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: form 3cd :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: TDS :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: cpt :: due date for vat payment
« Service Tax »
 Benefits of GST to home buyers In the next lifetime
 GST: Jaitley says yes to cess, no to additional tax for compensating states
 GST to enhance ease of doing business, says Assocham
 Govt sources say cess is a better option than high tax rate
 Goods and Services Tax: There should not be more than three grades of rates, says Chidambaram
 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

Lok Sabha Passes Goods and Services Tax Reform
May, 07th 2015

The Lok Sabha on Wednesday passed a bill that seeks to transform the country into a common market, harmonising state and central levies into a national goods and services tax which is expected to boost manufacturing.

The Rajya Sabha will now have to pass the constitution amendment bill, after which more than a half of India's 29 states must approve it before the federal and state governments get equal powers to tax goods and services.

"The whole country, which is one-sixth of world's population, would become a single market and therefore it would give a necessary fillip as far as trade is concerned," Finance Minister Arun Jaitley told lawmakers.

Mr Jaitley has called the goods and services tax (GST) the biggest reform since independence in 1947 that could add as much as 2 percentage points to the growth of Asia's third-largest economy.

The idea of a GST was mooted 12 years ago, but it has been an arduous process to get states agree on the tax, which would curb their fiscal powers. There is still a lot of work to be done before Mr Jaitley's self-imposed deadline to roll it out next year.

For example, he needs to win over the opposition Congress party to ensure the bill's passage in the upper house.

While Congress supports the measure, it boycotted the vote in the lower house on Wednesday, demanding the bill be first reviewed by a parliamentary panel.

A council of federal and state finance ministers still has to agree on a GST rate that would not be too low to adversely impact revenues and not too high to inflate costs of manufactured products and services.

A government think-tank proposed the GST rate be set at 27 percent, well above the global average of 16.4 percent for similar taxes. But some states are asking for an even higher rate.

On Wednesday, Mr Jaitley told lawmakers that the proposed rate was "too high" and needed to be "much more diluted".

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

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