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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: cpt :: articles on VAT and GST in India :: due date for vat payment :: ACCOUNTING STANDARD :: form 3cd :: TDS :: VAT Audit :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: empanelment
 
 
« Service Tax »
 India’s E-Service Tax Will Add To Foreign Content Providers’ Woes
 GST Council to discuss model laws, tax jurisdiction today
 Tax Invoice Under GST
 Insurance may fall under 12% tax slab in GST, from 14% service tax currently
 GST draft makes it must for companies to pass tax benefit to consumers
 To speed passage, Government plans GST Bills as money Bills
 No service tax on train tickets booked through IRCTC till December 31
 GST Council meet postponed to December
 Banks integrating systems with RBI, GST Network to collect tax: Arun Jaitleya
 Service tax waived for online train ticket booking till Dec 31
 Key challenges in implementation of Goods and Services Tax

All goods taxes may come within GST
July, 02nd 2008

States may have to opt for subsuming all taxes on goods, like purchase tax, under the unified goods and service tax (GST) regime.

The Centre, which is likely to give its report on the empowered committees recommended framework on GST in the next 15 days, is against continuing such taxes in the new regime.

Sources said continuing such taxes in the GST regime would be anomalous. It would not just be against the spirit of GST but would also lead to issues with the input credit system.

The Centre is fine-tuning its responses on the GST framework given by the empowered committee. The report is expected to be finalised in a fortnight and will be given to the committee for further discussion.

At present, purchase tax is imposed on purchases of certain commodities in some states. The Centres view is that purchase tax is levied on the same transaction that would attract Value-Added Tax (VAT).

Moreover, states can extend the tax to any item in future, undermining the whole objective of GST. States such as Punjab and Haryana had opposed subsuming of the tax citing revenue losses. The Centre, however, is of the view that GST was to replace VAT which also gave states substantial revenues and the argument of revenue loss did not hold much water.

The Centre is also opposed to having separate rate for goods and service tax as suggested by the committee in its blue print of GST. Sources said the Centre favoured the recommendations made by the joint working group in this regard as that was in line with global best practices and suited to India.

With the Centre and states not agreeing on the structure, it is unlikely that the draft would be put out soon for public response. A white paper on GST is to be put up for public comments on the lines of VAT before it is adopted for implementation.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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