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
News Headlines »
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling
 Income-tax (5th Amendment) Rules, 2018
 Last-minute tax tips for late filers
 What demonetisation did to tax collections

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 2018 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