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
News Headlines »
 Don’t invest in the names of multiple family members to avoid paying income tax
 Master Direction – Reserve Bank of India (Relief Measures by Banks in Areas affected by Natural Calamities) Directions 2018 – SCBs
 Tax on gifts? Always tax-free, if received from relativesa
 Notification No. 76/2018 – Customs Ministry Of Finance
 The only receipt that remains tax-exempt
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2018
 Know how you can save tax on capital gains
 CBDT extends deadline Income tax return (ITR) filing
 Notification Ministry Of Finance
 Gifts from relatives are always tax-free
 Notification No. 85/2018 - Customs (N.T.) Central Board Of Indirect Taxes And Customs

Single GST: Centre will share revenue with States
April, 05th 2007
New system for exchange of information on tax structure planned


FOR UNIFIED MODE: Dr Parthasarathi Shome, Advisor to Finance Minister, flanked by Mr Anil K. Agarwal, Past President, Assocham (right), and Mr D.S. Rawat, Secretary-General, Assocham, at a national conference on `GST for accelerated economic growth and competitiveness', in the Capital on Wednesday.

New Delhi April 4 In a major move towards moving to single Goods and Services Tax (GST) by 2010, the Finance Ministry has decided to share revenue collections from 33 services with States with immediate effect.

It has also identified another 44 services whose revenue collections would be transferred to them after levy of taxes on such services begins, said Dr Parthasarthi Shome, Advisor to Finance Minister.

While speaking at a conference on GST, organised by industry chamber Assocham, Dr Shome also said that a system would be put in place by the Ministry of Information Technology to exchange information on states' taxes to help them understand one another's tax structure under supervision of the Revenue Department.

He said that with the system in place, it would be easier for states to comprehend other states' tax structure and share information so that a single GST is executed in a uniform manner.

The Finance Ministry has also decided to devise a practical mode of unified GST tax structure, based on the prevalent GST model that exists in countries such as Canada, Brazil and the European Union to suit the requirement of Indian taxpayers.

Consultation processes have commenced among representatives of the Finance Ministry, Empowered Committee of State Finance Ministers, chambers of commerce and traders and a consensus would emerge within three years for a single GST or national VAT, said Dr Shome.

He said that revenues collected from the 33 services by the Union Government from service tax imposition would be proportionately transferred to respective states.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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