Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: empanelment :: VAT RATES :: VAT Audit :: cpt :: TDS :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
  I-T department asks taxpayers to update their information on e-filing portal
  How to check income tax refund status
 GST panel to consult MSMEs in October end to further ease tax rigour
  How to check income tax return status
 Been Served a Notice by the Income Tax Department? Here’s How You Can Respond
 Seeks to amend the CGST Rules, 2017 - 45/2017 - Central GST (CGST)
 Government provides clarity on tax rate
 Processing of returns in Form ITR-I under section 143(1) of the Income-tax Act, 1961
  Filing of Reconciliation return in form 9 for the year 2016-17
  Today is last date for filing GSTR-1 forms for July; govt rules out further extension
 Today is last date for filing GSTR-1 forms for July; govt rules out further extension

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