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: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: VAT Audit :: list of goods taxed at 4% :: cpt :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
  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
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…
 File income tax returns in time to carry forward losses
 Missed the deadline to file income tax returns? Here is what you should do
 Who has to report foreign assets in Indian income tax return and how to do it

GST to carry advance tax ruling comfort
December, 22nd 2007
Taxpayers will be able to ascertain their tax liability before entering into a transaction under the unified goods and service tax (GST) regime. The GST regime will provide for advance ruling on the lines of the Authority for Advance Rulings (AAR) for taxes levied by the Centre.

Advance rulings are binding on both the tax department and the taxpayer who has sought the ruling.

According to the new modified draft circulated to state governments, there would also be a single dispute resolution mechanism at the federal level. This mechanism will be set by the Centre as well as the states. The issue also figured in the discussions at the meeting of the empowered committee on Thursday. Sources said the proposal for providing advance rulings has also found favour with state governments. This system would make the GST setup more taxpayer-friendly and take it one step ahead of the present value-added tax system.

The draft also seeks to limit deviations in the rates and items under the proposed tax regime in various states. While the value-added tax regime allows for deviations up to 1%, most state governments are not adhering to this limit. State governments have been asked to firm up their views on deviations to maintain uniformity.

It has been decided that there would be two slabs for taxes on goods but one slab for services. Also, state governments would be able to levy tax only on intra-state services. Inter-state services would be taxed by the Centre.

The report submitted by the joint working group on GST was accepted by the empowered committee in November. However, some modifications were made in the draft before Thursdays meeting after taking into account state governments responses.

The discussions held on Thursday will also be reflected in the final draft, which would be taken up for discussions on January 24. If the draft is approved by the empowered committee, it would be recommended to the Centre.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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