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: ACCOUNTING STANDARD :: VAT Audit :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: empanelment :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: cpt
 
 
« News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

Maha CM wants sales tax scrapped
December, 13th 2006

The Maharashtra chief minister Vilasrao Deshmukh wants the Centre to scrap the sales tax and instead introduce an integrated national tax on goods and services.

After replacing the states sales tax by VAT, it is time that we move towards goods and service tax,, Mr Deshmukh said at the recently held National Development Council meet chaired by Prime minister Manmohan Singh. Mr Deshmukh suggested that the Centre and the state government should tax all services and inter-state services in the same manner as inter-state sales, that is, taxation on destination principle.

It is necessary to move to the modern system for which the government should begin a process and reform the present central sales tax system wherein the exporting state taxes the consumption in the importing states, he suggested.

Mr Deshmukh thinks that this needs to be replaced by a system, where the tax on inter-state sales is paid in advance to the importing state and the importer is authorised to claim input tax credit of the tax paid on his inter-state purchase.

The proposal is fully compatible with the basic principles of VAT and also protects the exporting states from potential wrongful claims of input tax credit by any exporter in that state, he added. He also expressed the need to convert the state VAT into a standard VAT on goods and services.

In Maharahtra the services are growing at 12% whereas agriculture is stuck at a paltry 3% growth, Mr Deshmukh said. And hence effective implementation of service tax yields more for the state.

 
 
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