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
Latest Expert Exchange
« Service Tax »
 How to get registered under goods and services tax
 Service Tax can’t be Levied on Activity of Collection of VAT on behalf of Commercial Tax Dept
 Why you should worry about June 15 advance tax date
 Five reasons why you should start your investments in tax saving funds now
 Income Tax Department Releases All 7 ITR Forms Check Details About New IT Forms
 Income tax benefits for senior citizens: Here is all you need to know in brief
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws

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 2018 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