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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT RATES :: empanelment :: cpt :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS
Indirect Tax »
 Applicability of TDS provisions of section 194-I of the Income-tax Act, 1961 on lump sum lease premium paid for acquisition of long term lease-regarding
 CBDT seeks monthly data of disposed I-T appeals
 Further indirect tax may be levied in 2017
 India has to make its own tax law
 Centre warns against criticism of GST network
 Indirect tax collection jumps 26% in April-September, direct tax 9%
 Indirect Tax collections up
 Thank you note from income tax department
 Tax dept scanning IDS disclosures filed through post
 Poor management cause of financial pressure on Centre
 GST to have short-lived impact on inflation: RBI

Finance Commission can look into GST compensation issue
September, 22nd 2014

The Finance Commission can be involved in the exercise of compensating states for revenue losses following implementation of the Goods and Services Tax (GST), said former Revenue Secretary Sumit Bose.

"The Finance Commission is well equipped to look at the compensation issue with regard to GST," he said here, adding that a new Commission could be constituted a bit early to decide on the compensation.

The government proposes to implement the Goods and Services Tax (GST) from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related with the new tax regime.

Finance Commission is constituted every five years to recommend devolution of taxes between Centre and states.

Bose, who is also a member of the Expenditure Management Commission, said that the "President if he so desires can set up a commission even earlier to produce a report in five years" to look into the GST compensation issues.

Lack of consensus on compensation to states on revenue loss has delayed implementation of GST. The GST aims at subsuming most of the indirect taxes at the central as well as state level.

The UPA government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for introduction of GST.

As regards the compensation structure, the states have sought a five year compensation mechanism from the Centre and demanded the same be included in the Constitutional Amendment Bill.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Publishing Management System PMS News Management System Publishing Management System Development Online News Management System for media company custom Publishing management system development Survey management system Market Res

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