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: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: empanelment :: form 3cd :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« News Headlines »
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned
 All about income tax return form Sahaj
 Why seeing Form 26AS is a must before filing tax return and how to access it
 No tax on notice period pay cut
 Interpretation Of Central Goods And Services Tax (Cgst) Act (Part-1)
 What to do if you haven’t filed your taxes
 Income Tax Declaration To Employer: 10 Changes You Should Be Aware Of
 What your income tax says about you

Govt has pitched for unified goods & services tax
August, 28th 2008

The Centre has pitched for a unified goods & services tax (GST) model as opposed to the position taken by the states. The empowered committee, which represents the states, had suggested separate goods and services taxes.

The Centre, which is giving finishing touches to its response to empowered committees report on GST, is understood to be in favour of the conventional model followed globally. The Centres response, expected to be finalised soon, is understood to have differed with the states on certain operational aspects of the GST such as threshold of taxation and inter-state services.

States want to have a pie in inter-state services such as telecom and financial services that form 80% of the total service tax revenue. However, the Centre feels the power to collect tax on inter-state services should lie with it to keep disputes at the minimum level and to prevent evasion.

Both the Centre and states also differ on the operational aspect of the threshold prescribed for tax collection by the Centre and states. As per the recommendations of the empowered committee, states should collect tax from assessees falling below Rs 1.5 crore and the Centre from those with a higher turnover. Sources pointed out this could create issues when a taxpayer registered with a state government on account of his lower turnover moves to Centre when he records higher turnover.

Besides, there seems to be an issue with companies present in multiple states but pay taxes in only one state. The Centre also wants to include purchase tax and other state levies in the proposed GST, which the states are opposing.

Meanwhile, the 13th Finance Commission, which is to look into the likely impact of the proposed implementation of GST, has also sought details of the proposed model being worked out by the Centre and the states. GST is proposed to be introduced from April 1, 2010, to integrate all indirect taxes on goods and services at the state and the central level.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software 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