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
Latest Expert Exchange
« ICAI »
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018.
 Information System Audit - Assessment Test (ISA - AT), June 2018
 FAQs on SA 570 (Revised), ‘Going Concern’ (Applicable for audits of financial year 2017-18)
  Exposure Draft of Standard on Internal Audit (SIA), Planning the Internal Audit Assignment (Comments to be received by June 15, 2018)
 Four Weeks Residential Programme to be held from 4th June, 2018 to 1st July, 2018 at Centre of Excellence, Jaipur for Men Participants only.
 Inputs/ Suggestions Invited on Draft Revised Syllabus for the Post Qualification Course on Information Systems Audit formulated by Digital Accounting and Assurance Board of ICAI latest by 31st May, 2018.
 Exposure Draft of Accounting Standard (AS) 109, Financial Instruments (Comments to be received by June 30, 2018)
 Register for Exclusive First Batch of Spanish Language (60 Hours) for ICAI Members and Students at Delhi and Mumbai - 4th June 2018 - Last Date of Enrolment is 21st May 2018
 FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling.
 SAFA accepts recommendation of the ICAI for forming SAFA Women Empowerment Committee and replicating the digital initiatives of ICAI.
 CPE Events 14th May - 19th May 2018

'ICAI studying effects of GST regime'
September, 09th 2011

The Institute of Chartered Accountants of India (ICAI) is serious on its role as India prepares to usher in the goods and services tax (GST). Apart from seeking inputs from various users such as traders, commerce organisations and associations, ICAI has also asked its chartered accountant members to conduct independent studies on the net financial gains or losses that each state across the country would end up once GST becomes a reality.

The idea of embracing GST regime was mooted in Union budget for 2006-2007, when the Union finance minister proposed that India should move towards national level GST that should be shared between the Centre and the states. While the initial deadline of April 1, 2010, set for the purpose has gone by, it is now expected to come in to force from April 1, 2012. A study on exact implications of GST would bring about more clarity on the issue, opines ICAI.

Sharing this view with TOI here, ICAI president G Ramaswamy said while some states are willing to implement GST, other states have reservations about it. State finance ministers need to be told whether they are gaining or losing (revenue) post GST, Ramaswamy said, adding this is where a study becomes important. Apart from requesting members to help with the study, ICAI is organising workshops to educate all concerned on GST, he said.

A proper revenue model has to be prepared state wise and given to the respective states. The study should be based on sales tax collection of each state, value added tax and central excise and the state wise contribution. The share of states should be worked out based on this study, he said adding only such an exercise would convince the finance ministers of the respective states on what the benefits are, and what they are losing initially for a long term gain.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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