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 :: VAT Audit :: empanelment :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: VAT RATES :: cpt :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

Govt says no to GST
September, 23rd 2009

Tax would indirectly benefit multinational firms.

The BJP-ruled Madhya Pradesh government has alleged that the Centre has planned to impose goods and services tax (GST) to indirectly benefit the multinational companies.

The government today reiterated that it would not adopt GST. Madhya Pradesh is the first state to refuse GST on grounds of losses of Rs 2000 crore annually to the state.

State Finance Minister Raghavji, while speaking to Business Standard, cautioned not only against haste in introducing GST, but alleged that states would have reduced fiscal autonomy and multi-tax system.

The new tax system will escalate prices of commoner items and will reduce prices of luxury items. It is not in the interest of the poor, he said.

He added that the central government never wanted the states to stay autonomous in terms of financial independence.

After GST, the state will have to lose a maximum of Rs 2,000 crore annually. The rate of tax will vary from 1 per cent to 12 per cent and will be more on petroleum products. But we will lose Rs 700 crore at one go as we will have to remove central sales tax, the minister said.

In addition to service tax, there will be five slabs 1 per cent, 5 per cent, 8 per cent, 12 per cent and another slab for petroleum products. This will create an ambiguity and traders will have to face authorities at the central and state levels. They will also have to file separate returns for state and central level taxes, he added.

The new tax system would replace excise duty and service tax at the Centre and value-added tax (VAT) and local taxes at the state level.

Besides Madhya Pradesh, Chhattisgarh, Haryana and Tamil Nadu also have reservations on GST. We are not strictly opposing the GST but we want the Centre should not impose it in haste, Raghav ji said.

He said even foodgrain would attract tax and as a result, not only traders but farmers will also be affected with the new system.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

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