« Service Tax » Open DEMAT Account in 24 hrs  Tax e-filing: New banks enabled for online tax payments via e-pay tax service Check the entire list of banks  Income Tax Bill 2025: Changes under the new bill that taxpayers must know. Check FAQs  ITR filing: Know the new Budget 2025 rules for filing updated income tax returns  New Income Tax Bill 2025: What are expected changes and how will they affect you?  From tax changes to capex growth 5 key expectations from Emkay Global for Indias economy  Income Tax Returns: What are the consequences of not verifying your ITR within 30 days  Income Tax: Want to update your ITR? You can file an updated tax return; Here s all you need to know  ITR Filing 2024: How to check income tax refund status online using PAN card? A step-by-step guide  ITR Filing 2024: Which Income Tax Regime Is Better For NRIs? Check Expert Inputs Here  ITR filing 2024: How to check income tax refund status online? A step-by-step guide  Income Tax Return: Why should you wait till June 15 to file your ITR for FY24? «  Exempt non-executive directors’ pay from service tax: CII... No service tax to be implemented on NRI remittances:... » CST compensation issue may derail GST launch; States to PM July, 12th 2012 States have told Prime Minister Manmohan Singh that the Centre's refusal to compensate them for revenue losses due to reduction in CST rate could derail introduction of Goods and Service Tax (GST), dubbed as a big-ticket tax reform.      "In case States are not given CST compensation by the Government of India till GST is introduced, States will have to suffer substantial revenue losses and may be forced to adopt certain tax measures which may not be in the interest of tax reforms," Chairman of Empowered Committee of State Finance Ministers Sushil Kumar Modi said in a letter to Singh. Seeking a meeting with the Prime Minister, who now also holds the finance portfolio, Modi said the "unilateral" decision of the Centre not to compensate states on reduction in CST rate after 2010-11 is likely to "adversely affect the process of tax reforms in the country, including the introduction of GST".      "I humbly and sincerely request you to kindly reconsider the decision regarding CST compensation," Modi said.      The Central Sales Tax (CST) is collected by the Centre and distributed among states. As a pre-cursor to GST, Centre and States in April, 2007 had agreed to phase out CST over a period of three years and in line CST rate was reduced to three per cent and then to two per cent. The Centre had already compensated states' for losses for up to 2010-11.      Modi, however, said originally when it was decided to phase out CST, it was presumed GST would be implemented from April, 2010.      A Parliamentary panel is scrutinising the Constitution Amendment Bill on GST which will usher in a new indirect tax regime. The panel is likely to submit its report in the monsoon session of Parliament.