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: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: form 3cd :: cpt :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: VAT Audit
« 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

GST Bill against spirit of fiscal federalism: FM
May, 08th 2015

Finance Minister Yanamala Ramakrishnudu has said the Constitutional Amendment Bill for introduction of Goods and Services Tax may go against the spirit of fiscal federalism if passed in the present form by Parliament. The Bill was passed by the Lok Sabha on Wednesday.

Mr. Ramakrishnudu speaking at a two-day inaugural session of the GST Empowered Committee of State Finance Ministers in Tiruvantapuram on Thursday said the State was committed to the implementation of unified and harmonised tax regime but disappointed that important issues raised by him in earlier EC meetings were not considered by the Union government. He hoped the Rajya Sabha would consider the issues raised by the States before passing the Bill.

He demanded that the State governments should be empowered to administer the GST Tax on inter-State trade and commerce levied under Integrated GST (IGST).

The proposed amendment Bill would empower the Centre to levy tax on tobacco and tobacco products in addition to the GST.

However, the same power was denied to the States and it would result in substantial revenue loss to the States. Similarly subsuming advertisement tax, betting and gambling tax would have adverse impact on revenues of local bodies.

The Centre’s response has been lukewarm to the unanimous resolution of the empowered committee for giving constitutional guarantee against the loss of revenue to the States because of GST implementation.

There were reasons to fear that the States would be at the mercy of the Centre for GST compensation as has been the case with the Central Sales Tax compensation.

There should be explicit provisions in the Constitutional Amendment Bill to protect and preserve the fiscal autonomy of the States, he said.

Mr. Ramakrishnudu said the composition of GST Council, the apex body for GST administration, was such that it would give one third voting power to the Centre.

Thus the Centre would have virtual veto power over the States on all the decisions of the GST Council, he said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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