news round up - Taxmann

More documents

Recommendations

Info

NEWS ROUND UP BILL FOR GST ROLLOUT UNLIKELY IN BUDGET SESSION The constitutional amendment Bill to facilitate rollout of Goods and Services Tax (GST) is unlikely to be introduced in the upcoming Budget Session of Parliament. “It is most likely that we will take another seven-eight months for building consensus,” official sources said. This is a clear pointer that a full-fledged GST rollout will not happen from April 1, which was the target date. India is looking to introduce a dual GST system- Central and State. A constitutional amendment is required as the Centre wants to levy Central GST up to the retail stage. Currently, Cenvat duty is levied only at the point of manufacture for most items - THE HINDU BUSINESS LINE, NEW DELHI, JANUARY 10, 2010. NEW DATE FOR GST ROLLOUT LIKELY BY MONTH END The rollout of the proposed Goods and Services Tax (GST) is set to be delayed further with the Centre and the States still undecided over the tax rates as well as the compensation for Central Sales Tax (CST). A fresh date for introduction of GST and its final structure and rates is now expected to be announced later this month when the Empowered Committee (EC) of State Finance Ministers holds fresh discussions with Finance Minister, Pranab Mukherjee - THE FINANCIAL EXPRESS, NEW DELHI, JANUARY 9, 2010. LOWER VAT/GST ON PROCESSED FOOD, SAYS SAHAI Food Processing Minister, Subodh Kant Sahai on 8-1-2010 said value-added tax rates or goods and services tax rates (when it will be in place) on processed food should be between zero and 4%. Speaking at the North-East Summit organized by the Indian Chamber of Commerce, he said that if processed food were taxed at higher rates, then the Food Processing Industry would not be viable for investors. Once the production level of processed food increases to 50% from the present level of 10%, tax rates could then be increased. Sahai said that the Ministry had set an investment target of Rs. 1 lakh crore in the food processing sector by 2015 - THE ECONOMIC TIMES, NEW DELHI, JANUARY 9, 2010. CENTRAL SALES TAX MAY CONTINUE FOR NON-GST ITEMS The Central Sales Tax (CST) levy is likely to continue for non-GST items even after the introduction of the Goods and Services Tax (GST) system in the country. As an origin-based tax, India Inc is keen that CST be abolished at the earliest, especially when a destination-based Value Added Tax (VAT) regime is in place. Earlier, the Government had indicated that CST will be abolished along with the introduction of GST. The CST rate was last reduced to 2 per cent in June, 2008. It is likely that the CST levy will continue for non-GST items, official sources said. This implies that CST may go only for those items that will come under the proposed GST system. The Centre and the States have agreed that crude, ATF, motor spirit and high speed diesel will continue to be outside GST net - THE HINDU BUSINESS LINE, NEW DELHI, JANUARY 20, 2010. GOODS & SERVICES TAX CASES ❑ JANUARY 20 - FEBRUARY 4, 2010 ◆ 1
ii NEWS ROUND UP CENTRE, STATES WEIGH NEW GST PANEL The centre and states are mulling setting up a special penal, headed by the Finance Minister and State Finance Ministers as its members, that will decide on any changes in the proposed goods and service tax rate or giving exemptions in proposed new indirect tax regime. “There is a view that a committee be formed to clear any deviation in the tax rates or exemption list from the agreed rate system”, S. Dutt Majumdar, Member, Central Board of Excise and Customs, said at seminar on GST organised by the American Chamber of Commerce. However, he said final decision was yet to be taken. The current value added tax regime is fraught with deviation in rates despite all States agreeing to keep deviation in rates at 1 per cent of the total items. Deviation in rates negatively impact revenues of states as also trade and industry. The GST, is a consumption tax that seeks to replace all indirect taxes both at central and State level such as excise duty, service tax, countervailing duty and special additional duty on customs, value added tax, luxury tax, entertainment tax, entry tax, taxes on lottery and gambling as also all cesses and surcharges - THE ECONOMIC TIMES, NEW DELHI, JANUARY 19, 2010. 12 PER CENT SERVICE TAX LIKELY TO RETURN The Government may take the first step towards fiscal consolidation in Budget 2010- 11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally. The Finance Ministry is considering a phased exit of the stimulus measures as the economy posted a robust 7.9 per cent growth in July-August quarter of 2009-10. To begin with, it wants to withdraw measures that are not likely to impact the industry significantly, such as the 2 per cent service tax cut. In the case of excise duty, the increase may not be equivalent to 6 per cent reduction that the industry got from the Government as part of the stimulus measures. The Budget changes would also be used as an opportunity to rationalise indirect taxes ahead of introduction of the Goods and Services Tax (GST) - BUSINESS STANDARD, NEW DELHI, JANUARY 19, 2010. �� GOODS & SERVICES TAX CASES ❑ JANUARY 20 - FEBRUARY 4, 2010 ◆ 2
Page 4 and 5: COntents STATUTES ❑ Comments of t
Page 6 and 7: Contents iii However, in gate pass
Page 8 and 9: Contents v [Section 15A of the U.P.
Page 10 and 11: UTTAR PRADESH SALES TAX ACT, 1948 -
Page 12 and 13: 130 Goods & Services Tax - Statutes
Page 24 and 25: 114 GOODS & SERVICES TAX - MAGAZINE
Page 50 and 51: 174 Goods & Services Tax Cases - Re
Page 52 and 53:
176 Goods & Services Tax Cases - Re
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114 and 115:
Page 116 and 117:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136:
show all

news round up - Taxmann

Create successful ePaper yourself

Delete template?

Save as template?