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: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment :: due date for vat payment :: form 3cd
 
 
News Headlines »
 Make your inventory and invoicing software GST Ready from Binarysoft
 Filing income-tax returns gets simpler for salaried persons
 Ten rules you must follow while filing income tax returns
 Reforming the income tax tribunal
 How the new system might impact consumers and businesses
 10 ways you get benefited from filing your tax return
 Returns under CGST Act,2017 with Rules
 Ten facts to know about filing income tax return this year
 The Ten Commandments of Tax Filing
 How to claim income tax refund
 How to time your buys to have best of two tax regimes

3-tier GST to increase tax burden on common man: Experts
July, 22nd 2010

The proposed three-tier Goods and Services Tax (GST) structure unveiled by Finance Minister Pranab Mukherjee on Wednesday will increase the tax burden on the common man, say experts. "There could be some reduction in the cascading effect, but overall, tax burden would go up for common man," Ernst & Young Tax Partner Bipin Sapra said.

Finance Minister Pranab Mukherjee on Wednesday proposed a structure for the GST -- which will simplify the indirect tax regime -- under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent.

"If the manufacturers pass on their benefits to consumers, then only their tax burden would reduce," opined BMR Advisors Partner Indirect Tax Practice Rajeev Dimri.

The chambers, however, are divided over the impact of GST on industry. While the Confederation of Indian Industry (CII) and Assocham have welcomed the announcement, FICCI expressed its reservations.

"This structure will not serve the purpose (of GST)... the rates are on the very, very high side," FICCI said.

CII Director General Chandrajit Banerjee, however, said, "There is a consensus between the Centre and the Empowered Committee on the design of GST. This would pave way for introduction of GST from April, 2011, which industry is very keen for and we see this as a very positive move."

The proposal, according to Assocham, "is most equitable distribution of GST, which industry will have to accept and adjust after implementation of the new indirect tax regime."

The proposal, opined Sachin Menon, Head Indirect Tax, KPMG, "will not result in much gain for manufacturing. Ideally, the service and goods tax rate should have been the same."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Article Management Solutions System Article Management Software S

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