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: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: form 3cd :: cpt :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT Audit
 
 
« News Headlines »
 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
 How to file income tax return after due date
 Why you should not rely solely on your income tax return filer, chartered accountant when filing ITR

Shake-up in tax share
December, 31st 2009

The 13th Finance Commissions recommendations on efficient tax and expenditure management and the sharing of tax receipts between the central and state governments could feature in the next Union budget.

The recommendations (of the Finance Commission) will be reflected in the budget, finance minister Pranab Mukherjee told reporters but did not give the details.

Headed by Vijay Kelkar, the commission submitted its report to President Pratibha Patil today.

The report, after being adopted by the cabinet, is likely to be tabled in the budget session of Parliament.

We had been asked to suggest a new path for fiscal consolidation. We have recommended a fiscal path for the next five years (2010-15). The report dealt with the sharing of tax revenue between the Centre and states, distribution of funds among states and support to local bodies, Kelkar told reporters.

Apart from suggesting a formula for sharing revenues, the panel was asked to look into the impact of the proposed goods and services tax (GST), scheduled to be introduced in April.

The panel was also asked to study the impact of including bonds issued to oil and fertiliser firms and the Food Corporation of India in the budget. Such bonds are kept off the balance sheet and are not counted as government expenditure.

At present, the states and Union territories get Rs 1.64 lakh crore a year, or around 30 per cent of the tax collected by the Centre. The total tax revenue of the government has been estimated at Rs 6,41,079 crore during 2009-10. The revenue has two parts: that which can be shared with the states and that which will be with the Centre.

The 12th Finance Commission had recommended that 30.5 per cent of the central taxes which was shared with the states should be given to the states and Union territories.

The commissions report is important in the context of the ongoing reforms in indirect and direct taxes that will have a bearing on collections.

The government proposes to introduce GST that will replace levies such as excise, VAT and service taxes next year.

The Direct Taxes Code, which will replace the Income Tax Act, 1961, is also open to public debates and suggestions.

A task force set up by the 13th Finance Commission on GST has recommended a 12 per cent rate. States, however, say they will not settle for a rate less than 15 per cent.

Latest talks have suggested that there should be two slabs a lower rate for essential items and a higher one for most items.

There will also be an exempted list of items and a rate of 1 per cent for precious metals such as gold, platinum and silver.

Last year, the government had put fiscal prudence on the back burner after it had to step up spending to insulate the economy from the global financial meltdown.

Fiscal deficit, a reflection of government borrowings, is estimated to touch 6.8 per cent in 2009-10, up from 6.2 per cent in the previous fiscal, mainly because of the stimulus measures.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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