Speed Post News Network
New Delhi : The Central Government in the last three General Budgets viz 2015-16, 2016-17 and 2017-18 has gradually abolished various cesses on goods and services to prepare the ground for smooth rollout of Goods and Service Tax (GST) from July 1, 2017. The Central Government has taken this step in stages by abolishing various cesses so that it is easier to fit in various goods and services in different tax slabs for GST.
The Central Government in its General Budget 2015-16 had abolished Education Cess including Secondary and Higher Education Cess on taxable services and exempted Education Cess on excisable goods as well as Secondary and Higher Education Cess on excisable goods.
In its General Budget 2016-17, the Central Government abolished cess on cement, strawboard, three cesses including cess on Iron Ore Mines, Manganese Ore Mines and Chrome Ore Mines by amending Labour Welfare Cess Act, 1976, Tobacco cess by amending the Tobacco Cess Act 1975, and Cine Workers Welfare Cess by amending the Cine Workers’ Welfare Cess Act 1981 among others. In its General Budget 2017-18, the Central Government abolished Research and Development cess by amending the Research and Development Cess Act, according to a PIB release.