Latest Expert Exchange Queries

Make 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) | 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: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: cpt :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: due date for vat payment :: empanelment
 
 
Service Tax »
  GST not to be added for TDS computation
 Getting it wrong on GST
 GST: When does a service provider need to register across multiple states?
 GST Council to examine sectoral issues in August 5 meet
 Number of taxpayers under GST set to eclipse that of previous tax regime
 Goods and Services Tax will accelerate growth,
  Central Goods and Services Tax (CGST) Rules, 2017
 Goods bought with loyalty points will face tax under GST
 substitution of Service Tax by Goods and Services Tax (GST)
 Income Tax: TDS deducted but ITR not filed? Here's what professionals need to do
 9 ways GST could impact home buyers

States ask Pranab to solve CST issue before demitting office
July, 04th 2012

States have asked Finance Minister Pranab Mukherjee to resolve the issue of payment of compensation for reduction in Central Sales Tax (CST) rate before demitting his office to contest the election of the post of President of India.

"I understand that you may be soon demitting the office of the Union Finance Minister. I therefore, humbly request you to kindly resolve the CST compensation issue before that," said Sushil Kumar Modi, chairman of the Empowered Committee (EC) of State Finance Ministers in a letter to Mukherjee.

Talking to PTI over phone, Modi while lauding Mukherjee for the work he has done so that the proposed Goods and Services Tax (GST) regime could be implemented at the earliest, cautioned that "in case the CST compensation issue remains unresolved longer, it may affect the implementation of GST".
 
Mukherjee, who is the UPA nominee for the Presidential election, is likely to resign on June 26 ahead of filing nomination to contest the election for the country's highest post.

States have complained that they got only about Rs 6,000 crore compensation in 2010-11 against the demand of Rs 19,000 crore. They are also agitated that they did not get any compensation in the last fiscal and the Centre has no plans for 2012-13 either.

As per an agreement, the CST rate was to be reduced to zero in a phased manner, and the Centre was to compensate state governments for the loss of their revenue on account of cut in the levy rate.

CST, a tax on inter-state movement of goods, was reduced from 4 per cent to 3 per cent in 2007-08, and further to 2 per cent in 2008-09 after the introduction of Value Added Tax (VAT). There was no reduction after that.

Although CST is levied by the Centre, the revenue goes to the state government and the state from which movement of goods commences gets revenue.Modi, a senior BJP leader and Deputy Chief Minister of Bihar, further said states are for early implementation of the GST regime.

A constitutional amendment bill for implementation of GST is currently being scrutinised by a Parliamentary Standing Committee headed by senior BJP leader and former Finance Minister Yashwant Sinha.

Modi said the committee is likely to submit its report during the forthcoming Monsoon Session of the Parliament.

He along with others had presented their views on GST before the Committee last week.
Earlier in January, the Union Finance Ministry had told the state governments that no further compensation would be provided on account of phasing out of CST.

GST would subsume levies like excise, service tax and states tax like value-added tax, entry tax and purchase tax.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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