India steps to GST implementation
- 14 September 2016 | Richard Asquith
With the main India legislation now ratified for the implementation of a new Goods & Services Tax (GST), a number of steps must be undertaken before a roll out.
- Establish a GST Council to review and conclude on launch details
- Resolving the overlap between the new Central, State and Integrated taxes
- Agree a country-wide rate for the new consumption tax. This is likely to be between 16% and 18%
- Putting in place a dispute resolution and appeals processes
- Determining details of pricing policies and tax calculations on inter-state transfers of goods
- Confirm how input VAT credits will be matched to output VAT payments - a complex and controversial requirement for VAT reporting
- Agree on implementation date - potentially sometime in 2017
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