04 Feb 2016 06:58:48 +0530 https://www.taxtmi.com/article/detailed?id=6657