Our Correspondent
Kohima | March 28
Stating that the much awaited and debated Goods and Services Tax regime is finally expected to roll out with effect from July 1, 2017, Chief Minister Dr. Shürhozelie Liezietsu today said that this new tax will be replacing about one dozen central and state levies with a single integrated tax.
“The key of benefits of this new tax regime will be reduction in the cost of movement of goods across the country, and reduction of the incidence of multiple taxation on the same commodity, which results in high prices and inflation,” he said.
Under the GST regime, the states will also be able to levy tax on certain services, which will help boost revenue of the states.
One of the key features of this system is that all transactions will be online, Dr. Liezietsu said adding that the taxation department is actively engaging with the GST Council to ensure a smooth transition to the new tax regime along with the rest of the country.
