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
News Headlines »
 New income tax rules with revised guidelines comes in effect from today
 7 things to keep in mind while filing Income Tax Returns ITR filing
 DIY guide to file your ITR
 Income Tax return online filing: Ensure your Form 16 is valid and here is how you can check for it
 How to report income from investments ITR filing
 How to file income tax returns?
 Will income tax department extend July 31 deadline for ITR filing?
 5 smart things to know about income tax return
 How to file ITR 1 with salary, home loan and other income for FY 2018-19
 Filing ITR online? Here's how you can check if your Form 16 is valid
 What to check in your Form-16 while filing ITR

Tax rate may be set at 16%- Pranab
June, 11th 2009

The unified goods and service tax rate may be pegged at 16%. The empowered committee of state finance ministers on Wednesday examined the possible rate structure for the new tax regime that is set to replace all indirect taxes at the central and state level from April 1, 2010.

An official who attended the meeting said the deliberations were held on the rate structure, though a final view will be taken by August.

State finance ministers are scheduled to meet Union finance minister Pranab Mukherjee on Thursday for discussions on the budget and new GST regime.

Empowered committee chairman and West Bengal finance minister Asim Dasgupta said: We had a fairly detailed discussion with the ministers on the structure of GST. We are setting a target date of August-end for tying the loose ends.

Mr Dasgupta, however, declined to comment on the proposed rate. Currently, the cenvat rate is 8%, service tax rate 10% and value added tax rate 12.5%, taking the total incidence of indirect taxes to 30.5%. Another state finance ministry official who attended the meeting said states and the Centre will have to work out a rate structure that would be revenue-neutral and not cause any loss to the exchequer.

But some BJP-ruled states such as Madhya Pradesh have expressed reservation on the implementation of the GST regime from 2010.

Mr Dasgupta, however, exuded confidence that introduction of GST would meet the deadline of April 1, 2010. He said the committee would be meeting frequently now to finalise the nitty-gritty of the GST structure. After finalising the structure, discussions will be held with the trading community, industry, agricultural sector and public.
We want a rapid and widespread discussion before launching GST from April 1, 2010, Mr Dasgupta said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

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