Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT Audit :: cpt :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: empanelment :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS
« Service Tax »
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?
 E-way relief, for now, to e-commerce, courier firms sending small orders
 Where to invest for saving more on taxes
 A simpler GST can become a registry of all invoices, says iSPIRT’s Sharad Sharma
  Income Tax department may defend CPC in returns fraud case
 One GST rate not possible, next reform after compliance improves,
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST

Gujarat government opposes Goods and Services Tax
July, 03rd 2015

The Gujarat government has objected to the proposed formula for sharing with states the revenue that would be earned as Goods and Services Tax (GST). The central government has already announced that it will implement GST from April 2016.

Gujarat's main objection is that as it is a manufacturing state, it will suffer major loss of revenue under the proposed formula which follows a destination-based consumption tax model. The state has said that it will directly lose 2 per cent share in Central Sales Tax (CST) as well as income from other taxes.

Sources in the state government said that the central government has, prime facie, agreed to compensate Gujarat with 1 per cent additional tax revenue in addition to the uniform GST share, but only for two years. The state government, however, has demanded a larger share and stated that two years of compensation is not enough.

The Centre's argument that the states will get additional benefit of service tax is not convincing as there is no clarity on it. (Currently, service tax is entirely with the Centre.) Gujarat has a good service industry but it cannot match the tax income from the manufacturing sector, said the sources in the state government.

At present state's average income from value added tax (VAT) and other state taxes is around Rs 62,000 crore per annum —VAT alone Rs45,000 crore — and its share in central taxes is around Rs 14,000 crore. The state government's concern is to get around Rs 76,000 crore with at least 20 per cent per annum growth in tax revenue.

A senior official of the state government involved in negotiations with the Centre over GST said: "Our major sources of income are VAT and CST but in a consumption-oriented tax system, Gujarat may lose its current income and may not be able to achieve its revenue growth projections."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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