Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals
  Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Why you need not rush to file your ITR immediately
 Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing
 Section 80DDB tax benefits for specified illnesses: 5 things to know
 Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal

Maha CM wants sales tax scrapped
December, 13th 2006

The Maharashtra chief minister Vilasrao Deshmukh wants the Centre to scrap the sales tax and instead introduce an integrated national tax on goods and services.

After replacing the states sales tax by VAT, it is time that we move towards goods and service tax,, Mr Deshmukh said at the recently held National Development Council meet chaired by Prime minister Manmohan Singh. Mr Deshmukh suggested that the Centre and the state government should tax all services and inter-state services in the same manner as inter-state sales, that is, taxation on destination principle.

It is necessary to move to the modern system for which the government should begin a process and reform the present central sales tax system wherein the exporting state taxes the consumption in the importing states, he suggested.

Mr Deshmukh thinks that this needs to be replaced by a system, where the tax on inter-state sales is paid in advance to the importing state and the importer is authorised to claim input tax credit of the tax paid on his inter-state purchase.

The proposal is fully compatible with the basic principles of VAT and also protects the exporting states from potential wrongful claims of input tax credit by any exporter in that state, he added. He also expressed the need to convert the state VAT into a standard VAT on goods and services.

In Maharahtra the services are growing at 12% whereas agriculture is stuck at a paltry 3% growth, Mr Deshmukh said. And hence effective implementation of service tax yields more for the state.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting