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: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: articles on VAT and GST in India :: cpt :: Central Excise rule to resale the machines to a new company :: VAT Audit :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES
 
 
« Latest Circulars »
 Payment Systems - Next Orbit (Shri R. Gandhi, Deputy Governor - February 20, 2017 - at the launch of Bharat QR Code at Hotel Trident, Mumbai)
 Financing MSMEs: Banks & FinTechs – Competition, Collaboration or Competitive Collaboration? (Shri S. S. Mundra, Deputy Governor – February 20, 2017 – at the NAMCABS Seminar organized by College of Agricultural Banking in Mumbai)
 Issuance of Rupee denominated bonds overseas – Multilateral and Regional Financial Institutions as Investors
 RBI-Formation of twenty one new districts in the State of Telangana - Assignment of Lead Bank Responsibility
 RBI imposes penalty on Janata Urban Co-operative Bank Ltd., Wai, District Satara
 Monitoring of Foreign Investment under PIS in Indian Companies- Incorporation in Ban List–M/s HDFC Bank Ltd.
 Reserve Bank of India seeks Comments on Draft Circular on Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions
 Forward Rate Agreement (FRA) and Interest Rate Swap (IRS) - Withdrawal of Fortnightly return
 RBI-Foreign Investments in India
  RBI cancels the Licence of the Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, Pune, Maharashtra
  Finance Minister meets the Directors of the RBI Central Board

First notification of Goods & Service Tax (GST)
November, 03rd 2009

The Gujarat government is likely to issue the first notification of the new draft Goods & Service Tax (GST) on November 10 to elicit suggestions from various stakeholders. The new tax regime is likely to be implemented from April 2010.

This was stated by a highly-placed source in the state finance department. Saurabh Patel, minister of state for finance & industry, confirmed it and told DNA, "We are likely to publish the first draft of GST notification on November 10 to invite views and suggestions of all stakeholders, like industry, business, trade, small & medium scale industry, government officials, experts etc. We will invite written suggestions from all the stakeholders.''

He added, "I recently attended a meeting of the National Empowered Committee on GST and presented Gujarat's views on it. We have said that CST (central sales tax) must be abolished with the implementation of GST and there must be effective information technology-based transparent system to monitor the inter-state movement of goods.

Else, there is chance of large-scale irregularities. Another important issue is of VAT on imported goods, which can create complications. We have also raised the important issue of autonomy of states in VAT administration. We have also demanded protection of small-scale industry under the new GST administration.

Patel further said that the state had demanded an open debate on the rate of GST and exempted category of products under this system. The monitoring of inter-state movement of goods is also a grey area where the Centre has not given any clarification so far.

"This is the area where maximum tax evasion is possible. There must be a full-proof system of monitoring inter-state movement of goods," he 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 Experience

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