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 :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: TDS :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: due date for vat payment :: cpt :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
 GST registration mandatory for TDS entities
 Govt rules out extension for filing GSTR-3B returns after December
 Tax department’s e-filing portal out of action for 2 hours
 Use ITR-2 to show salary and capital gains income
  TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
  How to file ITR for FY 2016-17 and all the links you need
 All about E-way Bill under GST
 Good and simple tax: on the GST regime
 Seeks to extend the time limit for filing of GSTR-1, GSTR-2 and GSTR-3
 Good news, find Tax Return Preparers soon at a place near you; 5 things to know
 Filing of GST return

Centre, States agree on CST compensation package
January, 24th 2007
Asim Dasgupta meets Chidambaram


Elimination
CST phaseout would begin from April 1, with a one per cent cut from 4 to 3 per cent. Then in a step-by-step manner taking it down to zero through a 1 per cent reduction every year.
The entire CST would get eliminated by April 1, 2010.

The Centre and the States on Tuesday converged on the elements of the compensation package for the Central sales tax (CST) phaseout from April 1 this year.

This is a progress to the earlier meeting of January 3 between the Union Finance Minister, Mr P. Chidambaram, and the VAT Panel Chairman, Dr Asim Dasgupta, when only a "broad consensus" was reached on the phasing out of CST.

"I had a meeting with the Union Finance Minister this morning followed by a detailed discussion with the empowered committee. The CST compensation package has been agreed upon (between the Centre and the States) and we have reached convergence", Dr Dasgupta told reporters here today.

Package details

The compensation package would among other things, comprise Central budgetary support as well as States eventually getting additional powers of collection of service taxes. Citing budget confidentiality, Dr Dasgupta declined to go into the details of the package.

CST phaseout

He, however, highlighted that the CST phaseout would begin from April 1, with a one per cent cut from 4 to 3 per cent and then in a step-by-step manner taking it down to zero through a 1 per cent reduction every year.

This would imply that the entire CST would get eliminated by April 1, 2010. The proposed CST phaseout roadmap is in variance with the demands of industry, which had sought reduction in CST from 4 to 2 per cent in April 1, and its elimination in April 2008.

CST collections in 2007-08 are estimated to be Rs 25,300 crore.

Currently, the States collect and retain the entire CST, which is an origin-based tax on inter-State sale of goods, The presence of CST in a destination-based value added tax (VAT) regime creates distortion and, therefore, the need for doing away with this tax.

Meanwhile, sources said that some of the States had at today's VAT Panel meeting expressed some reservations over levy of service tax on certain services such as education services.

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

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