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: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: empanelment :: cpt :: TDS
« General »
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces
 CAG lens on entities avoiding tax with ‘farm income’ claim

Ill-fated GST looks to Modi to sail through
July, 18th 2011

After initial vacuum, the empowered committee of state finance ministers on Goods and Services Tax (GST) is all set to select Bihar Finance Minister Sushil Modi as its chairman tomorrow. The committee will provide a much-needed relief to the Centre in bringing a consensus on rolling out GST.

It is almost certain that Modi will be selected through a consensus, since he has agreed to head the committee, which has so far failed to evolve unanimity on GST, people close to the development said.

However, they added it would be almost impossible to roll out GST from April 1, 2012, unlike earlier expectations.

GST, which will replace excise duty and service tax at the Centres end and Value Added Tax (VAT) at the states levels, has already missed two deadlines.

The empowered group is meeting for the first time tomorrow after its former chairman Asim Dasgupta and lost elections to the West Bengal assembly in May.

Senior Bharatiya Janata Party (BJP) leaders told Business Standard that the partys central leadership has given clearance to Modis name to head the committee. Mainly BJP-ruled states along with Uttar Pradesh are opposing GST, proposed by the Centre in its current form. Unlike VAT, GST has to be imposed across the country as there is a concept of inter-state GST as well. VAT came into existence in 2005, even as some states did not embrace it then.

Modi was earlier offered the post by Finance Minister Pranab Mukherjee as well, but he had cited his preoccupation with governance in Bihar as the reason for non-acceptance. Modi is also deputy chief minister of Bihar.

This time, he decided to accept after requests from many state finance ministers and the Union finance ministry again.

This would come as a big respite to the Centre, which is facing opposition from the BJP over the GST rollout.

Though Kerala Finance Minister K M Mani has also evinced interest, the tide has already turned in favour of Modi. It should be noted here that the finance ministry does not have a role in selecting the empowered committees chairman, unlike during NDAs time. Dasgupta was appointed as the first chairman of the committee by then finance minister Yashwant Sinha.

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

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