News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Top Headlines »
 Tax Expert Ved Kumar Jain's views on Budget 2020-21
 Income-tax Deduction from salaries during the Financial Year 2019-20 under section 192 of the Income-tax Act, 1961
 Know your tax exemptions to invest wisely
 What happens when you file the wrong ITR form
 Tax-saving guide for FY 2019-20
 Filing ITR for AY 2020-21? Here're the changes you need to know
 NRIs can’t use ITR-1 to file tax returns
 CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21
 New ITR-1 form: Know the eligibility norms
 How the income tax department will track high spenders with new ITR forms
 Best ELSS or tax saving mutual funds to invest in 2020

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 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting