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) | 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
Latest Expert Exchange
« Service Tax »
 How to get registered under goods and services tax
 Service Tax can’t be Levied on Activity of Collection of VAT on behalf of Commercial Tax Dept
 Why you should worry about June 15 advance tax date
 Five reasons why you should start your investments in tax saving funds now
 Income Tax Department Releases All 7 ITR Forms Check Details About New IT Forms
 Income tax benefits for senior citizens: Here is all you need to know in brief
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws

House panel suggests amendments to goods, services tax Bill
June, 29th 2013

The Finance Standing Committee of Parliament has pulled up the Centre for not drafting the 115th Constitutional (Amendment) Bill on Goods and Services Tax (GST) carefully.

The panel, which will adopt the report soon, said ideally the Bill should not include specific aspects relating to rates, exemptions, exclusions, thresholds, administrative arrangements etc.

Though the committee did not adopt the draft report in its meeting on Friday, the lack of consensus among political parties may delay the implementation of GST regime further.

“What should be included in the laws and rules should not form part of the Constitution,” the panel, headed by veteran Bharatiya Janata Party leader Yashwant Sinha said in the draft report.

The panel has also recommended several amendments to the Bill. The draft report said the Centre and States should arrive at a broad consensus on issues concerning the implementation and design of GST.

“A fine balance is therefore required to be maintained between the imperatives of a common market with unified tax structure vis-à-vis the fiscal requirements of States,” it said, adding that tax reform measures like GST hinge on mutual trust and co-operation between the Centre and State Governments.

It urged the Centre to carry out a credible study to evaluate the impact of GST on State revenues.

The Committee also suggested that a well-defined automatic compensation mechanism be created within the GST regime. It said a GST Compensation Fund may be created under the administrative control of the GST Council for the purpose.

The panel was against the proposed provision of GST Dispute Settlement Authority and said that such an authority would affect the fiscal powers of Parliament and the State Legislatures.

The Committee said entry tax in general should be subsumed in GST. It asked the Centre to modify the Bill to empower the States to collect entry tax for distribution to local bodies instead of leaving it to be collected by various local bodies.

Keeping in mind the autonomy of States, the panel said there could be a floor rate and a ceiling within which the States will have the freedom to have a high or a low GST rate.

“The threshold of limits of turnover etc. for exempting certain class of taxpayers like small traders, manufacturers and service-providers may also be left to the wisdom of the GST Council,” it said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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