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: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: cpt :: VAT RATES :: list of goods taxed at 4% :: TDS :: form 3cd :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« Service Tax »
 Revised GST legislation may pinch working capital of industries
 GST to result in price reduction for consumers: Hasmukh Adhia
 Bill gives free hand to CAG to audit GST operation
 Lok Sabha to discuss GST bills on Wednesday
 GST to strengthen organised logistics companies
 No need for Parliament nod to waive property tax in Delhi
 CBEC to be renamed, reorganised for GST regime
  GST debate now continues on categorisation of products
 GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks
 FM Arun Jaitley underlines urgency to pass GST bills in this Parliament session
 Government may table 4 GST bills in Parliament today

GST not to be a cakewalk, admits Pranab
May, 19th 2010

Finance minister Pranab Mukherjee made some candid confession on Tuesday when he said that implementing the indirect tax reformGoods and Services Tax (GST) may not be a cakewalk for him vis--vis the other tax reform, Direct Tax Code (DTC).

At the same time he exuded confidence that the two tax reforms, would boost the tax-GDP ratio in India to a whopping 15% in the next three years from the current 11% level.

For DTC, I am the master, you may blame me, you may accuse me, I am to share it. But GST, 28 masters, so I shall have to keep all 28 masters with me, Mukherjee said at the Idea Exchange programme organised by The Indian Express on Tuesday.

While the DTC will replace the age-old Income Tax Act, 1961, GST would replace the plethora of indirect taxes levied by the Centre and the states.

The minister also indicated the threshold for levy of GST would be common for the States and the Centre and their tax rates would be low but without exemptions. What I am emphasising on is you have the common threshold level, you have the common and uniform rates. The aggregate impact of taxes should be less because these principles are to be followed.

If the rate of taxes is less, compliance is better and you have minimum exemptions, he said. He further added that removing exemptions, reduction in rates and expansion of horizontal tax base instead of vertical, would get more revenue. You are concerned with the net revenue, not of the rates, said Mukherjee.

The rising tax buoyancy and reduction in subsidies will help the government pare its fiscal deficit. Mukherjee said the government need to compress oil subsidy, though continuing the food subsidy. Explaining his calculations on how to reach the right fiscal consolidation mark, he said that he has taken into account Rs 1 lakh crore of subsidies including a fertiliser subsidy at Rs 42,000 crore.

To sum it up, if the food, interest subvention and subsidies all taken together would be maintained at about Rs 1.06 lakh crore, it could be possible to have the fiscal deficit at 5.5%, he said. However, on oil subsidy, he said he expected some this year. Moreover, the subsidy could be in a way which people understand and not bonds. I shall have to live within my means and I will cut my coat according to the size of the cloth. This is the basic principle that means I will not allow the fiscal deficit to move beyond a tolerable level.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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