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
Service Tax »
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws
 3 key tax changes for senior citizens which will come into effect from April 1, 2018
 Income tax returns (ITR) filing: Not filed returns for 2 years? Beware! Deadline nearing
 All you want to know about HRA: When you can claim and how it is calculated?
 Income Tax Saving: 6 ways to save tax without investing before March 31 tax deadline
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?

Threshold limit for goods, services tax proposed by States too low: FinMin
September, 03rd 2014

The ?10-lakh threshold limit for imposition of Goods & Services Tax (GST) proposed by States is ‘too low’ for creating a business-friendly tax administration, according to the Finance Ministry.

The Empowered Committee on State Finance Ministers, in its meeting on August 20, agreed on setting a ?10-lakh threshold limit for general category States and ?5 lakh for special category and North Eastern States. Earlier, the proposed limit was ?25 lakh.

“States are proposing ?10 lakh and ?5 lakh as the gross turnover. Considering various kind of reliefs and exemptions, the taxable limit will be much lower. Such a limit will not be very conducive for a business-friendly tax administration,” a senior Finance Ministry official told BusinessLine. He, however, refused to divulge the limit which the Centre thinks is appropriate.

GST aims to subsume Central indirect taxes, such as excise duty and service tax, into a central GST (CGST) and various States levies, such as value-added tax and Central sales tax into State GST (SGST).

The official said Revenue Secretary Shaktikanta Das had held meetings with States on various issues.

Building consensus
Efforts are on to build a consensus so that the Constitutional Amendment Bill for introduction of GST can be re-introduced during the Winter Session of Parliament.

Once approved, the Bill would need to be endorsed by at least half of the State Assemblies before it becomes a law.

Petroleum products
The Centre has also proposed bringing petroleum products within the GST framework with ‘nil’ rate, giving flexibility to both the Centre and States to impose duties over and above the GST.

However, States want these products to be kept out of the new indirect tax regime.

Currently, the Centre levies customs and excise duties on petroleum products, while States impose sales tax.

Meanwhile, both the Centre and States seem to agree on keeping alcohol outside GST’s purview. When asked about tobacco, the official said this was a ‘fringe’ issue and would be sorted out soon.

TN’s concerns
Tamil Nadu Chief Minister J Jayalalithaa has raised concerns over the issue, as the Amendment Bill does not include enabling provisions for States to levy higher taxes on tobacco and tobacco products.

Tobacco consumption is a public health hazard and many States, including Tamil Nadu, levy higher taxes on such products, which should continue to be permitted, she had written in a letter to the Prime Minister.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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