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!
Service Tax »
Open DEMAT Account in 24 hrs
 ITR Filing 2024: Received Arrear Money? Here's How To Get Relief Under Section 89(1)
 CESTAT Sets aside Service Tax Demand under BAS as OLSP providing service not as an Agent of Assessee
 Tax deadline: Who should file ITR early and not wait till May 31
 ITR Filing Last Date FY 2023-24 (AY 2024-25)
 Central Govt Extended Time Limit to File Refund Claim of Service Tax on Exported Goods: CESTAT allows Refund
 Filing Income Tax Return Early? Make Sure To File Correct Details
 ITR 3 What is ITR 3 Form & How to File ITR-3?
 ITR Filing 2024: How To Claim Tax Refund Online, Check Step-by-step Guide To Know Status
 Income tax return filing for FY23-24: Check details of Form 16 issue date, ITR forms
 How to maximize tax benefits for senior citizens in India
 Income tax return filing: ITR filing 2024 date is upon us, but should you rush to file?

Open to scrapping 1 per cent additional tax for GST Bill passage, says Arun Jaitley
December, 17th 2015

Finance Minister Arun Jaitley today hinted at accepting Congress' stand on scrapping of one per cent additional tax but said that their demand for incorporating the GST rate in the Constitution Bill was not agreeable.

Speaking at an industry meet on GST, he said the one per cent additional tax on inter-state sales was proposed as manufacturing states like Gujarat and Tamil Nadu were of the opinion that they, having spent money on putting up infrastructure, would lose on revenue as GST is more of a destination tax.

"I have told my friends in Parliament that I am ready to go back to those manufacturing states and tell them that we have guaranteed you to make good for all the loss suffered in the first five years. So this one per cent additional levy issue is resolvable," he said.

GST is to subsume all indirect taxes like excise duty, sales tax and service tax. In the new regime, there will be one Central GST or C-GST and State GST or S-GST.

Currently, states levy sales tax or VAT on goods sold within their state and they get a Central Sales Tax (CST) on sales made outside their territories.

This CST will no longer be available in the new regime and a one per cent additional tax was proposed to make up for it.

On the other condition that 18 per cent tax should be put in the Constitution Bill, he said, "Are tariffs part of Constitution? Can tariffs ever be cast in stone?"
"Suppose there is a drought or a flood in 10 states and for one week you need to raise the tariffs, are you then going to amend the Constitution?," he asked.

"GST is an idea which I have no doubt that, if not today, tomorrow it has to be approved, we are just going through the agony prior to the passage of the Bill," Jaitley said.
The rate of taxation, he said, will be decided by the GST Council. "After all, states and the Centre are surrendering their rights to the GST Council. The GST Council will decide the rate," the Finance Minister said.

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