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
Latest Expert Exchange
« Budget Extravaganza »
 How Union Budget 2018 impacts individual taxpayers
  How Budget 2018 will be different due to GST
 This is how Budget 2018 announcements may help you save tax
 Here's why the government advanced the Budget date
 Will Budget 2018 Reduce Your Income Tax? 10 Expectations
 How Budget 2018 will be different due to GST
 Will Budget 2018 cut tax on switch from dividend to growth option in mutual funds?
 Startup eco-system looks forward to the budget for addressing tax dilemma
 High time to prioritise non-tax revenue in the Budget
 Govt may abolish dividend distribution tax in budget
 Budget making in the GST era: paradigm shift

Finance ministry starts consultations for the Budget 2011-12
December, 07th 2010

The finance ministry on Monday started consultations for the Budget 2011-12 and held a meeting with industry chamber PHDCCI which said the Centre should end deadlock with states over GST, even as the Empowered Committee failed to make headway on the proposed tax regime.

In a meeting with revenue secretary Sunil Mitra, PHDCCI called the Centre not to tinker with indirect tax rates in the Budget.

The government should not be tinkering on indirect tax rates but push for implementation of GST at the earliest, PHDCCI president Ashok Kajaria said in a statement issued after the meeting.

He said Direct Taxes Code (DTC) and GST will simplify tax structures by removing current inefficiencies and distortions and provide a more enabling environment for the Indian corporate sector to contribute to Indias growth story.

PHDCCI asked the government not to let the impasse on GST stay for long and complete the legislative process for the implementation of GST at the earliest so that the proposed regime could be rolled out from April 1, 2012.

The chamber statement indicated that it is also unsure of rolling out of GST from any time next fiscal.

The fate of GST, which will subsume VAT, excise duty and service tax, besides local levies, surcharges and cesses, hangs in balance with the states and the Centre yet to come on a common ground over a number of issues.

Meanwhile, Mondays meeting of the Empowered Committee was attended by just eight state finance ministers and they also put off constitution amendments, required to roll out GST, and the rate structure to the next meeting.

GST was scheduled to be rolled out from this fiscal, but after differences between the Centre and states over its rate structure, the Union Government said it would make efforts to introduce it from April 1, 2011.

Now it is likely to miss this date as well, while the new timeframe has yet not been set.
When asked about any revised timeframe, Empowered Committee chairman Asim Dasgupta said, We want to mention that in more precise terms after our meeting with the Union finance minister.

The chamber also asked the government to refrain from changing indirect tax rates in the Budget. If it happens, the government will be putting on hold withdrawal process from the stimulus it provided to the economy in view of the global financial crisis.

Even then, it wanted the government to continue with fiscal consolidation process, started in this fiscals budget.

The chamber also focussed on step up in public investment in agriculture, National Food Security Mission etc.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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