« 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 «  I-T form altered to seek more info... Sublease as capital asset... » Move from dual-VAT to national level GST: PwC official August, 19th 2006 India must move away from dual-VAT system and look at adopting a European model of a federal-level goods and services tax (GST) by 2010, Ms Ine Lejuene, Leader of PricewaterhouseCoopers (PwC) Global VAT/GST Network, has said. As the country prepares to introduce GST on April 1, 2010, she felt that it would be a best practice for the tax policy makers here to embrace the European model of federal level GST. Ms Lejuene also highlighted that federal level GST would help attract foreign direct investments (FDI) as companies prefer a less complex system. "As India goes in for a GST, it is better to go in for best practice and avoid those that would make it more complex. GST in Europe is always at the national level. You cannot have any levies at the community level that is in the nature of consumption tax," Ms Lejuene told Business Line. As part of her India visit, she had met Dr Parthasarathi Shome, Advisor to the Union Finance Minister and also senior officials of the Empowered Committee of State Finance Ministers on VAT. Asked whether she had given any policy recommendations during her interaction with Dr Shome, she said that her basic recommendation was that India must definitely execute its plans for moving to a GST by 2010. Besides discussing the merits of European model, the VAT expert had also suggested that policy makers must reflect upon perhaps using the positive experience that Europe had in using a broad definition of services instead of working with a list of transactions that qualify for service. The other recommendations made include the need for a court at the national level to look at VAT related issues. Mr S. Madhavan, Executive Director, PwC said that all exemptions (sales tax as well as central excise related) ought to go if a clean and relatively simple GST is to be introduced from April 1, 2010.