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 :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India :: VAT RATES :: TDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARD
 
 
Service Tax »
 A 5-Point Guide For Buyers To Understand The Effect Of GST On Real Estate
 Stalled unsorted diamond imports to resume after GST rate revision
 TDS, TCS deductors can apply for GST registration from 18 September
 E-commerce companies face tax heat as I-T department says discounts should be treated as capital spend
 Central Goods and Services Tax (Sixth Amendment) Rules, 2017
 GST will also impact direct tax collection
 Seeks to extend time period for filing of details in FORM GSTR-6 for months of July & August
 GST: Is input tax credit available for tax paid on mobiles given to staff?
 GST filing, reconciliation solution launched
  Finance Ministry asks taxmen to submit note on high-pitched assessments
 Step by Step Guide for GST Enrolment for existing Central Excise / Service Tax Assessees

Centre and states should work to adopt the goods and services tax
January, 31st 2014

The states must be commended for prudent management of their finances in a slowing economy. The RBI's study on state finances shows an improvement in the consolidated fiscal position of states during 2010-13. The improvement was revenue-driven and also broad-based across states.

Sure, states benefited from a higher share of central transfers based on the Thirteenth Finance Commission award, but their own tax revenues also rose, leading to a reduction in the gross fiscal deficit (GFD). The budgeted increase in the revenue surplus-togross state domestic product (GSDP) ratio in 2013-14 will further improve their finances.

Expectedly, the budgeted GFD-to-GSDP ratio is lower than 3 per cent in a majority of states, in contrast to the Centre's figure of 4.8 per cent. Revenues from value added tax grew faster than the states' overall tax revenue in the three years to 2013-14, and that is striking.

It thus makes all the more sense for the Centre and states to work in the spirit of cooperative federalism to adopt the goods and services tax (GST). GST captures value addition and income across the production chain, and will boost tax revenues and growth.

The BJP should stop obstructing the tax. States should also raise user charges on electricity, especially given the concerns over mounting losses of state power utilities.

Free power and water will only dent their finances, and non-tax revenues. The RBI study also shows a rise in development expenditure: states have improved both overall finances and the quality of spending.

The capital outlay-GSDP ratio also increased in most states. A decline in overall debt-GDP ratio has also eased the interest burden, and helped states to cut down their nondevelopment spending. However, the RBI has warned that unreformed welfare schemes could strain state finances.

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

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