News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Top Headlines »
 Tax Expert Ved Kumar Jain's views on Budget 2020-21
 Income-tax Deduction from salaries during the Financial Year 2019-20 under section 192 of the Income-tax Act, 1961
 Know your tax exemptions to invest wisely
 What happens when you file the wrong ITR form
 Tax-saving guide for FY 2019-20
 Filing ITR for AY 2020-21? Here're the changes you need to know
 NRIs can’t use ITR-1 to file tax returns
 CBDT notifies ITR-1 and ITR-4 for Assessment year 2020-21
 New ITR-1 form: Know the eligibility norms
 How the income tax department will track high spenders with new ITR forms
 Best ELSS or tax saving mutual funds to invest in 2020

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 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting