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: due date for vat payment :: empanelment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: cpt :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT RATES
 
 
« News Headlines »
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit

FinMin secures President's nod for Goods and Services Tax Bill
March, 17th 2011

The finance ministry on Wednesday moved a step closer to the proposed Goods and Services Tax (GST) by taking the Presidents approval for introducing a Constitution Amendment Bill in Parliament. Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.

Government officials, who did not wish to be named, told Business Standard the Bill was likely to be tabled in the Lok Sabha on March 23 or 24. The finance ministry, along with the law ministry, made some minor drafting changes in the Bill after the Union Cabinet cleared it on Tuesday. It is trying to tie loose ends and push for early introduction of the proposed indirect tax regime.

The finance ministry had received comments from about 18 government departments on the proposed amendments. While the Department of Telecommunications and the Department of Industrial Policy and Promotion have suggested that diesel be part of GST, the Planning Commission has suggested a flawless GST model based on the recommendations of the Task Force of the Thirteenth Finance Commission.

In its comments, which reached the finance ministry last evening, the Plan panel has said there should be a uniform GST rate. The finance ministry, which met on Wednesday to discuss the suggestions, decided any further changes to the Bill approved by the Cabinet would further delay the rollout of GST, which has already missed two deadlines. It decided all stakeholders, including government departments and the ministries, should now send their views to the standing committee.

The Finance Commission Task Force, headed by former joint finance secretary Arbind Modi, who is now with the Planning Commission, had suggested a single GST rate of five per cent for the Centre and seven per cent for states in its report released last year. The states had questioned the mythology used by the committee for arriving at the revenue neutral rate.

The GST rates proposed by the finance ministry later in the year were much higher than the Task Forces rate. It suggested eight per cent rate for services and a standard rate of 10 per cent and a concessional rate of six per cent for goods in the first year, to be converted into a single rate of eight per cent later.

The Constitution Amendment Bill proposes to give powers to both the Centre and the states to make laws with respect to GST. It is necessary because at present the Centre cannot impose excise duty beyond the manufacturing stage and the states cannot levy tax on services.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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