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: ACCOUNTING STANDARDS :: empanelment :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TDS :: due date for vat payment
 
 
« ICAI »
 Constitution of Group to consider the entire structure to study circles, exploring ways and means to obtain independent PAN, TAN, Service Tax registration
 Group for formulating Foreign Travel Policy of the Institute
 Register for Webinar Organized By CPA Ontario in Association with Canada (Toronto) Chapter of ICAI on March 15, 2017.
 CPE Events 20th February - 25th February 2017
 Regarding Empanelment of professionals having at least fifteen years of continuous practice as a Chartered Accountant with RD MCA as Mediator or Conciliator for the year 2017-2018
 Extension of the Last date for submission of online application for empanelment of Chartered Accountants firms/LLPs with O/o C&AG for the year 2017-18.
 CPE Events 13th February - 18th February 2017
 ICAI elects New Torch-Bearers for the year 2017-18
 Condonation of Breach of Regulation 65 & 78 - Non submission of Form 112
 Exposure Draft of the Ind AS-compliant Schedule III to the Companies Act, 2013, for Non-Banking Financial Companies (NBFCs) (Comments to be received by March 6, 2017)
  Post Qualification Course in International Taxation - Assessment Test (INTT-AT)-May, 2017 Application Form

ICAI wants GST rollout to be delayed by a year
January, 16th 2010

The Institute of Chartered Accountants of India (ICAI) has asked the government to defer the implementation of Goods and Services Tax (GST) from April 1, 2010 by an year to allow for a smoother transition to the new indirect tax framework.

For smoother transition, it is imperative that GST be implemented from the first day of a financial year. Since there is very little time for the slated implementation date of April 1, 2010, it is recommended that GST be implemented from April 1, 2011, the ICAI said in its submission to the government.

The Centre and states are yet to finalise the framework for the comprehensive tax reform undertaken by the United Progressive Alliance government that seeks to create a seamless market in the country. The GST will replace the major indirect taxes excise duty, service tax, value added tax and other state taxes with a single levy, will create a national common market at present fragmented because of multiple levies.

Though the rollout of the tax looks unlikely from April 1, 2010, both the Centre and the states are locked in a debate over whether to unveil it in middle of the financial year. The Centre is in favour of a mid-year launch while states want the new tax to be implemented from April 1, 2011 to give enough time to trade to prepare for the new regime.

The ICAI had constituted an expert committee to look into the implementation of the GST structure at the instance of the finance ministry. While favouring a dual- GST structure, the ICAI want the tax to be administered by a common authority.

As part of transition measures, the ICAI has suggested that the indirect tax on on-going works contracts/turnkey contracts and lease transactions be discharged on similar basis as like prior to introduction of GST. This it says will safeguard against an increase in liability for suppliers involved in such contracts from an adverse impact of higher taxation rates under GST.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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