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: form 3cd :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARDS :: VAT RATES :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: list of goods taxed at 4%
 
 
Service Tax »
 GST Network gets notice for avoiding service tax
 GSTN contract may attract tax
 GST Council may discuss tax rate on gold at Udaipur meet
 Govt may rework indirect tax estimates mid-way after GST
 GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
 Government may rework indirect tax maths mid-way after GST entry
 Govt may rework indirect tax mid-way after GST entry
 GST rollout will reduce disparity among states
 GST: E-tailers oppose tax laws
 Service Tax Act Chapter V Of The Finance Act, 1994
 Delhi government unlikely to achieve VAT target

GST, National Tax and Huge Reform in Parliament on Monday
December, 19th 2014

There may be just two working days left for this Parliament session, but the government is determined to signal its commitment to its agenda of economic reform and will therefore, on Monday, introduce a bill to create a harmonised Goods and Services Tax (GST).

The bill, which will be brought to the Lok Sabha next week, will be debated in the budget session of Parliament in February. The government aims to bring the tax into effect from April 1, 2016.

The GST provides a major taxation reform by introducing a national sales tax that will replace a myriad of overlapping state duties that deter investment.The cabinet last evening approved a constitutional amendment bill that allows for this.

Since the bill seeks to amend the constitution, it needs to be cleared by a two-third majority of both houses of Parliament. The government will face no problem in the Lok Sabha, where it has huge numbers, but it is in a minority in the Rajya Sabha and will need the opposition's support.

The proposal will then have to be cleared by at least half of the country's 29 state legislatures.

To win over states, Finance Minister Arun Jaitley brokered a compromise on Monday, offering to compensate them for any loss of revenues.

For now, taxes from the sale of alcohol and petroleum will not be subsumed by the GST. States will continue to keep those. But taxes on the sale of tobacco will be covered by the GST.

Sources say that the government is considering using an ordinance or executive order to liberalize the insurance industry by lifting the cap on foreign investment from 26 percent to 49 percent. That's because it is not sure that the proposal will clear the Rajya Sabha. For the same reason, an ordinance on coal reforms that allows the government to auction mines could be re-issued or re-promulgated. Executive orders need to be approved by Parliament within six months.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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