« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  A costing standard that rescued a chocolate case... New a/c norm for staff benefit provisions spooks banks... » Govt rejects States' demand for greater service tax share August, 19th 2006 The Finance Ministry has formally turned down the States' request for 50 per cent devolution of service tax collections as part of the compensation package for proposed Central sales tax (CST) phase-out. The States currently get 30.5 per cent of all Central tax collections, including service tax. Sources in the Government said that the suggestions involving additional cash outgo from the Centre had been turned down. However, the Ministry has in principle agreed to allow the States to collect and retain 100 per cent of collections on 77 services of intra-State nature as part of the package. It is also understood that States have been asked to consider increasing the VAT rate of four per cent to five per cent and then six per cent over the next two years. The compensation package for CST phase-out is likely to come up for discussion at the meeting of the Empowered Committee of State Finance Ministers on VAT on August 24 in the Capital. Higher devolution of service tax collections, powers to levy and collect service tax on about 124 services (intra-State nature), entire proceeds of VAT on imports and powers to levy VAT on three additional excise duty (AED) items formed part of the compensation package that States had sought from the Centre for CST phase-out. Of the 124 services proposed, the Ministry has approved 68 services.