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 »
 Notification No.76/2019 Central Board Of Indirect Taxes And Customs
  What to do if you haven’t got tax refund yeta
 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

Finmin: GST regime will not be implemented form April 1,2011
November, 11th 2010

The Finance Ministry today admitted that the proposed Goods and Services Tax (GST) regime will not be implemented from April 1, 2011 and said that no timeframe for the introduction of the new indirect tax system has been set yet.

Revenue secretary Sunil Mitra said it would be difficult to roll out GST without constitutional amendments, contrary to the suggestion made by some states.

"No question of it (GST) happening (from) April 1, 2011. Certainly not. It is not possible," Mitra told reporters on the sidelines of a seminar by consultant Skoch.

For GST to be implemented, certain amendments to the constitution are needed, he said.

These amendments require time, Mitra said, adding that the Finance Ministry has not decided on new timeframe for introducing GST.

Originally scheduled to be implemented from the beginning of this fiscal, the GST regime will subsume excise duty, service tax at the Centre's end and VAT on states front, besides some local levies surcharges and cesses.

However, differences between states and the Centre over the structure of the new tax regime has led to delays in its implementation. Now, even the revised deadline will be missed.

Constitution amendments are required because, under the current mechanism, the Centre cannot impose tax beyond manufacturing, and states cannot levy service tax.

"Without the constitution provision in place, it would be difficult to bring GST. So, obviously that (the constitutional amendment) has to come first. We have not got that yet. I cannot predict what will happen," Mitra said.

Last month, some state finance ministers suggested an alternative model for GST to the one that was proposed by the Centre.

In fact, Gujarat Finance Minister Saurabh Patel had said it is not useful to discuss constitution amendment unless the issues of autonomy and fiscal flexibility of states are fully addressed.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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