Tuesday, July 8, 2014

Asia Powercom’s Pre-Budget expectations

Quote from Director at Asia Powercom Tejas Sheth on Pre-Budget expectations:

One of main issue all these years has been that a complete roll-out of Goods and Services Tax [GST] would take away fiscal autonomy of states to impose taxes. The much-awaited GST, will replace a muddle of existing taxes such as excise duty, service tax and value-added tax (VAT). The proposed GST can be well described as one of India’s most ambitious tax reform and a bone of contention between the Centre and the states to simplify other taxes which would be imposed on almost all goods and services produced in India or imported.