India's most ambitious indirect tax reform Goods and Services Tax (GST) can be rolled out sometime in the next financial year in case the April 2012 deadline is missed, Central Board of Excise and Customs (CBEC) chairman S Dutt Majumder said on Friday. Speaking at a conference on GST, Majumder said it is not impossible to implement the new tax regime from April next year. However, even if the deadline is missed, it can be implemented from May, June or in the following months. He further said that the negative list for services (which means most services would be taxed as against those on a select list as at present) can be brought along with GST, adding that the contribution of service tax to the indirect tax kitty is 20%, while service sector accounts for over 50% of the GDP.
Source : Financial Express
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