Lok Sabha passes bill for CST phase out

The Lok Sabha today passed the bill to cut Central Sales Tax (CST) by one percentage point annually starting from April 1 this year.

The CST rate will be reduced to 3% from 4% in 2007-08 and will be phased out by March 31, 2009.

The government aims to merge the goods and services levies into a single goods and services tax (GST) by 2010.

Read more at Business Standard