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It Infrastructure - A Priority For Gst By: Nagesh Bajaj | Oct 28th 2011 - Unique Identification Authority of India (UIDAI) Chairman Nandan Nilekani is working on the IT preparedness for GST .IT infrastructure will play a huge role in interstate GST. Inter-state GST (IGST) will be collected by the Centre and passed on to the states. It will have to be transferred electronically. Tags:PROPOSED GOODS, NANDAN NILEKANI, IDENTIFICATION AUTHORITY
A Step Closer To Goods And Service Tax By: Nagesh Bajaj | Oct 20th 2011 - Finance minister Pranab Mukherjee has proposed a three-year timeline to fully implement the GST. In the first year, there will be a dual-rate GST. The Central GST is proposed at 6% for essential commodities and a 10% standard rate for other goods. States are expected to impose similar levies. As a result, the combined GST on goods will be between 12% and 20%. The tax on services will be levied at 8% by the Centre and a similar levy by the states. Tags:STANDARD RATE, STEP CLOSER, PRANAB MUKHERJEE, PROPOSED C
Gst And Economic Growth By: Nagesh Bajaj | Sep 16th 2011 - To make India as a financial super power, the introduction of GST is must. There are much apprehension relating to proposed GST regime regarding the growth in Indian Economy and its effects thereof. As we know in India economy, destination based taxation requires high compliance cost and efficient administration. Tags:ECONOMIC GROWTH, INDIAN ECONOMY, PROMOTING ECONOMIC GROWTH, IND
Gst And Fiscal Autonomy To The States By: Nagesh Bajaj | Sep 13th 2011 - The proposed GST Scheme has created a sense of fear among states that they will lose their autonomy over levy of taxes. Presently, states enjoy total autonomy atleast in respect of state taxes. It is upto state governments to decide "€" what to levy, type of levy, rate of tax and how to tax. Tags:STATE GOVERNMENTS, FINANCE MINISTERS, FISCAL AUTONOMY
Gst: Delay In Implementation By: Nagesh Bajaj | Sep 10th 2011 - In 2006, the UPA Government announced that a comprehensive GST would be launched on 1st April, 2010 and it was believed that the introduction of GST is a difficult task, as our current structure of indirect taxes is driven by the multiplicity of taxes. Some levied by the Centre and others by the States. Tags:INDIRECT TAXES, FINANCE MINISTER, 13TH FINANCE, STATES LOSING, F
Gst And Its Dependency On It Infrastructure By: Nagesh Bajaj | Sep 6th 2011 - IT infrastructure will be one of the basic requirements for successful implementation of Goods and Services tax. It should be well in place before introduction of GST. Based on the experience of different state governments, we can say that without an efficient e-governance it is not possible to administer value added tax regime effectively. The Input Tax Credit (ITC) is an important aspect of VAT and it is difficult to monitor ITC in the absence of fully developed computerized system. Tags:TAX CREDIT, INPUT TAX CREDIT, DEVELOPED COMPUTERIZED SYSTEM
Looking Forward For Constitutional Amendment Bill By: lawcrux | Apr 8th 2011 - Earlier our Finance Ministry proposed to keep crude oil, petrol, diesel, ATF and natural gas permanently outside GST through a Constitutional Amendment. The 13th Finance Commission has also recommended that petrol, diesel, ATF, crude oil and natural gas should form part of GST legislation. Tags:Import export trade, custom duty, Central excise duty
Nebulous Environment Over The Gst By: Atul Dadwal | Mar 14th 2011 - Earlier our Finance Minister, Mr. Pranab Mukherjee said that the Government is looking forward to bring the Goods and Services Tax along with the Direct Tax Code (DTC) in April, 2012. But now our Finance Ministry is coming with a fresh statement that the proposed Goods and Services Tax (GST) might not come into force along with the Direct Taxes Code (DTC) in April 2012. GST is a transaction based tax. Tags:import export, custom duty, excise duty, GST, tax services, indirect tax, advance license, foreign trade policy, tax planning, EOU, SEZ, NEPZ, EPCG, D
Gst A Ray Of Hope For The Realty Sector By: Mamta Papneja | Mar 4th 2011 - As a matter of fact, since GST has been deferred by a year, the Finance Minister may also consider addressing certain issues of the real estate sector in the upcoming Budget... Tags:free, online, classifieds, buy, sale, india
Still No Fruitful Results By: lawcrux | Feb 21st 2011 - Constitution Amendment Bill for GST," [Mr. Raghavji, MP Finance Minister] "The new constitution amendment draft proposed by the Government of India is completely against the fiscal federalism." The Centre has framed a draft Constitution Amendment Bill for the roll out of the Goods and Services Tax. Constitutional Amendment Bill is required to give powers to the States to levy Service Tax and the Centre to impose tax beyond production stage. Tags:import export trade, custom duty, central excise duty
Can Petroleum Products Forms Part Of Gst?? By: lawcrux | Jan 29th 2011 - The Oil Industry came out with a demand to include crude oil and its products, and natural gas in the upcoming GST regime. Earlier our Finance Ministry proposed to keep crude oil, petrol, diesel, ATF and natural gas permanently outside GST through a Constitutional Amendment. Tags:GST, Petroleum Products, custom duty, service tax, tax services, indirect tax, service tax and central excise, Tax Solutions, Tax laws
Gst And Economic Growth By: Namita | Jun 11th 2010 - To make India as a financial super power, the introduction of GST is must. There are much apprehension relating to proposed GST regime regarding the growth in Indian Economy and its effects thereof. As we know in India economy, destination based taxation requires high compliance cost and efficient administration Tags:gst, goods and servise tax, taxes, service tax, tax services
Goods And Service Tax - A Consumption Based Destination Tax By: Taxmann | Sep 11th 2009 - The Goods and Service Tax (GST), a landmark in the history of tax reforms, after the implementation of VAT, has started its journey by the Finance Minister's public endorsement of the dual GST model.
The dual GST model will comprise of a Central GST and State GST. The Centre and the State will each legislate, levy and administer the Centre and State GST, separately. GST centres round evolving an efficient and harmonize consumption tax system in the country. Tags:Company Laws, Foreign Exchange, Service tax, Income Tax.
