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: VAT Audit :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: form 3cd :: cpt :: TDS :: due date for vat payment :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: empanelment
« News Headlines »
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout

FM: No time-framing to table constitution amendment bill for GST
November, 24th 2010

The government on Tuesday said it is not possible to fix a time-frame for the introduction of the constitution amendment bill, which will facilitate rolling out the proposed Goods and Service Tax (GST).

In a written reply to the Rajya Sabha, Finance Minister Mr Pranab Mukherjee said the process requires consensus among various players and such an exercise will need time.

Since developing consensus on such issues generally takes time, it is not possible to indicate any time limit by which a decision for introduction of the constitutional amendment bill in the Parliament will be taken, he said.

Mr Mukherjee said a draft constitution amendment bill has been prepared and sent to the Empowered Committee of State Finance Ministers for obtaining their views.

The draft constitutional amendment bill envisages inter-alia, setting up of a GST Council which will recommend to the centre and the states, the tax rates, items to be exempted, registration threshold, etc. EC (Empowered Committee) is yet to revert back with its clear view on the draft, Mr Mukherjee said.

The bill is required because as of now the Centre cannot impose tax beyond manufacturing, and states cannot levy service tax. GST will allow both the centre and states to impose tax on common goods and services separately.

It will subsume excise duty and service tax at the Centres end and value added tax (VAT) on the States front, besides local levies, surcharges and cesses.

In another reply, Mr Mukherjee said a section of the textile industry has sought exemption from the ambit of GST.

He added, however, that the likely impact of the proposed GST to the textile sector cannot be assessed at this stage as the Empowered Committee has not reverted to the centre.

Under the dual GST model proposed by the Empowered Committee of State Finance Ministers and agreed upon by the union government, GST will have two components, viz., Central GST to be levied and collected by the centre and State GST to be levied and coll ected by the states, Mr Mukherjee said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Outsourcing Test Solutions Software Testing Software Bug Testing Software Issues Tracking Software Issue Fix Software Code Optimization Database Design Optimization

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