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: cpt :: ACCOUNTING STANDARDS :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: form 3cd :: VAT Audit :: TDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Service Tax »
 Step by Step Guide for GST Enrolment for existing Central Excise / Service Tax Assessees
  Smart things to know about income tax refunds
 Further clarification to Circular No. 1/2017 - GST dated 21st July, 2017.
 GST Return Filing: How to handle discounts and additional cost
 GST base looks set to be at least 25% wider than earlier tax regime
 Businesses struggle with multiple tax rates, returns
 Common use items exempt from e-way bill provision under GST
 Goods And Services Tax Sends Taxes Racing
 How GST lesson can unleash untapped potential of education sector in India
 Services sector PMI falls most in 4 years on GST
 Missing column in GSTR 3B form leaves input claims a shaky edifice

Centre plays hardball, rejects states riders for rolling out GST
October, 09th 2014

While the Narendra Modi government is keen to bring the states on board for the proposed comprehensive goods and services tax (GST) given its economy-wide benefits, it won’t yield to the sates’ strategy to use the grand bargain for unreasonable revenue gains and unhindered fiscal freedom.

The Centre is learnt to have turned down a key demand from mineral-rich, grain-producing and manufacturing states that they must be given a portion of the Centre’s revenue from GST on interstate trade to offset their perceived revenue loss to “consumption states” in the GST regime. It has also rejected a proposal from all states that the mandate of dispute resolution should not be given to the proposed GST Council, which is meant to have a constitutional role. These demands were made by respective states as a precondition for their adoption of the superior tax system that would avoid cascading of taxes and reduce the multiplicity of indirect taxes.

FE had earlier reported that states like Gujarat and Tamil Nadu that export goods to other states demanded an upfront share of Centre’s revenue from interstate trade. Their contention is that GST, being a destination-based tax on consumption, shifts the tax base away from investment and production and hence could be detrimental to their revenue interests. Mineral-rich states like Odisha and those with big oil refining capacities have also raised similar concerns.

Sources privy to discussions between central and state finance ministers said that transferring proceeds from 2 percentage points of the central government’s component of GST on interstate commerce to the exporting state would reduce the Centre’s revenue, unless the revenue-neutral rate (RNR) for it is raised.

The GST has two components — central (CGST) and state (SGST) — that roughly apply on the same base.

While the combined RNR is yet to be determined, it is widely expected to be between 16% and 20%. As per the current thinking, GST on interstate transactions or IGST will be levied at the same rate as the combined RNR (initially, IGST was proposed to be zero-rated). The state component of IGST would go to the importing state, in contrast to the present system of the exporting state getting the proceeds of the central sales tax on cross-border commerce.

“Although theoretically it is possible for the central tax rate on interstate sales to be higher than the state tax rate, it is generally desirable to have

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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