Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARD :: TDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: empanelment :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit
 
 
News Headlines »
 Income-tax (22nd Amendment) Rules, 2017
 All about Exports under GST
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here

Exclude revenues post-Form D abolition from CST basket: States
October, 04th 2007
More is always welcome. States have now written to the Centre asking it to exclude revenues generated due to abolition of Form D while calculating the compensation for phasing out of central sales tax (CST).

All central and state government departments purchases were made under Form D, which provided for concessional rate of tax (4% CST). The Centre and empowered committee of state finance ministers agreed to imposition of value-added tax on such purchases.

This was counted towards the compensation package given to states for the phaseout of CST which began from this fiscal. The CST was reduced from 4% to 3%, marking a step forward to the introduction of a unified goods and service tax (GST) by April 1, 2010.

The CST is inconsistent with the VAT, which is a multi-point consumption tax on value addition, with an input tax credit facility. Under the CST Act, the tax is collected by the Centre and disbursed to states.

The abolition of Form D would lead to additional tax collection of Rs 1,500-3,000 crore annually to the states. The CST collections in 2005-06 stood at about Rs 16,000 crore. Collections in 2007-08 are estimated at Rs 25,000 crore which has been the basis for the compensation.

States are expected to face revenue loss of Rs 6,000-Rs 6,500 crore on account of reduction in CST. It may be noted that the centre had provided Rs 5,495 crore for compensation of losses, if any, on account of VAT and CST. The VAT collections of states have been growing by over 24%.

Besides, Form D, the compensation package includes budgetary support and transfer of revenues from certain services. The centre also allowed states to impose VAT on certain tobacco products which attract additional excise duty and imports. However, states can impose VAT on imports only after a constitutional amendment.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions