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
News Headlines »
 Section 35D of the Income Tax Act, 1961 deals with the Amortization of Expenditure incurred in respect of Preliminary Expenses.
 Notification No. 80/2019 Central Board Of Direct Taxes
 Notification No. 79/2019 Central Board Of Direct Taxes
 This major tax deadline is today. What you need to know
  Notification No. 77/2019 Central Board Of Direct Taxes
 Waiting for income tax refund? Here is how you may check and give refund reissue request
 How To Check Status Of Your Income Tax Refund
 Missed the ITR filing deadline? You can still file tax return for FY 18-19 by this date
 25 LPA-Opening Chartered Accountant - Manager Finance & Accounts - Retail
 Notification No. 77/2019 Central Board Of Direct Taxes
 Income-tax (11th Amendment) Rules, 2019

ICAI proposes dual taxation structure for GST roll-out
November, 06th 2007
The Institute of Chartered Accountants of India (ICAI) on Monday recommended that Goods and Service Tax (GST), proposed to be implemented from 2010, should have dual tax structures at the Centre and state levels.

The GST is expected to create a common Indian market, but there is no unanimity over the model to be adopted, whether there should be one tax structure or two tax structures at the Centre and state levels.

A sub-group has been constituted by Empowered Committee of State Finance Ministers on VAT to chart out a model and a roadmap for GST.

ICAI in its recommendations to this sub-group suggested that there should be two levels operating parallelly, one at Union level and other at State level, said Council Member Bhawana Dhoshi.

It is the most workable model, especially taking into consideration the changes required in the Constitution and achievability in the short-term, she said.

The model builds on the current structure of taxation of goods and services and does not envisages drastic changes in the broad mechanism for levy and collection of taxes, she added.

As per the recommendation, the central level tax would be at 12 per cent while the state level taxes would come down to 6-8 per cent. Hence the total GST Tax would be around 20 per cent. At the central level, excise and service taxes are supposed to converge into GST.

However, only the Centre should collect tax on three services, telecom, transportations, banking and financial services, while other services could be taxed by both. Certain amendments in existing legislation are required for implementing GST, she said, adding the recommendations would be submitted tomorrow.

There would be need to consolidate separate entries in the Constitution empowering Union and State governments to impose taxes on manufacture and sale of goods and services into one entry which enables both the central and state government to impose tax, she added.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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