Goods And Services Tax IMAGE.
At long last, there is some positive move on the roll-out of goods and services tax, which has been held up for last several years. GST is an indirect tax that will lead to the abolition of all other taxes such as octroi, central sales tax, state-level sales tax, excise duty, service tax, and value-added tax (VAT). According to media reports , the Centre and the state governments have arrived at a consensus on the sales tax compensation to state. The Centre has also agreed to a floor rate with a narrow band for the tax, climbing down from its earlier proposal of a uniform GST rate across the country. It has also given states an option to exit the system, if they find it unviable later. The roll-out is going to be a phased one, as in the case of value added tax. [caption id=attachment_608728 align=alignleft width=380