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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: due date for vat payment :: VAT Audit :: list of goods taxed at 4% :: empanelment :: cpt :: articles on VAT and GST in India :: form 3cd :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
« Indirect Tax »
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017
 Why tax radar may detect your cash deposits after Nov 8
 Income tax notices to religious, charitable trusts
 ICAI starts course on accounting technicians
 More trouble ahead as Tata Trusts get I-T summons for tax avoidance

Parliamentary panel grills FinMin on GST
June, 09th 2012

A parliamentary panel today criticised the finance ministry over the Constitution Amendment Bill for the Goods and Services Tax (GST), questioning the rationale behind the ministry's claim that the new indirect tax regime would add one per cent to India's gross domestic product (GDP).

In its first meeting with finance ministry officials on GST, the standing committee on finance, headed by Bharatiya Janata Party leader Yashwant Sinha, posed various questions before them. It said the revenue department had not tried hard enough for an early rollout of the GST regime. The committee is likely to give its report in the monsoon session of Parliament, said a person privy to the development.

In its presentation before the committee on various facets of GST, the ministry said the proposed tax system would expand India's GDP by one per cent, or about Rs 1 lakh crore. To this, a committee member sought to know on what grounds was the ministry making such tall claims.
The panel also raised doubts over the consensus approach suggested by the government for decisions in the GST Council, as proposed in the Bill.

It said consensus was a broad term, and asked the ministry to consider a better approach for decisions in the GST regime. It also questioned why the ministry was trying to bypass Parliament by giving decision-making powers to the GST Council.

Last month, the ministrys consultative committee had suggested decisions in the GST Council be taken either by a simple or a two-thirds majority, not through consensus.

The standing committee members asked ministry officials what immediate steps had they taken to expedite GST implementation and questioned why the revenue department did not reach out to states to address their concerns on GST.

The members told officials though they claimed the ministry was trying its best to introduce the GST regime from the beginning of the next financial year, the urgency did not result in any practical efforts on their part, the person added.The ministry would now give written replies to all the questions posed before it in the meeting today. The committee may call the officials again for further discussions. The empowered committee of state finance ministers, along with industry chambers, is also likely to meet the committee later this month.

The ministry has claimed GST, which would subsume most indirect taxes levied by the Centre and states, is expected to reduce the overall tax burden on goods, currently 25-30 per cent. States, however, fear these would lose their autonomy in the new tax regime, in which a uniform tax rate would be levied by the Centre and states.

About 15 officials from the finance ministry, including Finance Secretary R S Gujral, and about an equal number of standing committee members were present in todays meeting that went on for about two hours. Later in the day, former chairman of the empowered committee of state finance ministers, Asim Dasgupta, also met the committee members.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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