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: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: ACCOUNTING STANDARD :: VAT Audit :: articles on VAT and GST in India :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: list of goods taxed at 4% :: empanelment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: due date for vat payment :: cpt
 
 
« Service Tax »
 GST, an old new 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

Government sets up study group on CTC for common service tax, excise duty
April, 10th 2012

The Finance Ministry today set up a study group to look into the possibility of a Common Tax Code (CTC) for service tax and central excise duty.

"A Study Team has been set-up by the Government, under the leadership of M K Gupta to examine the possibility of a common tax code for service tax and central excise, which could be adopted to harmonize the two legislations," a finance ministry statement said.

The study group would submit its report to the Finance Minister by September 30, 2012.

The government is in the process of coming out with a Direct Taxes Code ( DTC) with a view to replace the archaic Income Tax Act.

The study group would look at procedural simplification of the existing input tax credit scheme and suggest ways to mitigate cascading effect of taxes. It will also endeavour to make the CTC trade-friendly.

"The Study Team may also suggest any other measure that will help in reducing the cost of compliance for business or transition towards a comprehensive Goods and Services Tax (GST)," the statement said.

The new Code would be implemented under the present Constitutional scheme, it added.

The group under Gupta, who is a former vice-Chairman of the Customs and Central Excise Settlement Commission, would interact with various chambers of commerce and industry and industry associations before finalising its report.

Pointing out that Service Tax law is complex and sometimes avoidably different from Central Excise, Mukherjee said "we need to bring the two as close as possible in the light of our eventual goal of transition to GST".

The government is trying to introduce GST, which will subsume various levies like excise, service tax and states tax, like value-added tax, entry tax and purchase tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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