Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: TDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT RATES :: articles on VAT and GST in India
« News Headlines »
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961
 Comparison of 10 tax-saving investments under Section 80C

Finance Minister: On Goods and Service tax, hope for consensus
December, 15th 2010

Finance minister Pranab Mukherjee said the Centre is willing to accommodate states concerns to ensure speedy implementation of the proposed goods and services tax.

This is an indication that the Centre may make another attempt to break the logjam in talks on the constitutional amendment needed to implement the countrys comprehensive indirect tax reform. The central government , with a view to evolve a consensus , is willing to consider a phased approach for the introduction of GST, Mr Mukherjee said in his address at a seminar organised by the Comptroller & Auditor General of India.

The GST is already delayed by a year and will miss the new deadline of April 1, 2011 because of the lack of consensus between the Centre and the states.

It will replace multiple indirect taxes levied by the Centre and the states with a neat single levy, which will help reduce administrative costs, create a national market and prevent evasion.

The single tax will subsume statelevel value added tax, octroi, entry tax and central taxes including excise duty and service tax.

It will not only dismantle the complexities and non-transparency in tax regime for goods and services but also encourage a consumerfriendly product pricing that should benefit the aam admi, Mr Mukherjee said.

Mr Mukherjee said the government would like to implement the new tax together with the new Direct Taxes Code from 2012-13 , which is slated to replace the archaic Income Tax Act, from April 1, 2012. It is my earnest hope that there will be a convergence of views on this draft so that the required bill for making these amendments could be introduced in Parliament at the earliest , he said.

The states have in principle agreed with the need for a reform in the regime for indirect taxes, but fear the structure proposed by the Centre will undermine their fiscal autonomy.

The empowered committee of state finance ministers has been unable to formulate any consensus on the Centre's proposal on constitutional amendment bill necessary to roll out the tax.

Some states, mainly BJP-ruled , are opposed to the Centre's proposal for creation of a dispute settlement mechanism through constitutional amendment.

The finance minister said in a multi-party , multi-ethnic country like India, divergent views are bound to occur and hoped that consensus would be found in the empowered committee over the issue.

Constitutional amendments are required to implement GST because the Centre cannot impose tax on retail sale of goods and states do not have powers to levy service tax. The proposed GST is to have two components, one central GST and one state GST.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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