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: TDS :: list of goods taxed at 4% :: form 3cd :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company
 
 
Indirect Tax »
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 Tax department circular on indirect transfer put on hold
 Rising share of indirect taxes a step back to regressive era
 Double-digit Increase in Direct, Indirect Tax Collection, Says Arun Jaitley
 What is Direct tax?
 Indirect tax mop-up rate slows after note ban, Jaitley dismisses slowdown
 Tax buoyancy improves, thanks to indirect levy
 FM may unveil GST timeline, state compensation corpus on Feb 1
 Direct and indirect tax collection to exceed budget estimates this fiscal: Jaitley
 Startups brace up for legal war with Income Tax department
 Which investment is best suited for you to save tax

Central Sales Tax issue : Government faces flak from TMC in Rajya Sabha
March, 29th 2012

The government came under attack from constituent parties, the Trinamool Congress and NCP, during the debate on the general budget in the Rajya Sabha on Wednesday.

The Trinamool Congress charged the government with taking unilateral decisions on crucial issues like Central Sales Tax. While NCP demanded a ban on commodity exchanges, arguing that these not only encourage speculation and stoke inflation but also hurt farmers.

Raising the banner of erosion of the federal structure, the Trinamool Congress said that the Central Sales Tax was resulting in loss of revenue for states and asked the finance minister to look at the budget through the 'prism of operative federalism'.

"You know what is happening on CST...the states are losing money, and a unilateral decision has been made not to give the states what is actually due to them," Trinamool member Derek O'Brien said while participating in the debate on general budget.

O'Brien said that in West Bengal, the loss amounts to Rs 1,200 crore. "If you look at some of the other states, it is between Rs 800-1,200 and Rs 1,500 crore...this has been done unilaterally," he said.

He rejected finance minister Pranab Mukherjee's contention that CST was reduced from 4%-2% on the recommendation of the Empowered Committee of Finance Ministers.

"Then, how come the service tax recommendation made by the same committee this year was not listened to?

So, the first question we need to ask ourselves, is this operative federalism denying the states of what really belongs to them by unilaterally taking these decisions," O'Brien said. He said he suspected some 'devious intention' even in the proposed General Sales Tax (GST) "and that is why we were not as gung-ho" about it.

The NCP asked the finance minister to ban commodity exchanges as they do not help farmers. "There is a need to ban commodity exchanges... Commodity exchanges should be banned since they do not help farmers.

Sans these, there would be no speculation and inflation will come down," NCP member Ishwarlal Shankarlal Jain said. The statement assumes significance since NCP chief and agriculture minister Sharad Pawar earlier held the portfolio of food and consumer affairs ministry which oversees the functioning of commodity exchanges.

According to commodity market regulator Forward Markets Commission, India has 21 commodity exchanges and their turnover rose 54% to Rs 173.69 lakh crore till March 15, compared to 112.86 lakh crore in the same period last year.

Agriculture commodities contributed to 20.33 lakh crore to the total turnover during the period, up by 49% from 13.63 lakh crore.

Meanwhile, the finance minister said he was accepting the suggestion of JD(U) MP NK Singh for constituting a committee of chief ministers from eastern India.

Replying to the debate in the Rajya Sabha, he said the measure was taken in the context of east India being an harbinger of the second Green Revolution, the progress likely to be achieved and the enhanced allocation made in the budget.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

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