« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  Tax on concessional rent accommodation : CBDT notifies... Tax norms for foreign service providers still confusing... » ICAI proposes dual taxation structure for GST roll-out November, 06th 2007 The Institute of Chartered Accountants of India (ICAI) on Monday recommended that Goods and Service Tax (GST), proposed to be implemented from 2010, should have dual tax structures at the Centre and state levels. The GST is expected to create a common Indian market, but there is no unanimity over the model to be adopted, whether there should be one tax structure or two tax structures at the Centre and state levels. A sub-group has been constituted by Empowered Committee of State Finance Ministers on VAT to chart out a model and a roadmap for GST. ICAI in its recommendations to this sub-group suggested that there should be two levels operating parallelly, one at Union level and other at State level, said Council Member Bhawana Dhoshi. It is the most workable model, especially taking into consideration the changes required in the Constitution and achievability in the short-term, she said. The model builds on the current structure of taxation of goods and services and does not envisages drastic changes in the broad mechanism for levy and collection of taxes, she added. As per the recommendation, the central level tax would be at 12 per cent while the state level taxes would come down to 6-8 per cent. Hence the total GST Tax would be around 20 per cent. At the central level, excise and service taxes are supposed to converge into GST. However, only the Centre should collect tax on three services, telecom, transportations, banking and financial services, while other services could be taxed by both. Certain amendments in existing legislation are required for implementing GST, she said, adding the recommendations would be submitted tomorrow. There would be need to consolidate separate entries in the Constitution empowering Union and State governments to impose taxes on manufacture and sale of goods and services into one entry which enables both the central and state government to impose tax, she added.