« 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 «  Recodified Companies Bill in winter session... Auto hubs to lay hands on fiscal sops... » Decision on central sales tax phaseout next week September, 08th 2006 The empowered committee of state finance ministers will take a final call next week on phasing out central sales tax (CST) from October 1. With both the Centre and states failing to find a common ground on the compensation package for states, the reduction of CST from 4% to 3% from October 1 looks set to become a casualty. While states want devolution of 50% of revenues collected by way of service tax to them, the Centre has baulked at the suggestion. At present states get 29.5% of proceeds of all central taxes including service tax. States also want to impose value added tax (VAT) on imports besides the right to collect service tax on financial and telecom services. While the Centre is agreeable to services like legal and medicine, it is not ready to give away financial or telecom services. Telecom accounts for more than 40% of the total service tax collection. The Centre has asked states to hike VAT rate from 4% to 6%. States impose 4% VAT on industrial intermediates. This suggestion has also not found favour with states as they feel any decision to change the rates is their prerogative. States have claimed they would lose Rs 2,500 crore in revenue this fiscal, if the CST is brought down from 4% to 3%. The loss on account of further 1% reduction is pegged at Rs 12,000 crore. As per the roadmap, states are supposed to cut CST by 1% from April 1, 07 to 2%. The matter is being sorted out by a committee comprising the adviser to finance Minister Parthasarathi Shome and joint secretary to empowered committee Satish Chandra. The committee was set up in August this year to iron out differences and work out a future roadmap. Finance minister P Chidambaram had said last week that certain differences were still there and another meeting would be required to sort them out.