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: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: articles on VAT and GST in India :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARDS :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD
« Budget Extravaganza »
 Are you expecting good tax breaks in Budget 2017? Think again
 Budget 2017: Home insurance premium should get income tax exemption
 Demonetisation may be the trigger for any increase in service tax rate this budget
 10 things Arun Jaitley can do to make it a Budget for the middle class
 How budget 2017 can ease pain of demonetisation via income tax sops
 Budget 2017: Do we expect an overhaul of personal income tax rates and slabs?
 All eyes on Budget 2017 proposals on capital gains tax
 Budget-2017 And Gst Expectations
 Income Tax Appellate Tribunal, Kolkata Benches Kolkata Constitution of kolkata Benches for One Week From 16.01.2017 To 19/01/2017
 What’s the big deal if budget presented on Feb 1, which law violated? SC asks PIL petitioner
 What aam aadmi wants from Budget 2017

Finmin worried over Finance Commission extension
September, 10th 2009

The three-month extension sought by the Thirteenth Finance Commission has worried the finance ministry as it is not sure it can afford to wait till December 2009 for the constitutional panels report.

The Commission, whose original deadline is October 31, wants it extended to December 31 as it still has to visit some states and is also waiting for the final report on the goods and services tax (GST).

But the finance ministry is of the view that this would delay the Budget making exercise.

The finance commission aw ard will be for 2010-15. If we dont have their report in place at least two to three months before the Budget exercise starts, we wont be able to finalise the Budget Estimates for 2010-11, a finance ministry official said.

North Block begins preparations for the Union Budget by December, when its starts discussions with government ministries for their requirements and allocations for the next fiscal.

So it is necessary that the finance commission sends in its report at the latest by November, as the finance ministry would need time to study its recommendations before embarking on its annual ritual.

The Finance Commission is a Constitutional body set up every five years to recommend a formula for devolution of taxes between the Centre and the states which is an essential part of the Budget activity. The panel is led by Vijay Kelkar.

This time around it has two new responsibilities it has to review the state and Centre finances and suggest measures for maintaining a stable and sustainable fiscal environment as well as evaluate the impact of the proposed GST.

The Commission wants some additional time to finalise its report as it still has to visit some states to discuss their concerns.

The visits were delayed because of the general and state elections April and May this year. Also, the uncertainty over the model and rate structure for the GST, which is yet to be agreed upon by the Empowered Committee of state finance ministers, has further caused delay to the Kelkar panel.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

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