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 :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: articles on VAT and GST in India :: empanelment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES :: TDS :: due date for vat payment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt
 
 
« VAT (Value Added Tax) »
 Date for filing quarterly VAT returns extended
 Framing of Central Assessments - Dated 2-2-2017 - VAT - Delhi
 CENVAT Credit (Amendment) Rules, 2017
 VAT to Give Way to Consumption Tax
 Import stage VAT under new VAT law
  VAT returns: Relief for traders as UT allows old form
  Grant of Registration under DVAT and CST
 Taxpayers Face Big Financing Costs From VAT Bill 2017
 VAT returns: Relief for traders as UT allows old form
 Gov’t agrees to retain VAT exemptions of seniors, PWDs Read more: https://business.inquirer.net/223121/govt-agrees-retain-vat-exemptions-seniors-pwds#ixzz4W5NV2I48 Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
 Understanding VAT refunds

CST Rate Reduced In India, by Lorys Charalambous, Tax-News.com, Cyprus
June, 03rd 2008

Following a great deal of to-ing and fro-ing between the central government and the state authorities with regard to how the latter will be compensated for revenue losses resulting from the move, it was announced on Friday that central sales tax (CST) on inter-state sales has been reduced from 3% to 2%, effective on Sunday.

The tax is being reduced in increments, with the eventual aim of phasing it out entirely by March 2010. However, the most recent reduction, initially set to come into force in April of this year, was delayed as a result of disputes with state authorities.

In a statement published on Friday, the Ministry of Finance announced that:

"On the basis of the discussions between the Empowered Committee (EC) of State Finance Ministers and the Union Finance Minister regarding the compensation package, the Government of India, Ministry of Finance, Department of Revenue has issued a notification on 30th May, 2008 to bring into effect from 1st June, 2008 the new reduced rate of CST of 2% on inter-State sales of goods."

"The notification of new CST rate of 2% in place of earlier 3% is in accordance with the announcement made by the Union Finance Minister in his budget speech in Parliament in February 2008 that the rate of Central Sales Tax would be reduced."

"The rate of CST on inter-State sale of goods to registered dealers (against Form-C) shall now be the lower of 2% and the rate of VAT or State Sales Tax applicable."

"This reduction forms a part of the roadmap for phasing out CST completely by 31st March, 2010 in preparation of introducing Goods & Services Tax (GST), the roadmap for which is being worked out by the EC of State Finance Ministers together with the Union Finance Ministry."

"The Central Government and the Empowered Committee of State Finance Ministers have further agreed that the compensation for revenue loss to the States in any year arising from the lowering of CST will be limited to the proportionate loss based on the actual collection of CST in the relevant year."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Privacy Policy

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