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: TDS :: list of goods taxed at 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: Central Excise rule to resale the machines to a new company :: cpt :: articles on VAT and GST in India :: form 3cd :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« Service Tax »
 CBEC to be renamed, reorganised for GST regime
  GST debate now continues on categorisation of products
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today
 Applicability Of Gst Law On Educational Institutions
 Cabinet clears 4 Bills, GST likely to roll out by July 1
 GST may also impact income tax collections: Experts
 Companies, consultants grope in the dark to meet GST deadline
 Cabinet approves GST, e-commerce cos to pay up to 1% tax
 Cabinet approves supporting GST legislations ahead of 1 July roll-out

Goods and service tax delayed, likely by 2011 only
December, 17th 2009

It's official: The goods and service tax (GST) regime, India's biggest-ever tax reforms attempt, scheduled to roll out on April 1, 2010, will miss the deadline by a wide margin.

After a meeting in the capital on Wednesday, chairman of the empowered committee of state finance ministers on GST, Asim Dasgupta, told the media that the draft amendment for the new tax regime would not be introduced in the current winter session of Parliament.

It may be difficult to introduce the goods and services tax amendment in this winter session due to certain difficulties, said West Bengal finance minister Daspupta.

If the amendment is introduced in the next Parliament session (Budget), GST cannot be implemented from April 1 as framing of the new legislation is a lengthy process, an empowered committee representative pointed out.

In fact, members of the committee have indicated that GST would not be implemented before the year 2011.

In the DNA Money edition dated November 11, it was reported that a one-year delay from the scheduled date of GST rollout was likely.

On Tuesday, the task force of the 13th Finance Commission released a report, recommending to defer the GST implementation by six months. The task force wants GST implementation only by October 1, 2010.

"Given the fact that the discussion paper on GST has not yet been released for public debate, it is unlikely that the Centre and the States would be able to complete all legislative and administrative processes before April 1, 2010," the 13th Finance Commission report said.

It added, "it would be appropriate for the Council (empowered committee) to postpone the implementation by six months to October 1, 2010."

Stressing on the need for strong political consensus and significant role of the finance minister, the Commission's task force report has pointed out that "the benefit to the poor from the implementation of GST will flow from two sources: first through increase in the income levels and second through reduction in prices of goods consumed by them."

The proposed switchover to the 'flawless' GST should, therefore, be viewed as pro-poor and not regressive, it has said. "Hence, the switchover will improve the vertical equity of the indirect tax system."

The 13th Finance Commission task force has recommended a single, 12 per cent rate, on all items.While states would get 7%, the remaining 5% would go to the Centre, according to the task force.

The discussion paper prepared by the Empowered Committee of state finance ministers had however suggested four rates under GST.

The Centre and states are still in consultation, and they are far from reaching a consensus on how to implement the ambitious GST scheme.

Besides the rates to be fixed for GST, the quantum of compensation to be paid to the states during implementation of the system is a thorny issue that needs to be resolved.
GST is being referred to as a comprehensive indirect tax reform in the country, just like value-added tax (VAT) was an improvement over the earlier system of central excise duty at the national level and the sales tax system at the state level.

Former finance minister P Chidambaram had announced April 1, 2010, as the rollout date for GST across the country in his budget speech of 2007-08.

Recently, finance minister Pranab Mukherjee had said, "we should look at a full-fledged rollout of GST. Let it take as much time as required."

The empowered group of state finance ministers is scheduled to meet again on January 7 and 8 to discuss the GST issue. The FM will then finalise the draft constitutional amendment in consultation with the committee.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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