Latest Expert Exchange Queries
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: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: cpt :: VAT RATES :: list of goods taxed at 4% :: form 3cd :: due date for vat payment :: TDS
 
 
« Transfer Pricing »
 Offshore transfer of IP assets by pharma firms under RBI radar
 RBI eyes offshore transfer of IP assets by pharma firms
 Central Board of Direct Taxes (CBDT) signs two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers
 Duff & Phelps Acquires Leading Transfer Pricing Asia-Pacific Advisory Firm
  Updated UN manual reveals India’s transfer pricing positions
  Transfer pricing: Centre moves forward, introduces ‘secondary adjustments’
 India Issues First Comprehensive Report on Advance Pricing Accords
 Godrej & Boyce Manufacturing Co Ltd vs. DCIT (Supreme Court)
  Domestic transfer pricing leeway provides a loophole for Indian companies
 CBDT signs two unilateral APAs with taxpayers
 India signs record 88 APAs in FY17

Govt brings out revised GST Bill, accommodates key demands of states
October, 06th 2014

The government has prepared a revised Constitution Amendment Bill for the Goods and Services Tax that largely accommodates the demands made by states. The government has set a target of 2016 for the launch of the pan-India indirect tax regime.

According to the revised Constitution (115th Amendment) Bill, the “proposal of dispute settlement authority has been dropped as demanded by the states and it has also been agreed to include a floor rate with bands to allow them the freedom to have a high or low rate”, a government official told The Indian Express.

The Cabinet note is being prepared for the Amendment Bill and it should be introduced in the Winter Session of Parliament, the official added.

A key demand of states to keep petrol and alcohol outside the purview of the GST has been met partially.

The revised Bill brings in petroleum products within the regime to make the tax structure more business-friendly, but has left alcohol out. Earlier both petroleum and alcohol were kept out of the GST structure.

“The states have been demanding that petroleum and alcohol should be kept out. However, in the revised Bill, we have decided to keep petrol under GST while alcohol will continue to be outside its purview. This arrangement will be more GST-friendly,” the official said.

The product will be taxed at zero rate and both the states and Centre would continue to levy sales tax, VAT and excise duty respectively, the official added.

The official also said that the revised Bill also includes entry tax in lieu of octroi, which was earlier kept out. “This is important to reduce distortions as much as possible,” the official added.

The government is also looking at the GST as a route to improving the ease of doing business by bringing down the incidence of multiple taxes.

The GST aims at subsuming most of the indirect taxes at the Central as well as state level. The UPA government had introduced the Amendment Bill, a necessary condition for introducing the new regime, in 2011.

The idea, mooted in 2006, is pending since due to lack of consensus among states on issues regarding the exemption list, revenue neutral rate, threshold and compensation.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 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