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
Latest Expert Exchange
Sales Tax »
 Clarification on Cash sale of agricultural produce by Cultivators/Agriculturists
 Short-term capital gains are taxable at income tax slab rates in the year of sale
 India imposes regressive nationwide sales tax
 Modification of Circular No.1 of 2014 in view of substitution of Service Tax by Goods and Services Tax (GST).
 Assam government to dismantle all sales tax check-gates post Goods and Services Tax
 Income tax: How to calculate capital gains tax on sale of old jewellery
 Six arrested for posing as Sales Tax officers, extorting money
 Insurance Agency Mergers and Acquisitions in Q1 "Explode," OPTIS Partners' Report Reveals
 Sales tax sleuths raid spare parts shops in Meerut's infamous Sotiganj market
 Income Tax: How offshore income could be taxed twice
 India finalises bills to launch new sales tax in July

Odisha seeks Centre's nod to re-introduce Central Sales Tax
July, 22nd 2014

Odisha government today said it had sought permission from the Centre to re-introduce Central Sales Tax at the rate of 4 per cent as the state was denied the adequate compensation for reducing the CST to 2 per cent since 2008.

"Odisha's Chief Minister has drawn attention of Prime Minister and Union Finance Minister regarding the pending compensation amount. If they do not pay the compensation, the Centre should allow the state to reitroduce CST at 4 per cent," state's Finance Minister Pradip Kumar Amat said while replying a question in the Assembly here.

Stating that the rate of CST was first reduced to 3 per cent from 4 per cent on April, 1, 2007, the finance minister said that the state was again told to further reduce the CST rate to 2 per cent on May 1, 2008.

In the process, Amat said while the state was expecting a compensation of Rs 3,843.03 crore as compensation from the 2007-08 to 2012-13 fiscal, it got only Rs 1,303.08 crore.

"We have demanded payment of rest compensation amount of Rs 2,539.95 crore," he said.

However, the finance minister said Centre was yet to respond to the state'e request.

Replying a question by BJD member Prafulla Samal, the finance minister said the state is facing difficulties in implementing different schemes and often fund from its own resources as the Centre does not give matching share at proper time.

Citing an instance, the finance minister said while the state government earmarked Rs 1,088.62 crore under Accelerated Irrigation Benefit Programme (AIBP) in 2012-13, it could get only Rs 38 crore from the Centre. Similarly, the centre gave only Rs 15.23 crore against the state's AIBP budget of Rs 967.57 crore, Amat said.

He said the state was also not getting its dues under centrally sponsored schemes. For instance, Amat pointed out that while the Centre's share under MGNREGA for the year 2013-14 was Rs 1363.50 crore, it sanctioned only Rs 757.52 crore in the previous fiscal.

Odisha's finance minister said that the state would again request the Centre to release funds under central schemes, centrally sponsored scheme and other schemes.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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