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: due date for vat payment :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT Audit :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: cpt :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD
 
 
« Customs and Excise »
  Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Rate of exchange of conversion of the foreign currency with effect from 21st October, 2016
 Seeks to amend Notification No. 27/2014-Central Excise
 Government doubles limit of excise duty evasion for arrest and prosecution
 Excise duty evasion limit to warrant arrest revised to Rs 2 crore
 Guidelines for launching of prosecution in relation to offences punishable under the Customs Act, 1962
 GST notification triggers uncertainty over excise duty
 Preparing for GST: govt looking at restructuring excise/customs cadre
 Refund of Terminal Excise Duty (TED) under Deemed Exports where Duty has been paid from CENVAT Credit and ab-initio waiver is not available.
 CBEC directs customs officials for random search of vessels
 Rate of exchange of conversion of the foreign currency with effect from 7th July, 2016

Unified excise duty, service tax to fast-track GST rollout
February, 20th 2010

Just a week before the general Budget, Prime Minister Economic Advisory Council (PMEAC) has made a case for raising duties as part of stimulus rollback, and said excise duty and service tax could be unified for a faster introduction of goods and services tax (GST) at the central level.

Partially, we need to roll back (stimulus) and if you partially roll back, there is one possibility that you unify both the rates (excise and service tax) at 10% or 12%, PMEAC member Govinda Rao said after the release of Review of the Economy 2009-10 report by the councils chairman C Rangarajan on Friday. Expressing concerns over the rising fiscal deficit, which is estimated at 6.8% this fiscal, the panel said it was crucial to cut down on spending to bring in fiscal discipline.

There is a case for adjustment of duties. Adjustments are possible both on the revenue and expenditure front in order to bring down fiscal deficit, PMEAC chairman C Rangarajan said.

The panel suggested unifying the threshold and rate structure of cenvat and service tax to introduce GST at the Centre. The unification may be done at a level in between the current rate and the previously existing general rate for excise duty, it said.

Doling out stimulus to the industry in two installments since December 2008, the government reduced the excise duty from 14% to 8% and service tax from 12% to 10%.

Suggesting expansion of service tax base, the council said if the government brings previously exempted items like railway fares and freights under the service tax net, it could add to the revenue by about 0.5% of gross domestic product. Rangarajan said the government could reduce the fiscal deficit during 2011-12 by 1% by rationalising expenditure and another half a percent from the revenue side.

Expanding the service tax base would also help in assessing the base of State GST and help to finalise the revenue neutral rate of State GST as well as the mechanism for compensating states for the loss of revenue, PMEAC advised. This will also provide a measure of comfort to the states in making a smooth transition to the GST regime, it added.

The panel said the government needs to do a considerable preparatory work before GST is launched, and suggested that the April 2010 deadline is not realistic. An important initiative for bringing in GST regime is putting in place a centralised agency to track inter-state transactions and function as a clearing house, the council added. This will also help in the computerised information system for Central GST. This will ensure better tax compliance, prevent misuse of tax credit mechanism for input taxes and will enable a smoother mechanism for relieving the tax on exports, it added.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

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