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: due date for vat payment :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: TDS :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: Central Excise rule to resale the machines to a new company :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Here's why you must always check Form 26AS before filing tax return
 Want to file your income tax return after June 30? Having Aadhaar card is a must
 Timeline for filing of tax returns extended by two months
 Top 5 common mistakes to avoid while filing your income tax returns
 GST rollout on July 1: Deadline for filing tax returns extended
 What is GST?
 Income-tax (15th Amendment) Rules, 2017?
 Banks get a breather as GST Council extends deadline for tax filing
 Income Tax filing: Your easy guide in 7 steps
 E-filing income tax return: How individuals can upload any ITR using excel utility
 Top 10 common mistakes to avoid when e-filing your income tax return

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