Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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) | 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
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: ACCOUNTING STANDARDS :: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: cpt
 
 
News Headlines »
  I-T department asks taxpayers to update their information on e-filing portal
  How to check income tax refund status
 GST panel to consult MSMEs in October end to further ease tax rigour
  How to check income tax return status
 Been Served a Notice by the Income Tax Department? Here’s How You Can Respond
 Seeks to amend the CGST Rules, 2017 - 45/2017 - Central GST (CGST)
 Government provides clarity on tax rate
 Processing of returns in Form ITR-I under section 143(1) of the Income-tax Act, 1961
  Filing of Reconciliation return in form 9 for the year 2016-17
  Today is last date for filing GSTR-1 forms for July; govt rules out further extension
 Today is last date for filing GSTR-1 forms for July; govt rules out further extension

Commerce, FinMin in funding brawl
December, 23rd 2006

A PRE-BUDGET tussle between the finance and commerce & industry ministries has broken out with the latter demanding that its budgetary allocation for 2007-08 be increased in tandem with increasing exports. The commerce department claims that Rs 800 crore worth of payments to exporters - including central sales tax refunds to EOUs and excise refund to deemed exporters - could not be made in the current fiscal due to fund shortage.

The commerce & industry ministry is planning to ask the finance ministry to take on the responsibility of making all payments to exporters if adequate resources are not allocated in Budget 2007.

The commerce department officials said that while the finance ministry makes its share of payments to exporters like duty drawback on time, the commerce ministry has to make exporters wait as they are constrained by inadequate resources. We get a bad name for no fault of ours, an official said.

In 2006-07, budgetary allocation for the commerce department was increased to Rs 1,925 crore from Rs 1,902 crore in 2005-06 resulting in an increase of less than 2%. You cannot have a jump in exports without a corresponding increase in funds for meeting their refund claims, the official added.

Sources pointed out that in case the finance ministry is not ready to increase allocations adequately, the commerce department would ask it to take on the responsibility of paying all refunds to exporters. Our department will very happily handover the responsibility to the finance ministry, the source said.

Meanwhile, exporters - in their pre-budget memorandum to the finance minister - have demanded that they should be granted CST exemption, just like EOUs. According to FIEO president Mr OP Garg, the CST element comes to 2.8% of export value (assuming inputs cost 70%) which makes Indian exports less competitive. All exporters should be exempted from paying CST, he said.

The commerce ministry has not yet sent its formal budget proposal to the finance ministry. Officials are still working on the outlay they should ask for in the next fiscal.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

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