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TAIT Knowledge series organized its workshop for all its members on GST model law on 23rd August, 2016 at Hotel Krishna Palace, Grant Road, Mumbai.
Rushabh Shah, TAIT - President introduced Rajeev G. Varaiya as a speaker. He elucidated TAIT members to minute details of Goods & Service TAX (GST) and elaborated as how it will affect tax structure of India. He gave his presentation by highlighting certain points in his PPT such as the GST in the Global Scenario, present Taxation Structure in India & Need for GST, way forward in GST implementation, taxes to be subsumed in GST and Exclusions from GST, constitution amendments bill and its scope, among a few.
GST briefly stated, is a single indirect tax levy for the whole nation, on supply of goods and services right from manufacturer or importer to end user. More than 140 countries have GST including EU, Australia, New Zealand, Asia Pacific and Canada. Malaysia is the last country to have joined the bandwagon in April, 2015. While most countries have single GST, Brazil and Canada have dual GST. The standard rate in most countries is between 15% to 20%.
