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 :: cpt :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: empanelment :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
General »
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of ₹ 500/- and ₹ 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November
 Why PM Narendra Modi must beware of the breathtaking Arthakranti tax
 Japanese firms seek easing of restrictions on funding in India
 Tax on black money: How the cookie will crumble
 Income tax officials say raids on jewellers based on 'credible intelligence' proving fruitful
 Exchange window being misused, government forced to reduce limit to Rs 2000, says Arun Jaitley

Supports purchase tax on food grains
January, 07th 2010

The Orissa government will seek continuance of the purchase tax on foodgrains under the proposed Goods and Service Tax (GST) regime to be introduced across the country, said state finance minister Prafulla Chandra Ghadai.

Talking to the newsmen here today, Ghadai said, the Centre is contemplating to allow states like Punjab and Haryana to continue with purchase tax on foodgrains. Orissa would demand the same treatment, he added.

At present, Orissa is collecting purchase tax on foodgrains at the rate of 4 per cent under the Orissa Sales Tax regime and last year got Rs 221 crore from this source.

Ghadai, who left for New Delhi today to attend the meeting of the Empowered Committee of State Finance Ministers on 7-8th January, said, the meeting would deliberate on the proposed structure and roadmap of GST. He said, if the purchase tax on foodgrains is put in the exemption list, the state will be subjected to a loss of about Rs 250 crore annually.

Similarly, Orissa will favour continuance of 2 percent Central Sales Tax (CST) in the initial stages of the introduction of GST as the state is yet to assess the revenue loss on account of the introduction of the new tax regime.

The government is targeting to collect Rs 646.9 crore from CST at the present rate in the current fiscal. Stating that a presentation will be made before the Empowered Committee on the revenue neutral rate (RNR) for the state under the GST, Ghadai said, the state will demand the implementation of the new system from April, 2011 instead of April, 2010.

On the issues of Central devolution to the state following the submission of the report by the Thirteenth Finance Commission (TFC), the finance minister said, the government hopes the dispensation will be better this time. We have left no stone unturned and expect the better devolution from the TFC, he said.

The share of Central taxes marginally increased to 30.5 percent during the 12th Finance Commission from 29.5 percent in the 11th Finance Commission recommendation. Since this is not adequate to meet the growing needs of the states economy, Orissa has demanded the state share to increase to 50 percent.

However, he was non-committal on whether the overall devolution would increase beyond 5.16 percent. It may be noted, the state government has sought Rs 2,20,524.61crore from the TFC including Rs1,32,141 crore as non-plan revenue deficit grant.

According to the experts, the devolution to the state may decline in percentage terms even with an increase in states share from Central taxes. It will depend on the perception of the TFC towards the needs of the state which had attained revenue surplus in the years preceding 2009-10.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

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