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: Central Excise rule to resale the machines to a new company :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: articles on VAT and GST in India :: empanelment :: cpt :: ACCOUNTING STANDARDS :: list of goods taxed at 4%
 
 
News Headlines »
 Income-tax (17th Amendment) Rules, 2017
 GST: One nation, one market, one tax
 Ready or not, businesses brace for biggest-ever tax reform
 Ready or not, businesses brace for biggest-ever tax reform
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules

Tax on securities transactions could be scrapped
February, 01st 2007

May be replaced by Goods & Services Tax
 
It could soon be party time on Dalal Street, as the government is considering the elimination of the securities transaction tax (STT). The catch? It could be replaced by the proposed omnibus Goods & Services Tax (GST).

This means that instead of taxing individual entities every time they transact in the equity market, the tax system will be oriented towards taxation of the value of the financial services provided. Such services can include anything from asset management to investment services.

The proposal was floated by the finance ministry-appointed Percy Mistry Committee to prepare a road map to develop Mumbai as an international financial centre.

The move is aimed at making the tax structure for the financial sector compatible with international standards. According to S Madhavan, executive director, taxation, PwC, while doing way with the transaction-based tax was welcome, the GST model also needed to be studied. He said many countries provided the financial sector exemption from GST.

But the committee is learnt to be in favour of phasing out all tax exemptions that could brand Mumbai a tax haven. Instead, it has endorsed the road map suggested by the earlier Kelkar Committee on tax reforms which said financial services be brought under GST.

TAKING STOCK
Instead of taxing individual entities, the system will be oriented towards taxation of the services provided
The move is aimed at making tax structure for the financial sector compatible with global standards
 
Since the Mistry Committees views will require fairly large-scale changes in the present tax system, it has apparently suggested that the government set up a working group to thrash out the modalities. The GST was mooted by finance minister P Chidambaram in Budget 2006 for introduction by 2010, as a comprehensive tax for both goods and services.

Chidambaram had introdued STT in Budget 2005. In Budget 2006, the rates were hiked from 0.1% on the value of the purchase or sale of an equity share to 0.125%.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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