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: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: VAT RATES :: form 3cd :: due date for vat payment :: ACCOUNTING STANDARDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

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