Latest Expert Exchange Queries

Make 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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: VAT Audit :: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARD :: form 3cd :: TDS :: ACCOUNTING STANDARDS
 
 
« News Headlines »
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017
 Deadline for filing income tax return nears; here are 10 common mistakes that you must avoid

FinMin hopeful of state finance ministers consensus on GST
October, 29th 2010

The Centre on Friday exuded confidence that state finance ministers will be able to achieve consensus at their Goa meeting and pave the way for implementation of the Goods and Services Tax (GST), which has been hanging fire for quite some time.

The empowered State Finance Ministers are meeting today. I am hopeful there will be a consensus which we can accept and bring in the GST some time in the next financial year, Revenue Secretary Sunil Mitra told reporters on the sidelines of a FICCI Tax conference here.

The roll out of GST, which will subsume excise duty and service tax at the Centres level and VAT on the states front, besides local levies, has already missed a deadline of April one, 2010. The new deadline of April 1, 2011 is also likely to be missed and the Centre has now said that it may be rolled out sometime in the next financial year.

The state finance ministers are attending a 2-day meeting of the Empowered Committee of State Finance ministers in Goa, starting today. The State FMs will discuss the GST model received from the central government to arrive at a consensus and may suggest their own alternative proposal.

Mr. Mitra said he expects the state FMs to reach a consensus on the GST structure today and present the counter draft amendment bill to the Centre.

We are expecting them (State FMs) to give us a counter of the draft GST Amendment Bill, or whatever passes muster or has consensus among sates. When we get that we shall respond, he said.

The GST Council and Dispute Settlement Authority were key features in the initial draft of the Constitution Amendment Bill formulated by the Centre and sent to the Empowered Committee of State Finance Ministers on GST for approval.

Some states including West Bengal, which heads the state GST panel -- do not agree with the Centres proposal on the constitution of a GST Council, led by the Union Finance Minister, to deliberate on the state subject of indirect taxes.

The states had rejected the first draft of the Centre, alleging that it gave veto power to the Union Finance Minister on state taxation issues. The draft had proposed that changes in GST could only be made with the consent of the Union Finance Minister and a two-thirds majority of the states in the council.

After the states opposition, the Centre had floated a second draft proposing that alteration in GST could only be done when there is complete consensus.

While Congress-ruled states agreed to the idea, BJP-ruled states, Uttar Pradesh and Tamil Nadu opposed even the second draft.

The BJP-ruled states wanted to know the exact meaning of consensus and have suggested that the word be replaced with consent

These states are also opposing the Dispute Settlement Authority proposed by the Centre. The authority is proposed to be chaired by a retired judge of the Supreme Court to resolve disputes arising out of the GST regime.

Eight to 10 states have been opposing the dispute settlement mechanism, including Tamil Nadu and Uttar Pradesh, Madhya Pradesh Finance Minister Raghavji had said.

Now, even Empowered Committee Chairman Asim Dasgupta, who is the Finance Minister of West Bengal, suggested that both the GST Council and Dispute Settlement Authority should be done away with.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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