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: list of goods taxed at 4% :: VAT RATES :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

Meet on VAT compensation package soon
August, 25th 2006
Keen to sort out difference of opinion The Centre and the States appear to have come a step closer towards agreeing on a compensation package for the proposed phaseout of Central sales tax (CST) beginning October 1 even as differences persist on the components of the package. "Within the next seven days, the officials from the Centre including Dr Parthasarathi Shome, Advisor to the Finance Minister and the Empowered Committee officials would try to work out a solution. We are trying hard on both sides to converge on an agreed compensation package," Dr Asim Dasgupta, Chairman of the Empowered Committee of State Finance Ministers on VAT, told presspersons after meeting the Union Finance Minister, Mr P. Chidambaram, today. Package The VAT panel met here earlier in the day to discuss CST compensation package. Both Dr Dasgupta and Mr Chidambaram are likely to meet after a week on the issue of CST compensation package. "We need to have another meeting," Mr Chidambaram said when asked about the outcome of his meeting with the VAT panel chairman on Thursday. Dr Dasgupta admitted that there was "some difference of opinion" between the Centre and the States on the elements of the compensation package. He, however, expressed optimism that the differences could be ironed out well ahead of the proposed October 1 date for CST reduction. CST Collections Asked whether there was any estimate of losses that States would incur on account of proposed CST phaseout roadmap, the VAT panel chairman said that it was estimated that States would lose about Rs 2,500 crore in the six months beginning October 1 this fiscal. "For the next fiscal, we expect the loss to be about Rs 12,000 crore for the entire year," Dr Dasgupta said. Annual CST collections during 2005-06 stood at Rs 18,000 crore, growing at about 18 per cent every year. Dr Shome said that the Centre was keen to continue with VAT reforms, of which CST reduction was an integral part. Informed sources, however, said that the States continued to stick to their earlier position of wanting a higher devolution of service tax collections of the Centre (50 per cent) apart from budgetary support as part of the compensation package. The States are also understood to have taken a position that the Centre's suggestion to hike VAT rates from 4 to 5 per cent and then to 6 per cent in the next two years should not be counted towards the CST compensation package as States are already empowered to hike VAT rates under the aegis of the VAT panel.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and 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