Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: cpt :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
« News Headlines »
 How to file income tax returns online without having Form 16 in 10 simple steps
 Deadline For Filing Income Tax Return (ITR) Is Just 11 Days Away: 10 Latest Details To Know
  10 incomes you need not pay any tax on
 How To File Income Tax Returns In Three Steps By March 31, 2018
 10 things about income tax every taxpayer should know
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol

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 2018 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