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: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT RATES :: cpt :: form 3cd :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment
 
 
« News Headlines »
 Did you know? The tax exemption on your HRA
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017

Present tax system impacting biz: Assocham
November, 11th 2006

Industry body Assocham said the government should replace multiple central and state taxes by a GST (General Sales Tax) as the present system was adversely impacting the competitiveness of Indian industry.

"Multiple taxes with different rates make tax system complex, increase litigation and cost of compliance and also encourage tax evasion," Assocham said in its Pre-Budget memorandum for 2007-08.

The chamber said under the present system, excise duty or service tax is levied on cost of goods or service which also includes an element of VAT in the input cost.

"Similarly, VAT is levied on sale price of manufactured goods which includes excise duty element. Thus, one tax is levied on another artificially increasing the cost of indigenous production due to cascading effect of multiple taxes at different stages," it said.

Assocham said the replacement of multiple state tax by Value Added Tax (VAT) in 26 states had a favourable impact on trade, industry and state governments' tax revenue.

However, even after the implementation of VAT, indirect tax structure in the country is quite complex with multiple taxes being levied by central and state government, it said.

It suggested setting up an empowered committee, consisting of state and central government representative to finalise the structure of GST.

"The replacement of multiple taxes by GST will increase the tax-GDP ratio by 2 per cent," it said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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