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  3. Parliamentary panel on GST to submit its report in the second week of July

Parliamentary panel on GST to submit its report in the second week of July

19 Jun 2015 Evaluate

Finance Minister Arun Jaitley, who is on a10-day trip to the US, assuring the tax reforms of the government, both direct and indirect has said the business community there that a Parliamentary panel will in the second week of July submit its report on the Goods and Services Tax (GST) Bill. He added that once the Select Committee gives its report, the Upper House will take up for the passage in the ensuing Monsoon session of Parliament the Constitutional Amendment Bill for rollout of GST in place of all indirect taxes. The government proposes to implement the GST from April 1, 2016, he said, adding 'what we have on the table is the consensus proposal.'

With regard to direct taxes, Jaitley said that the government would start the process of reducing corporate tax rate from 30 per cent to 25 per cent from the next fiscal. He said that “Our taxation structure needs to be streamlined and in the last one year we have laid down a clear raodmap. On direct tax side, our corporate tax is going to be brought down to 25 per cent that process begins next year and every year over a period of four years for 30 per cent plus some surcharge we bring it down to 25 per cent almost globally competitive”.

FM added that legal complications have been removed. Our Companies Act was little complicated...We have done one round of amendment hopefully we have to do some more. Numbers of permission are required to be significantly cut down many of them are going to be online. He said that the government is working on easing the process of doing business and added that alternative investment trust model is in place.

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