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: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT RATES :: TDS :: empanelment :: articles on VAT and GST in India
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

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