Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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 :: articles on VAT and GST in India :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT RATES :: form 3cd
Service Tax »
  Changes In Central Goods And Services Tax Rules, 2017
 GST return filing to be a breeze for small businesses
 Changes In Central Goods And Services Tax Rules, 2017
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.

Govt relooks at excise, service tax exemptions
February, 04th 2013

The government is taking a fresh look at exemptions in excise duty and services tax this Budget to prepare the ground for the roll out of goods and services tax (GST) by December this year.

If implemented, this could mean a more expensive grocery bill as a host of packaged food items such as sweetmeats, edible preparations like namkeens, smoked fish, sausages, olives, trufles, cheese, butter, noodles, ketchups will become expensive.
These goods either do not attract excise duty now or attract a lower levy than the median 12% rate that the policymakers are in favour of being retained to ensure that manufacturing sector does not face fresh headwinds.

Mobile handsets, hands-free devices, memory cards could also become costlier with the proposed duty structure rationalisation. "The idea is to send out strong signal on GST and also to get back to high growth path," said a senior government official adding that this will be pitched more as adjustments than increase in levies.

The government had proposed 16% GST (8% central GST and 8% state GST) to replace indirect taxes levied on goods. There was a very small list of goods that was to be taxed at lower rate. Though this structure is being review, in a GST regime a number of goods will face a higher incidence of tax because most exemptions will be phased out.

The government is keen to begin this process of rationalisation in the budget itself but final decision would be taken at the highest political level after giving due consideration to revenue requirements and economic factors, the official added.

The centre and states have reached an understanding on many aspects of the proposed GST, which seeks to replace plethora of union and federal indirect taxes on goods and tax on services.

The progress, finance minister P Chidambaram hopes, will allow him to get crucial legislation for GST in place by December.

The Vijay Kelkar panel in its report on fiscal consolidation has advocated for a cut in the median rate to 8% to signal a shift towards GST and also move items enjoying lower rate of duty to the standard rate.

The panel also suggested removing a number of items from the negative list for services.

However, finance ministry officials are in favour of retaining the median rate at 12% for now as government is keen to send out strong message about its commitment to fiscal consolidation while ensuring that the fragile business sentiment does not get hurt.

Most industry lobby groups, including CII and FICCI, have demanded that if the government can't cut taxes, then it should at least retain rates.

Experts say shift towards GST would mean maintaining stability in tax rates and cut in the number of exemptions.

"Steps towards GST should mean stability in tax rates, removing several excise exemptions coupled with rationalisation of various slab rates," said Pratik Jain, partner, KPMG India.

The government had cut the median excise duty rate levied on nearly 90% of goods manufactured to 10% from 14% in December 2008, and by another 2 percentage points to 8% in the interim budget in February 2009.

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

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