Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
RSS

News

GST to check tax evasion, ensure compliance: Jaitley

Author: IANS/Tuesday, May 30, 2017/Categories: TRACKING THE GST

GST to check tax evasion, ensure compliance: Jaitley

Bengaluru (IANS) - The Goods and Service Tax (GST), to be implemented from July 1, would check tax evasion and ensure greater compliance by more tax payers, said Union Finance Minister Arun Jaitley on May 29.

"The GST will make tax collection efficient, check evasion and help India have a tax-compliant society," asserted Jaitley after opening the new campus of the National Academy of Customs, Indirect Taxes and Narcotics (Nacin). The Rs 49-crore premier Academy will train officers of Customs, Central Board of Excise and Customs, Service Tax and VAT (Value Added Tax) to implement the GST regime in Karnataka and Kerala.
 
 Noting GST would require smooth coordination between tax officals of the Centre and states, he said he was sure that "this Academy will play an important role in its implementation".
 
 Noting that training academies like Nascin had a vital role in making the new tax regime citizen friendly and reducing red-tapism, Jaitley  said the amalgamation of various indirect taxes under GST in one price is a monumental taxation change, which requires officers to upgrade their skills and knowledge, as it evolves while administering.
 
 Affirming that interaction between the assessing authority and taxpayer will minimise harassment and ensure greater accountability into the system, he said the GST Council had at its two-day meeting in Srinagar on May 19-20 decided on four tax rates -- 5 per cent, 12 per cent, 18 per cent and 28 per cent for services, including telecom, insurance, hotels and restaurants.
 
 "The rates for services are in line with those finalised for goods. Barring a few goods, including gold, rates of almost all good and services has been finalised for the July 1 rollout," added Jaitley.
 
 Central Board of Excise and Customs Chairperson Vanaja N Sarna and Member S. Ramesh were among the present at the inaugural event.
 
 The smart complex for training central and state government tax officials has six lecuture halls, a 250-seat auditorium, a residential hostel block with 100 rooms, sport facilities, including a swimming pool.
 
 "The Academy is equipped with two computer labs, an electronic library and infrastructure for holding virtual class room where faculties from across the country can conduct interactive classes," said Nacin Additional Director General D.P. Nagendra Kumar.
 

Print Rate this article:
No rating

Number of views (200)/Comments (0)

S Vijaykrishnan
S Vijaykrishnan

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free