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: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: VAT Audit :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: cpt :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS
 
 
Service Tax »
 What does GST hold for Indian youth?
 GST will help India move towards becoming a commercial union
 Friendly advance ruling mechanism to smoothen ride under GST regime
 GST impact: Small businesses could under-report income initially
 The art of doing business under GST
 GST council to debate tax on services, fitment of items on April 18-19
 Online Services – Changes In Service Taxation
 States deserve bigger share of GST pie
 Mumbai zone service tax mop-up falls short of revised target
  Composition Tax under CGST Bill,2017
 GST Network expects last-minute rush from taxpayers

GST structure, rates to be finalised today
January, 21st 2009

A key panel of state finance ministers will meet tomorrow in New Delhi to finalise the goods and service tax (GST) structure and rates under the dual GST regime, beginning April 2010.

The Empowered Committee of State Finance Ministers will discuss the suggestions put forward by the committee of state finance secretaries and tax commissioners which met here today.

The Centre and states have agreed that both will tax all goods and services under the dual GST model, which will have a state GST rate and a central GST rate. The Constitution will be amended to enable states to tax services.

The revenue-neutral rates will be determined after estimating the revenue loss to states in implementing the GST and their additional income from taxing services.

While the tax rates will be the same for goods and services, there could be two slabs both in central and state set-ups. It means there could be one standard rate for general category of goods and services and a lower rate for goods and services (like medicines) which have social importance.

The combined GST rate (state and central) will be around 20 per cent. It is likely that the standard central GST rate could be 11-12 per cent, while the state GST rate could be 8-9 per cent, sources said.

The combined GST rate under the lower slab could be in the range of 6-8 per cent. GST will subsume central excise, service tax, state sales tax and central sales tax with a few exceptions. The basket of petroleum products will be kept outside the GST regime for the time being and a final call on it will be taken later.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

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