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 :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: empanelment :: cpt :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARDS :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd
« Indirect Tax »
 Indirect tax collections rise by 23.1 per cent in November
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017

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 2016 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