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% :: VAT RATES :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: VAT Audit :: form 3cd :: ACCOUNTING STANDARDS :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: cpt
 
 
« Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

CBEC for less GST exemptions
November, 13th 2009

The Centre would prefer to compensate states for any losses on account of the proposed goods and services tax (GST), rather than giving exemptions, a finance ministry official said today.

There should be fewer exemptions if we have to widen the tax base. We will compensate the states if they feel including some particular item in GST leads to revenue loss, S Dutt Majumder, member of the Central Board of Excise and Customs (CBEC), said at a seminar on indirect taxes by PHD Chamber.

Presently, more than 300 goods are exempted in the Centres list and about 99 are exempted from the value added tax (VAT) by states. Some of the items are common in the state and the Centre list. The government has referred the matter of compensating states instead of giving exemptions to the 13th Finance Commission headed by Vijay Kelkar.

Besides, some states want to keep local taxes levied by municipal bodies out of GST. While Maharashtra wants to keep octroi out of the tax ambit, Punjab and Haryana want the purchase tax out of the proposed tax net.

The Centre is going through the proposals made by the empowered group of state finance ministers in the discussion paper on GST released this week. Other than exemptions, the government has expressed its reservations on areas like the threshold limit for taxation, treatment of goods like alcohol, tobacco and petroleum products. It has found merit in some issues like zero-rated exports.

The committee has proposed a threshold of gross annual turnover of Rs 10 lakh for both goods and services in case of states and Rs 1.5 crore for goods to be taxed by the Centre.

We have not taken a final call on it. We have to have a lot of discussion on this issue. It will give rise to distortions Whether we should give the same treatment to both tobacco and alcohol, that issue also needs to be sorted out, Majumder said.

Meanwhile, the government will make electronic filing of service tax mandatory in the next two months, CBEC member YG Parande told reporters on the sidelines of the seminar. He also expressed hope that the government would meet service tax collection target during the current financial year.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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