Threshold limit for goods, services tax proposed by States too low: FinMin
Posted Date : 02-Sep-2014 , 07:33:58 am | Posted By CASANSAAR
The ₹10-lakh threshold limit for imposition of Goods & Services Tax (GST) proposed by States is ‘too low’ for creating a business-friendly tax administration, according to the Finance Ministry.
The Empowered Committee on State Finance Ministers, in its meeting on Augus...
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GST likely to be introduced shortly: Sitharaman
Posted Date : 06-Aug-2014 , 08:14:26 am | Posted By CASANSAAR
The proposed new indirect tax regime, Goods and Services Tax, is likely to be introduced shortly, the government said Tuesday.
"GST is likely to be introduced shortly...," Minister of State for Finance Nirmala Sitharaman said in the Rajya Sabha while answering a question on Central Sales Tax paymen...
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GST: So Near, Yet Too Far
Posted Date : 04-Jul-2014 , 08:29:55 am | Posted By CASANSAAR
The government on Thursday said that the implementation of the much anticipated comprehensive tax regime — the Goods and Services Tax (GST) — will be “sooner than later” and the government was engaged with the states with an open mind on the subject.
“The Centr...
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FinMin wants consensus on rolling out of GST soon
Posted Date : 10-Jun-2014 , 07:40:45 pm | Posted By CASANSAAR
The Finance Minister Arun Jaitley has said that the Centre and States need to work together to roll out Goods and Services Tax, GST.
He said, the mandate of 2014 clearly spells out that economic growth cannot be compromised at any cost and there is a need to round off corners towards GST impl...
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NDA govt plans to bring in GST within this year
Posted Date : 29-May-2014 , 08:29:37 am | Posted By CASANSAAR
The Narendra Modi-led NDA government plans to introduce the Goods and Services Tax this year itself, and is set to get the process rolling during the Monsoon Session of Parliament.
For this, finance minister Arun Jaitley has sought a separate session with his officials on the status and con...
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India to adopt global financial standards from April 2015
Posted Date : 24-Feb-2014 , 08:42:53 am | Posted By CASANSAAR
The corporate affairs ministry is likely to notify within a month all sections and rules of the new Companies Act and start immediately thereafter the process of converging Indian accounting standards with the International Financial Reporting Standards (IFRS), which have to be implemented from Apri...
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States against petro products, liquor in Goods and Services Tax
Posted Date : 22-Oct-2013 , 07:55:43 am | Posted By CASANSAAR
Several states on Monday opposed inclusion of petroleum products and liquor in the proposed Goods and Services Tax (GST) regime as the move would severely affect their revenues. This came out at the meeting of the Empowered Committee of State Finance Ministers that deliberated th...
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Floor and ceiling rates suggested for Goods & Services Tax
Posted Date : 08-Aug-2013 , 08:29:23 am | Posted By CASANSAAR
Parliament’s standing committee on finance has suggested a floor rate and ceiling in the proposed Goods and Services Tax (GST) and making it optional for states to introduce indirect tax reforms. This will lead to multiple tax rates in GST, while the government’s original inten...
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Parl Committee on Finance finalises GST report
Posted Date : 20-Jul-2013 , 06:17:24 pm | Posted By CASANSAAR
The Parliamentary Standing Committee on Finance today finalised its report on Goods and Services Tax (GST) which will be tabled in Parliament in the monsoon session beginning August 5.Sources said the report will be sent to the Parliament today only.The GST Bill, introduced in Parliament in 2010, is...
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Goods and services tax (GST) to be in place by 2014: Prime Minister
Posted Date : 29-May-2013 , 07:50:14 am | Posted By CASANSAAR
Prime Minister Manmohan Singh said on Tuesday that the much-awaited goods and services tax (GST) will become a reality by 2014 regardless of who forms the government after the next Lok Sabha elections, even as he counseled the foreign investors to come to terms with pro...
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GST regime to exempt at least 96 items from tax
Posted Date : 11-May-2013 , 07:51:52 am | Posted By CASANSAAR
The Centre and States have agreed to have a common exempted list for at least 96 goods under the proposed Goods and Services Tax (GST) regime.
The consensus was reached on the first day of a two-day meeting of State finance ministers here.
“Overall, we have moved forward. We ...
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GST demystified: 10 things you should know
Posted Date : 30-Jan-2013 , 10:59:23 pm | Posted By CASANSAAR
The goods and services tax (GST) is aimed at creating a single, unified market that will benefit both corporates and the economy. With the resolution of the contentious central sales tax compensation issue on Monday, a GST rollout is now closer to reality. Sushil Kumar Modi, chairman of ...
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Consensus over key issues of GST
Posted Date : 29-Jan-2013 , 08:07:31 am | Posted By CASANSAAR
States have agreed to the compensation formula suggested by the Centre for their CST (Central Sales Tax) revenue loss for implementing the Goods and Services Tax (GST), said Sushil Kumar Modi, Chairman of the Empowered Committee of State Finance Ministers, and Deputy Chief Minister of Biha...
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Panels to deal with CST compensation, GST framework issues: Chidambaram
Posted Date : 09-Nov-2012 , 08:12:21 am | Posted By CASANSAAR
With the States firm on seeking a settlement on the Central Sales Tax (CST) compensation issue before moving ahead with rollout of the Goods and Service Tax (GST), Finance Minister P. Chidambaram on Thursday announced that two committees would be constituted to address the conten...
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'J&K not to implement GST unless stakeholders are consulted'
Posted Date : 05-Nov-2012 , 08:09:25 am | Posted By CASANSAAR
The Jammu and Kashmir government has said it will not implement the Goods and Services Tax(GST) in the state unless consulting the stakeholders, including the traders community. "The proposed Goods and Service Tax (GST) will not be implemented in the state unl...
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Centre, states near consensus on Goods and Services Tax
Posted Date : 26-Oct-2012 , 08:20:16 am | Posted By CASANSAAR
The UPA government's most ambitious tax reform, the Goods and Services Tax (GST), moved a step closer to implementation as the Centre and the states narrowed down their differences on several contentious issues. An announcement is likely on November 8 when finance ministerP Chida...
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Goods and service tax one step closer to final approval
Posted Date : 12-Sep-2012 , 08:23:26 am | Posted By CASANSAAR
The Goods and Service Tax (GST) Bill is nearing final approval after the Attorney General of India, Goolam E Vahanvati, answered the constitutional queries raised by former finance minister Yashwant Sinha in his capacity as the Chairman of the Parliamentary Standing Committee on Finance.
The value-...
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GST is More Effective and Efficient Substitute for Plethora of Indirect Taxes: FM
Posted Date : 24-Aug-2012 , 09:35:37 pm | Posted By CASANSAAR
The Union Finance Minister, Shri P. Chidambaram said that the goods and services tax (GST) is a more effective and efficient substitute for plethora of indirect taxes. The Finance Minister said that he is hopeful that the GST Bill would be passed before the end of the current financial year. The Fin...
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GST rollout likely to miss April 2013 deadline
Posted Date : 22-Aug-2012 , 06:56:02 am | Posted By CASANSAAR
The government's plan to roll out the Good and Services Tax (GST) by next April is unlikely to be met as an expert has suggested not to rush through with the country's most ambitious tax reform initiative. This may bring some relief to the UPA as it will provide more time to thra...
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Goods and Services Tax could send right signal: Manmohan Singh
Posted Date : 17-Aug-2012 , 07:55:14 am | Posted By CASANSAAR
Prime Minister Manmohan Singh, who on Thursday repeated his call for political consensus on economic issues, said the implementation of theGoods and Services Tax could send a strong signal on the country's commitment to reforms. "The finance minister will be working with chief ministe...
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Govt forms seven-member panel to frame model Central GST legislation
Posted Date : 03-Jul-2012 , 07:53:56 am | Posted By CASANSAAR
After introducing the negative list for services, a crucial step for the implementation of proposed Goods and Services Tax (GST), the government has now started moving towards preparing a law that will govern Central GST.
According to sources, the finance ministry has formed a committee of ...
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Soon, GST in India: Sushil Modi
Posted Date : 27-May-2012 , 08:02:42 am | Posted By CASANSAAR
Deputy Chief Minister of Bihar and Chairperson of Empowered Committee of State Finance Ministers Sushil Kumar Modi, on Friday, said the country was “nearing the implementation of the goods and services tax (GST).”
Delivering the inaugural address at a one-day seminar on ‘Taxation ...
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GST to Make Goods and Services more Competitive both in Domestic and International Markets: FM
Posted Date : 22-May-2012 , 08:43:23 pm | Posted By CASANSAAR
The Union Finance Minister Shri Pranab Mukherjee said that the primary benefit of the Goods and Services Tax (GST), when introduced, would be the removal of cascading effect of taxes which acts like a hidden cost and makes goods and services uncompetitive both in domestic and international markets. ...
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States want all-party meeting on GST The Bill will need support of the two-third majority and also has to be ratified by 50% of the state assemblies
Posted Date : 18-Apr-2012 , 10:12:29 pm | Posted By CASANSAAR
States have asked the Centre to call all-party meeting to build consensus on the passage of the Constitution Amendment Bill for rollout of Goods and Services Tax (GST) which is pending in Parliament.
"Yesterday, I suggested to Union Finance Minister [Pranab Mukherjee] to call all pa...
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States talk 2013 date for GST rollout as centre agrees to review CST payments
Posted Date : 18-Apr-2012 , 11:26:14 am | Posted By CASANSAAR
Offering a fig leaf to the agitating states, the Centre has offered to review the compensation formula for the central sales tax, brightening prospects for the key indirect tax reform--goods and service tax. "We discussed the entire GST in detail, including the CST compensation......
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States ask centre to hike CST to 4% or compensate adequately
Posted Date : 03-Mar-2012 , 08:13:08 pm | Posted By CASANSAAR
States have asked centre for adequate compensation for their revenue loss due reduction in the Central Sales Tax -CST. Otherwise, the levy should be increased to the earlier rateof 4 per cent. Empowered Committee of the State Finance Minister in New Delhi also finalised a negative list of 35 service...
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Centre, states again spar over compensation for central sales tax losses
Posted Date : 03-Mar-2012 , 08:34:38 am | Posted By CASANSAAR
A fresh row has broken out between states and the centre over the compensation to the states for phasing out the central sales tax that could jeopardize the ongoing deliberations on the proposed goods and services tax (GST). In a strongly worded letter to Union Finance Minister Pranab Mukherjee, ...
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Centre working with states for implementation of GST: Pranab
Posted Date : 22-Feb-2012 , 01:27:44 pm | Posted By CASANSAAR
The Finance minister Pranab Mukherjee today said centre is working with states for the implementation of Goods and Services Tax - GST. Speaking at an investiture ceremony of Central Board of Excise and customs -CBEC, Mr. Mukherjee expressed hope that GST will be implemented very soon. The minis...
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2G case: Chartered Accountant resiling from statement to save RADAG officials, says CBI
Posted Date : 10-Feb-2012 , 07:48:50 am | Posted By CASANSAAR
A prosecution witness in 2G spectrum case was today accused by CBI in a Delhi court of resiling from his statement to save the three Reliance ADA Group officials who are facing trial in the case. Nilesh Doshi, a chartered accountant, was accused by CBI of making a "false statement" as a witness ...
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State Finance Ministers to discuss GST today
Posted Date : 09-Jan-2012 , 08:59:13 am | Posted By CASANSAAR
The first meeting of the Empowered Committee (EC) of Finance Ministers of States on the Goods and Services Tax (GST) will begin here on Monday. The two-day meet will be presided over by Bihar Deputy Chief Minister and Chairman of the EC Sushil Modi.
On January 9 and 10, Finance Ministers of 11 St...
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