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: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TDS :: empanelment :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: VAT Audit :: due date for vat payment
 
 
News Headlines »
 Income tax dept notifies amendments for sharing taxpayer information
 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

Tobacco may come under VAT from next fiscal
December, 13th 2006

Tobacco may come under VAT as part of a compensation package, asked by states from the Centre, for revenue loss due to the proposed phase out of Central Sales Tax from April one, 2007.

VAT panel on Tuesday decided to ask the Centre a compensation package, including powers on service tax, authority to levy VAT on imports and certain items under Additional Excise Duty and relaxation on 'declared goods' to enable states to go for reduction in CST from next fiscal, panel Chairman Asim Dasgupta told reporters.

The Panel also demanded budgetary support if its fiscal demand falls short of revenue loss due to CST phase out, Dasgupta said. CST, levied at four per cent on inter-state sale of goods, is projected to to fetch Rs 25,000 crore to states from 2007-08.

Though he did not mention which items from additional excise duty (AED) ambit the panel want for the purpose of VAT, sources said the Empowered Committee has decided for tobacco. Besides tobacco, textile and sugar fall under the AED net.

Sources said though the Centre may not agree to all the demands of the panel, tobacco may easily be transferred to the VAT list as it was on the states request that the three items were transferred from sales tax to AED.

VAT panel would meet Finance Minister P Chidambaram in the first week of next month on states' demand for compensation package and anything concrete can only be announced after that meeting, Dasgupta said.

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

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