Monday, February 28, 2011

Goods and Service tax ( GST) in this budget 2011-2012

Honourable FM has proposed that  he will introduce Constitutional   amendment for GST. Establishment of  national IT   network  will be back bone of effective GST regime. In June 2011 ,Pilot portal on GST, with collaboration  with 11 States ,will be launched. Lower rate of Central Excise duty is increased form  4 % to 5 %. Around 130 items of consumer nature , Central  Excise duty is reduced to 1%  ,in order to align with GST.