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 :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: empanelment :: due date for vat payment
 
 
« Service Tax »
 Pay tax once on the input, deduct it from the output
 GST Network to begin accepting fresh registrations from June 25
 Indian GST is significantly unique, but is it better?
 GST example of national integration
 6 reasons you need not fear the GST regime
 Tax return filing extension on GST may not be enough
 GST: ‘Tech readiness, tax administration key challenges’
 GST return filing rules relaxed for Jul-Aug, July 1 rollout
 GST Council gives return filing breather to India Inc for 2 months
 All eyes on 18 June as GST Council meets to iron out niggling issues
 GST Council's June18 meet to finalise e-way bill, anti-profiteering rules

GST regime only after reduction of indirect tax distortions
March, 22nd 2013

There is a need to improve the process for seamless production and distribution before moving from value added tax regime to Goods and Services Tax (GST), said advisor to Finance Ministry Parthasarthy Shome on Thursday underlining the need to reduce distortions in indirect taxation.

“What we need to see at the bottom-line is whether the new tax is going to become seamless for production decision making, investment decision making, getting input tax credit in the right manner, minimising wrong accumulation of input tax credit, facilitating inter-state trade and getting refunds from one state to the other,” said Shome while addressing an industry-government interaction organised by Assocham.

“If there is any improvement in each of these then I think GST is worthwhile over the VAT,” he said. Shome said the onus lies on the productive sector and the private sector in particular to analyse the impact GST will have in these kinds of matters on a day-to-day decision making and then making an investment despite having an indirect tax and that is the real directional movement as to why we need GST and that is a challenge.

On Direct Tax Code (DTC), he said “DTC is a fundamental churning of the income tax law and so it has to be seen whether DTC is able to come up with a real informed income tax or not.”

Shome said the government was analysing the comments on DTC given by the Parliamentary Standing Committee on Finance chaired by Yashwant Sinha and that it will be placed before Parliament in the Budget session.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

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