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 :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: articles on VAT and GST in India :: VAT RATES :: cpt :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: due date for vat payment
 
 
« News Headlines »
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act
 Have you got interest on your income tax refund?

State Finance Ministers panel moots CST cut to 2%
May, 07th 2008
The empowered committee of State Finance Ministers has decided to propose a reduction in the central sales tax (CST) from the existing three per cent to two per cent.

This is a step towards the introduction of Goods and Services Tax (GST) from 2010-2011 by phasing out CST, value-added tax and other taxes, thereby bringing in a unified tax regime encompassing both the Centre and the states. The process of phasing out CST started in 2007-08 with the rate having been reduced from four per cent to three per cent.

Briefing the newspersons on the decisions taken by the meeting of the empowered committee held here on Monday, the West Bengal Finance Minister, Mr Ashim Dasgupta, said that the abolition of CST would result in loss to some of the states like Maharashtra and the committee had worked out a formula for making good the losses to such states, which would be forwarded to the Union Finance Minister.

VAT revenue

Mr Dasgupta said that the meeting reviewed the revenue performance of the State Governments in 2007-08 and found that the VAT revenue had increased by 24 per cent. The revenue had doubled from an average growth of 12 per cent recorded during the previous sales tax regime. He said that the Union Finance Minister had entrusted the empowered committee to work out a model and a road map for the introduction of GST covering both the Centre and the state governments. The committee had completed the work and submitted the report to the Union Finance Minister last month, the response to which is expected soon. Mr. Dasgupta said that the movement of around 700 items had to be scientifically recorded for correct assessment of CST and the committee had decided to put in place a computerised network of taxation information exchanges for the purpose. The committee decided to bring in a harmonised system of classification for commodities. The Centre for Taxation Studies in Thiruvananthapuram had done a study and recommended a system of common nomenclature for the commodities, which the committee has accepted in principle.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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