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: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: TDS :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: cpt :: ACCOUNTING STANDARD
 
 
Budget Extravaganza »
 Startup eco-system looks forward to the budget for addressing tax dilemma
 High time to prioritise non-tax revenue in the Budget
 Govt may abolish dividend distribution tax in budget
 Budget making in the GST era: paradigm shift
 Budget 2018: Section 80C limit may be increased
 Middle Class Can Hope For A Big Tax Relief In Budget 2018-19, Says Report
 Startup investors seek abolition of angel tax in Budget 2018-19
 Budget 2018 must avoid the temptation to bolster government revenues myopically
 How GST has taken away the wind out of the Union Budget presentation
 Seeks to amend certain customs notifications in pursuance to change made in Budget 2017-18.
 New look finance ministry team to frame contours of Budget 2018

Budget today, but GST kills the tax suspense
March, 01st 2017

Four months before the implementation of the proposed Goods and Services Tax (GST), which is supposed to bring uniformity in indirect tax rates and structures across the country, the Shivraj Singh Chouhan government is not likely to levy new taxes in the state Budget to be presented on Wednesday.

Taxes coming under the purview of the state include sales tax, tax on electricity consumption, stamp duty, entertainment tax, and entry tax on goods from other states. However, the challenge before the government is - how to strike a balance between fiscal prudence and politics (read Assembly elections, 2018) when It allocates funds for 2017-18, sources said.

Talking to TOI, state finance minister Jayant Mallaya said, "GST is likely to be introduced from July. To levy or not to levy tax now is a matter of zero consequence."

"Whatever is done now (before GST) will be for three months only -- from April to June 30. Whatever we are going to get from the Centre will be assured for five years", he added.

GST will subsume several indirect taxes levied by the Centre and the states on goods and services. This includes taxes imposed by the Centre like service tax and Union excise duty, as well as those by states -- sales tax, goods and passenger tax.

O P Dhoot, president, Association of Industries Madhya Pradesh (AIMP) said, "Any major change in state taxes is not expected because GST will be implemented soon. The government may increase taxes on items falling over 28 per cent VAT, such as petroleum products, as it would come under the state's control."

"Budget of MP for 2017-18 will be a formality as far as the revenue part is concerned. Since GST roll-out is scheduled for July 1, there is no sense in changing tax rate. But the finance minister may change some classification of goods looking at the post-GST scene," said Goutam Kothari, president of Pithampur Audhogik Sangathan. "Now, the important part of the budget will be allocation of funds. If development is targeted, it would be a welcome step," he added.

According to AIMP, entertainment tax could be increased in the budget, followed by taxes on petroleum products, to increase states revenues. Industrialists expect the finance minister to increase allocation of funds for infrastructure and industrial development in the state, to heal the demonetisation wounds.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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