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: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: due date for vat payment :: empanelment :: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« Service Tax »
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant

In GST launch, Finance Ministry sees further delay
January, 10th 2011

With the Opposition adamant on a joint parliamentary committee probe into 2G spectrum allocation, the government may be forced to further delay rollout of the goods & services tax by a year. The finance ministry expects little cooperation on GST from states ruled by the main opposition party, the BJP, and its allies.

Finance ministry officials involved in GST rollout preparations, confirmed to Business Standard that the proposed indirect-tax regime cannot come into effect before April 2012.

Even though work on GST technology infrastructure and processes was on track, there has not been much headway on discussions over the necessary constitutional amendments and taxation structure since the last meeting of the empowered committee of state finance ministers on December 6, the official added.

GST was originally slated for launch on April 1, 2010. After missing that deadline, the government had proposed to introduce it in April 2011, but finance ministry officials have already said this would also not be possible. The ministry had then hoped to roll out the new regime from October 2011, but that now appears an unlikely possibility, given the spat between the government and Opposition.

Not much headway made on GST legislation or tax structure
Launch was slated for Apr 2010, but has been postponed twice
Govt may be able to table Bill in the next monsoon session
BJP-ruled states, UP and TN have strongly opposed GST Bill

After the government failed to table legislation for GST in Parliament in the monsoon session last August due to a lack of consensus among states, it was pinning its hopes on the winter session in December. However, it could not bring all the states on board in the intervening three months between the two sessions.

Moreover, the entire winter session was washed out due to Opposition disruptions and the logjam could spill over into the Budget session. If all the outstanding wrinkles are ironed out in the next few weeks, the government may be able to table the necessary Bill in the next monsoon session in July. But it will still require review by a standing committee, clearance by the House and ratification by state legislatures.

While Congress-ruled state governments have agreed to the proposed constitutional amendments for GST, BJP-ruled states, as well as Uttar Pradesh and Tamil Nadu, have strongly opposed them. The last meeting of the empowered committee was attended by only eight state finance ministers.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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