Posers on GST left unanswered: Sumit Dutt Majumdar

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Customs duty was either reduced or removed for some components and raw materials

 In the Budget, the finance minister expectedly spoke about GST being a great indirect tax reform to be implemented soon. It was, therefore, hoped that he would give certain directions showing the convergence of central excise and service tax with GST. That would have prepared everyone for the new tax regime.

Certain technical issues relating to GST are yet to be finalised. These include identification of goods and services that would fall under different tax rates. There was no such proposal. Further he could have given relief to service tax payers by enhancing the threshold to Rs 20 lakhs.

However, there were a few changes in customs and central excise. Customs duty was either reduced or removed for some components and raw materials so as to give a fillip to the government’s two laudable concepts: Make in India and Digital India.

As in every Budget, excise duty on tobacco and cigarettes has been increased. Besides excise relief has been extended to certain goods relating to Digital India and less power consuming items like LEDs. For service tax, the changes have been nominal. These are welcome steps.

Source: http://www.business-standard.com/budget/article/sumit-dutt-majumdar-posers-on-gst-left-unanswered-117020101646_1.html

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