Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: empanelment :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: TDS
 
 
News Headlines »
 How to respond to a tax notice under section 143
 Income-tax (22nd Amendment) Rules, 2017
 All about Exports under GST
 Have you missed the due date of filing your Tax Returns?
 What you should know about income tax refunds
 Income tax scrutiny to remain limited despite surge in returns filed
 Regarding Filing of online return for first quarter of 2017-18 extension upto 01-09-2017
 Deadline to file returns extended to 28 August for biz with transitional
 GST input tax credit form
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states

Chidambaram, VAT panel chief discuss compensation package
July, 15th 2006

State Finance Ministers meet today to review collections

The compensation package for proposed Central sales tax (CST) phase out is understood to have come in for detailed discussion at the meeting between the Finance Minister, Mr P. Chidambaram, and the Chairman of the Empowered Committee of State Finance Ministers on VAT, Dr Asim Dasgupta, here on Friday.This meeting assumes significance as State Finance Ministers are to meet here on Saturday under the aegis of the VAT panel to review collections and discuss issues relating to deviations from agreed value added tax (VAT) rates.

The State Finance Ministers are also expected to review on Saturday the status of implementation of the TINXSYS project.

"There is very little I can share with you today. I will first have to discuss the views conveyed by the Finance Minister with the State Finance Ministers tomorrow," Dr Dasgupta told reporters at North Block after an hour long meeting with Mr Chidambaram.

Dr Dasgupta said that he had come to North Block to meet the Union Finance Minister, as the Empowered Committee was keen to have inputs from the Finance Ministry on certain issues.

The VAT Panel had already submitted to the Union Finance Minister a report of the technical committee that spelt out the compensation package that States were looking forward to for phase out of CST.

A higher devolution of service tax collections, powers to levy and collect service tax on about 68 services, entire proceeds of VAT on imports and powers to levy VAT on three additional excise duty (AED) items formed part of the compensation package that States have sought from the Centre for phase out of CST.

Annual CST collections during 2005-06 stood at about Rs 18,000 crore, which the States collect and retain.

The VAT panel had earlier agreed for reduction in CST rate from 4 per cent to 3 per cent from October 1 so long as the Centre agrees to the compensation package suggested by it.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Desktop Application Development Outsourcing Desktop Application Development Offshore Desk

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