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: VAT Audit :: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: empanelment :: cpt :: list of goods taxed at 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy

CST phaseout: States decide on compensation package
December, 13th 2006

State Finance Ministers under the aegis of the VAT Panel on Tuesday decided on the compensation package that they would formally demand from the Centre for the proposed phase-out of Central sales tax (CST) from April 1 next year.

The package would include additional powers to States on service tax (raising devolution share on service tax and giving States the power to tax certain services), power to levy VAT on imports, bringing certain additional excise duty (AED) items under VAT and some relaxation on `declared goods.'

States would also insist on Budgetary support as part of the compensation package to tackle fall in revenues from other elements.

Collections from CST, which is an origin-based tax on inter-State sale of goods, are projected to touch Rs 25,000 crore in 2007-08.

Indications are that the States would demand the power to levy VAT on tobacco, currently an AED item, and seek removal of four per cent ceiling rate on `declared goods.' The VAT rate on tobacco, if levied, is likely to be more than 12.5 per cent as it is a demerit item.

"Some of the demands that we are going to make require legislative changes," said Mr Asim Dasgupta, Chairman of the Empowered Committee of State Finance Ministers on VAT.

"As things stand, I am optimistic that the CST phase-out would begin from April 1 next year. Some differences with the Centre on the compensation package are there and these have to be ironed out."

The VAT Panel Chairman would meet Finance Minister Mr P. Chidambaram in the first week of January to take forward the issue of the compensation package.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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