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: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TDS :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: cpt :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARDS :: articles on VAT and GST in India
 
 
Service Tax »
 GST Council may discuss tax rate on gold at Udaipur meet
 Govt may rework indirect tax estimates mid-way after GST
 GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
 Government may rework indirect tax maths mid-way after GST entry
 Govt may rework indirect tax mid-way after GST entry
 GST rollout will reduce disparity among states
 GST: E-tailers oppose tax laws
 Service Tax Act Chapter V Of The Finance Act, 1994
 Delhi government unlikely to achieve VAT target
  National Goods And Services Tax Appellate Tribunal
 Service Of Notice Under Model Gst Act

Govt to tweak GST Bill, with petro products in ambit
September, 20th 2014

The government is planning to reintroduce the Constitution (115th Amendment) Bill for Goods and Services Tax (GST) in the winter session of Parliament with some significant changes from a previous version that lapsed: Petroleum products will be subjected to GST but they will be zero-rated initially; all entry taxes levied by states except octroi will be subsumed in the proposed comprehensive direct tax.

By keeping petroleum products, a major source of revenue for the Centre and states, in the GST ambit, the government wants to ensure that the integrity of GST (and with that its ability to militate against cascading of taxes) is not compromised. Petroleum being the building material for many downstream industries, its inclusion in GST would keep the tax trail (and the facility of input tax credit) intact. But the Centre and states will, till the latter agree that all taxes on these products can be collapsed into GST, continue to tax these products outside the GST system.

GST is meant to create a single market across the country and experts reckon that it could generate additional 1.5 percentage points of economic growth.

The Modi government’s Bill, sources said, also seeks to redefine the taxation powers of the Centre and states.

The UPA government had in 2011 introduced a Constitution Amendment Bill for GST in the 15th Lok Sabha but it lapsed with the dissolution of that House. This Bill had sought to keep petroleum products and entry taxes outside the GST ambit. This practically would have necessitated another amendment to the Constitution whenever these items are to be brought within GST. The new arrangement would theoretically include petroleum products in GST, but would temporarily keep them out for practical purposes. These could then be subsumed into GST whenever needed, without having to amend the Constitution further, sources explained.

Entry taxes account for about 10% of states’ revenues, while petroleum products account for roughly 30% of states’ tax revenues.

Meanwhile, fresh uncertainty has surfaced on the issue of dispute resolution. The proposed GST Council or any other body of Union and state ministers would be breaching the constitutional separation of powers if tax dispute resolution power is vested in them. States have pointed out that an executive body of ministers cannot be an arbiter in tax disputes as taxation is the sole prerogative of the Parliament and state legislature that make law. “Several rounds of discussions on this have been held and we

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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