Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT Audit :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TDS :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: form 3cd
News Headlines »
 5 Tax tasks you should complete before March 31
 March 31 deadline nears: Check out these last-minute tax-saving investment options
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018

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 2018 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