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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: articles on VAT and GST in India :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD
« Service Tax »
 Chidambaram says there cannot be multiple tax slabs in GST
 Service tax officials transferred for favouring realtor
 GST, a challenge and opportunity for accounting professionals’
 Service Tax On Hotels And Restaurants – Recent Delhi High Court Judgment
 GST Council discusses 4-tier tax rate, cess on demerit goods
 Why you shouldn’t miss these three simple tax saving options beyond Section 80C
 Determination of value for transactions between the Related parties under GST Laws.
 Higher collections can offset GST losses
 GST to subsume over a dozen Central, State taxes
 Incidence of indirect taxes won't go up under GST
 Advanced Budget date: Absence of a GST rate may present estimation challenges

SPV approved to give IT support, services for roll out of GST
April, 16th 2012

The government today approved setting up of a special purpose vehicle (SPV) to provide IT infrastructure for roll out of the proposed new indirect tax regime Goods and Services Tax (GST).

The Cabinet, chaired by Prime Minister Manmohan Singh, approved the proposal to set up Goods and Services Tax Network SPV (GSTN SPV) to create enabling environment for smooth introduction of GST, HRD and Telecom Minister Kapil Sibal told reporters here.

"GSTN SPV will provide IT infrastructure and services to various stakeholders including the Centre and the States," he said, adding the SPV would have an equity capital of Rs 10 crore, with the Centre and States having equal stakes of 24.5 per cent each.

Non-government institutions would hold 51 per cent equity in the SPV.

Sibal said that no single institution would hold more that 10 per cent equity, with the possibility of one private institution holding a maximum of 21 per cent stake, Sibal said.

"GTSN SPV would have a self-sustaining revenue model, based on levy of user charges on tax payers and tax authorities availing its services," he added.

The GSTN SPV would be incorporated as a Section 25 (not-for-profit), non-government, private limited company in which the government will retain strategic control.

While the SPV's services would be critical to actual roll-out of GST at a future date, it is also expected to render valuable services to both the Centre and State tax administrations prior to implementation of the indirect tax regime.

GST would subsume levies like excise, service tax and states tax like value-added tax, entry tax and purchase tax.

While the GST Bill is currently being studied by a parliamentary standing committee, the structure of GSTN has been approved by the Empowered Committee of State Finance Ministers.

It will be set up as a National Information Utility and become operational by August 2012, Finance Minister Pranab Mukherjee had announced in the Union Budget.

The GSTN will implement common PAN-based registration, returns filing and payments processing for all States on a shared platform.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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