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Australia Here's how much each state will get under proposed GST changes

06:31  05 july  2018
06:31  05 july  2018 Source:   9news.com.au

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A 21-member selected committee was formed to look into the proposed GST laws.[9] After GST Council approved the Central Under the previous system, a state would only have to deal with a single government in order to collect tax revenue.[21]. Tools. What links here . Related changes .

Under this model GST have two components viz. the Central GST to be levied and collected by the Centre and the State GST to be levied and collected ^ a b " GST Bill: How the tax reform advanced through the years", The Indian Express, 11 August 2015. Tools. What links here . Related changes .

Scott Morrison wearing a suit and tie: Treasurer Scott Morrison has promised no state or territory will be with less money from GST under proposed changes to revenue distribution. Picture: AAP.© Provided by Nine Digital Pty Ltd Treasurer Scott Morrison has promised no state or territory will be with less money from GST under proposed changes to revenue distribution. Picture: AAP. Treasurer Scott Morrison has promised no Australian state or territory will be worse off under a major overhaul of how GST funds are distributed.

To ensure no-one loses, the Federal Government will hand over $9 billion in "top up" funding during the transition to a new formula.

The new model follows a year-long review by the Productivity Commission, but the Treasurer has rejected the major recommendation that was made.

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Indeed the GST that' s proposed to be implemented is a compromise arrived at amid dissenting voices. Both the Centre and state governments will get over Rs 2 lakh crore additional revenue per annum through GST . The consumers too will benefit under certain conditions subject to state VAT

Here how do I issue e-way bill for such consignments? Do I need to register for that State separately under GST ? or I can simply generate an e-way bill with my details and end customer detaisl? If you have more queries related to GST , feel free to get in touch with us at business. services @hrblock.in.

Mr Morrison said the recommendation would have benefited NSW and Western Australia, but left small states behind.

Releasing the Productivity Commission report and the government's interim response, which he described as "the fair go principle", Mr Morrison said "the system is broken, it does need to be fixed".

"The issue has been kicked down the road in the past," he told reporters today.

"That has to end. Australia does it better than anywhere else and we're going to do it better. To ensure the essential services that all Australians rely on.

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"You've got to make the pie bigger. If the pie's bigger everyone gets more. All the states and territories benefit."

a stack of flyers on a table: The proposed new plan will see no state or territory receive less than 70 percent of their own revenue made from GST from 2022-23. Picture: AAP.© Provided by Nine Digital Pty Ltd The proposed new plan will see no state or territory receive less than 70 percent of their own revenue made from GST from 2022-23. Picture: AAP.

It's the biggest change to the GST since it was introduced in 2000 and comes after years of bitter feuding over the fairness of funding.

The new design will set a "floor" of 70 cents per person, per dollar of GST to make sure no state receives less than 70 percent of their own revenue from 2022-23, and 75 cents from 2024-25.

To help in the transition, Canberra will chip in $7.2 billion from 2021-22 to 2028-29.

By then, the Commonwealth will be contributing more than $1 billion a year in untied funds.

a screenshot of a cell phone: Mr Morrison outlined how each state would receive boosts of millions and billions of dollars under the propose changes. Picture: Supplied.© Provided by Nine Digital Pty Ltd Mr Morrison outlined how each state would receive boosts of millions and billions of dollars under the propose changes. Picture: Supplied.

"When (the states and territories are) better off, that is a guarantee for essential services," Mr Morrison said today.

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GST has been rolled out. Here is a list of items whose prices could go down under the new taxation system. Most Commented. What if the rupee hits 70 vs US dollar? Here ' s how your life will change .

Determinant factors for inter state transactions under gst . 1. Maharashtra Government will not get any tax anyhow since it is inter state supply from Maharashtra to Gujarat. Changes in Return filing system since the inception of GST . How does Cost inflation index determine

"We do believe in a fair go and a fair go has to be for everyone. The system wasn't providing a fair go for everyone."

In response, Opposition leader Bill Shorten said "the devil's in the detail".

"Liberals and the GST... It's always something you've got to be careful about," he said.

Bill Shorten wearing a suit and tie: In response, Opposition leader Bill Shorten questioned the plan, saying he wants to make sure the proposed changes isn't 'robbing Peter to pay Paul'. Picture: AAP.© Provided by Nine Digital Pty Ltd In response, Opposition leader Bill Shorten questioned the plan, saying he wants to make sure the proposed changes isn't 'robbing Peter to pay Paul'. Picture: AAP.

"If they're not trying to change the distribution, they're trying to increase the GST.

"I want to make sure this isn't a government that's robbing Peter to pay Paul."

On the contrary, Mr Morrison said no tax would rise to fund the new arrangement, but that the cost would be absorbed by the budget.

From 2026-27, the formula will be changed so only NSW and Victoria - the fiscally strongest states - will be used as the benchmark for funding.

The formula will have to be approved by the states and territories at a meeting in September.

Mr Morison said the figures were "indicative" and the final details would be thrashed out at the meeting with Treasurers.

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Here ' s how your business needs to change for GST . They may eventually switch to vendors who are registered under GST ,” she warns. GST Council unveils draft of changes proposed to GST law.

But, he said, the government wasn't considering broadening the base, or lifting the rate of the GST.

The Federal Government believes the changes will satisfy the states, particularly WA, which has missed out on funding since the end of the mining boom.

Shadow Treasurer Chris Bowen followed Shorten in saying the states were "entitled to by cynical", but that Labor will consider the announcement.

He questioned if Mr Morrison would increase the deficit or cut services to fund the tops ups and said the government had "locked in unsustainable government spending".

a man in a suit and tie: Treasurer Scott Morrison has promised big states will stop subsidising smaller states in proposed changes to GST revenue© Provided by Nine Digital Pty Ltd Treasurer Scott Morrison has promised big states will stop subsidising smaller states in proposed changes to GST revenue

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