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: Central Excise rule to resale the machines to a new company :: VAT RATES :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS :: form 3cd :: due date for vat payment
 
 
« Service Tax »
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax

Higher collections can offset GST losses
October, 17th 2016

The losses to be incurred by Tamil Nadu, being a manufacturing State, on account of implementation of Goods and Services Tax, would be offset by higher tax collections on services, according to a tax expert.

Tamil Nadu has expressed concern over GST, like the final rate which proposed to be 18 per cent,m and the power of vote in the GST Council. The State has pegged the annual revenue loss due to implementation of GST at over Rs. 9,000 crore.

“The losses on account of implementation of GST to Tamil Nadu would be more than offset by higher collection of service taxes. Remember Tamil Nadu is also high consumption state,” V.S. Krishnan, advisor, Tax Policy, EY, and a former member (service tax and GST) Central Board of Excise and Customs, told The Hindu .

Many States, including Tamil Nadu, had similar apprehensions when Value Added Tax was implemented. But post implementation of VAT, the State VAT collections had been robust across the States.

Mr. Krishnan said the revenue buoyancy, post VAT implementation, in States such as Tamil Nadu and Gujarat could have been even higher, but the States had some generous sales tax deferral schemes.

According to data from ratings agency ICRA, The Tamil Nadu Value Added Tax Act 2006 has come into effect from January 1, 2007. The sales tax collections grew 14 per cent in 2007, 2 per cent 2008 and 14 per cent again in 2009, it said.

Mr. Krishnan said that GST would help States plug the loophole and enable the State in robust tax collections. There was a need for a GST Secretariat in each State to address the day-to-day issues relating to implementation of GST.

“State GST secretariats will bring together central government and state government offices in one place. It should be a registered body under the Society’s Act,” he added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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