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
Latest Expert Exchange
Service Tax »
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?

The tortuous road to GST
October, 09th 2012

finance minister P Chidambaram said he will meet Sushil Modi, Bihar deputy chief minister and chairman of the empowered committee of state finance ministers soon, to garner consensus on when the constitutional amendment bill as a run up to the Goods and Services Tax can be passed by Parliament.

This is as far as we have got since 2006-07 when the idea of a national-level indirect tax regime GST was mooted by the Chidambaram himself. He aimed to introduce it by April 1, 2010. Two missed deadlines later, it still looks a distant dream even as he exuded confidence on the third attempt. Both the 13th Finance Commission and the recent Kelkar committee on fiscal consolidation has made this one of their key recommendations.

A well-designed GST, can lead to a 2 per cent increase in the GDP of the country, according to the 13th finance commission. However, the current political scenario coalesced with the unresolved contentions in the bill make it unlikely that the bill would pass muster in Parliament.

The finance minister told the economic editors he will meet the state finance ministers later this month to canvass support for getting a two-third majority in Parliament and a ratification by 50 per cent states.

But states are uncomfortable with the proposed GST council planned in the bill. In fact, the parliamentary standing panel, currently vetting the bill has also sought clarification from the finance ministry on the same.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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