Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: due date for vat payment :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: articles on VAT and GST in India :: empanelment :: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: form 3cd
 
 
General »
 Finance Ministry likely to tweak Minimum Alternate Tax norms to boost industry
 Income tax department warns people to keep away from benami transactions
 New helpline for income tax e-filing
 The Central Government notifies the Companies (Amendment) Act, 2017
 GST Returns: Government Relaxes Rectification Norms
 Will govt bring change in income tax slab? here's the present structure
 No income tax exemption to cooperative banks
 Bitcoin investors may have to pay capital gains tax
 What industry expected when Modi government implemented GST
  The Finance Resolution And Deposit Insurance Bill, 2017
 Government sets aside Rs 10,000-cr tax demand on tech companies

No Veto powers to FM
August, 13th 2010

The centre has given in to pressure from the states on goods and service tax (GST). In a revised constitutional amendment, the finance ministry has removed the clause giving the finance minister veto powers.

The center has finally given in once again to all of the states demands. They have been revising the constitutional amendment and the key changes that they have made. The first is that the decisions of the GST council will be recommendatory instead of binding as proposed in the first draft.

Now this is one of the key concerns of the states because they said that the GST council decisions will be binding on them and this will infringe on their fiscal autonomy.

Secondly we had reported this on Monday that the Veto power of the Union Finance Minister, that clause has been removed and instead now decisions will be taken through consensus which essentially means that all states will have a Veto power.

Even if one state doesnt agree, no decision can be passed by the GST council. Asim Dasgupta met the Finance Minister late last night and we hear from sources that he is positive on these changes that have been made at the constitution amendment or remains to be seen whether the rest of the states will also accept this constitutional amendment and that is now more a political issue rather than a legal or an economic one.

It remains to be seen if after all these changes finally will the constitutional amendment come into the monsoon session of Parliament.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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