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: VAT Audit :: form 3cd :: TDS :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: articles on VAT and GST in India :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4%
 
 
Service Tax »
 A 5-Point Guide For Buyers To Understand The Effect Of GST On Real Estate
 Stalled unsorted diamond imports to resume after GST rate revision
 TDS, TCS deductors can apply for GST registration from 18 September
 E-commerce companies face tax heat as I-T department says discounts should be treated as capital spend
 Central Goods and Services Tax (Sixth Amendment) Rules, 2017
 GST will also impact direct tax collection
 Seeks to extend time period for filing of details in FORM GSTR-6 for months of July & August
 GST: Is input tax credit available for tax paid on mobiles given to staff?
 GST filing, reconciliation solution launched
  Finance Ministry asks taxmen to submit note on high-pitched assessments
 Step by Step Guide for GST Enrolment for existing Central Excise / Service Tax Assessees

Govt sets up committee to sort out differences over CST compensation
April, 28th 2012

A committee comprising representatives of both Union and state governments has been set up to iron out the differences over the states' demands of compensation for reduction in Central Sales Tax (CST) rate.

"After a meeting with the Chairman, EC (Empowered Committee of state FMs), a committee, comprising representatives of both the Union and State governments, has been formed to examine ... CST related issues," Finance Minister Pranab Mukherjee said in a written reply to the Lok Sabha today.

Central Sales Tax (CST) is payable on inter-state sales at two per cent. Although CST is levied by the Centre, the revenue goes to the state government and the state from which movement of goods commences gets revenue.

The Centre had earlier promised to compensate states for loss of revenue due to reduction in CST rate to 2 per cent from 4 per cent.

The Empowered Committee of State Finance Ministers has recommended to the Centre not to link release of CST compensation with the increase in revenue due to increase in the rate of Value Added Tax (VAT).

A few states had earlier hiked VAT rates to 5 per cent, from 4 per cent, and Centre had reduced the allocation for CST compensation for those states.

The state governments had expressed dissent over the Rs 300 crore CST compensation proposed in Budget 2012-13. This was against their overall demand of over 19,000 crore.

The states have demanded that either the Centre should pay the compensation in full or restore the levy to original level of 4 per cent.

In 2006, states and the Centre had reached an agreement to cut CST by 1 per cent every year beginning April 1, 2007 and eliminate it by April 1, 2010 to coincide with launch of GST.

The GST regime is now expected to come into force from April 1, 2013.

CST phase-out is part of the introduction of the new GST regime under which various levies like excise, service tax and states tax, like value-added tax, entry tax and purchase tax would be subsumed in a single tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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