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: empanelment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: TDS :: due date for vat payment :: ACCOUNTING STANDARDS
 
 
Service Tax »
  Getting the trade to align with GST is a challenge
 Getting the trade to align with GST is a challenge
 With GST launch, race against time to avoid sales tax upheaval across India
 GST to rate taxpayers, businesses on payment record, make ratings public
 7 major benefits of Goods and Services Tax
 100 Opening GST Profiles- Indirect Taxation- ALL Industries
 New Opening Sr. Manager-Indirect Tax For A Leading Power Company
 Tax Collected At Source Under GST Regime
 India's GST challenge makes Donald Trump's tax overhaul look easy
 What does GST hold for Indian youth?
 GST will help India move towards becoming a commercial union

States agree on GST threshold but fail to get much further
August, 22nd 2014

Despite the Modi government’s readiness to address some of the concerns of states over the proposed goods and services tax (GST), consensus on the contentious issues continues to be elusive.

The empowered committee of state finance ministers that met here on Wednesday agreed to adopt a turnover threshold of Rs 10 lakh for traders to register for GST but has demanded audit and enforcement powers over small traders who would be exempt from dual controls. This means in the case of traders with a turnover between R10 lakh and R1.5 crore, the states would not only have the powers to collect the taxes but also to enforce compliance.

Currently, the state value-added tax applies to traders with a turnover above R10 lakh in the case of most states, whereas some keep the level lower at R5 lakh.
Also, at Wednesday’s meeting, the state finance ministers reiterated that petroleum products must be excluded from the purview of the proposed comprehensive indirect tax by a constitutional provision.

The Centre has long argued that even though these products — a major source of revenue for both itself and the states — can be kept out from GST in the initial years, providing for such exclusion in the Constitution would be unwise given the tedious process for an amendment to the principal statute.

The states also stuck to their demand for a compensation mechanism where both parties have equal say and virtually rejected the Centre’s proposal that the matter be vested with a proposed GST Council with representations from both sides.

For businesses with a turnover over R1.5 crore, the tax will be collected and enforced by the Centre as well as state governments — the former will be in charge of the central GST (C-GST) and states, the state GST (S-GST).

The unanimity among states on minimum turnover threshold to impose GST would, however, pave the way for talks on the revenue neutral rate for the GST, comprising C-GST and S-GST components, as the base of the tax is now defined.

FE had earlier reported that the Modi government, eager to bring the tax reform that is expected to yield substantial economic dividends and stamp out chunks of the black economy, was considering giving a financial guarantee to all 29 states against any revenue losses from embracing GST. Besides, it is expediting the release of the compensation for past losses on the central sales tax (CST) front, pegged at R34,000 crore.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
E-catalogue online catalogue E-brochure online brochure online product catalogue online product catalogue e-catalogue Indi

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