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: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: cpt :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS
 
 
« News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

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