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Thursday, July 02, 2009

Introduce Goods and Service Tax by 2010-10

Dual structure might be adopted

The Economic Survey for 2008-09 was presented by Finance Minister Pranab Mukherjee in Parliament today, 2 July 2009.

The FM's economic survey said that the country could adopt dual structure of Goods and Service Tax (GST) as it would balance fiscal autonomy of both center and states. The GST is expected to be implemented from April 2010.

According to the Survey, the introduction of GST would deepen the reform process already underway. The GST will eliminate tax cascading, which is occurring due to partial application of taxes. The government will empower both levels of government to apply tax to a large base of goods and services and look to phasing out of the Central Sales tax, thereby facilitating introduction of GST.

The Economic Survey, which is tabled by the Finance Minister before the presentation of the Budget, provides the government's assessment of the economy, outlines the problems facing the country and suggests measures for dealing with them.

The Union Budget for 2009-10 will be presented by the Finance Minister Pranab Mukherjee in the Parliament on Monday, 6 July 2009.

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