| Much of the criticism against proposed GST is unwarranted | 23-NOV-09 |
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| This is the seminar time for the most topical subject, the proposed GST, as in the discussion paper presented on November 10, 2009. While the Industry and trade have reacted favourably, there are some criticisms which are unjustified. This is how they stand. |
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| Joint panels to be set up in states for input on GST | 19-NOV-09 |
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| The Empowered Committee of State Finance Ministers will form joint committees at the level of the states for inputs on the proposed goods and services tax (GST) before its planned introduction next year. |
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| 'Many present complications may survive under GST' | 16-NOV-09 |
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| The first discussion paper released by the Empowered Committee (EC) of State Finance Ministers, says additional duty of customs levied under Section 3 of the Customs Tariff Act, 1975 (i.e. CVD and SAD), will be subsumed under GST and set off for the same will be available as Input Tax Credit (ITC). At present also, Cenvat Credit of these duties can be taken. So, GST may not make any difference there. |
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| Centre to minimise list of exemptions from GST | 14-NOV-09 |
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| The Union ministry of finance is looking at minimising the list of exemptions from the goods and services Tax (GST), the new tax structure which will be introduced from April 1, 2010, according to Sumit Dutt Majumder, special secretary, and member of the Central Board of Excise and Customs. |
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| CBEC for less GST exemptions | 13-NOV-09 |
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| The Centre would prefer to compensate states for any losses on account of the proposed goods and services tax (GST), rather than giving exemptions, a finance ministry official said today. |
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| Taxation of transactions under dual GST | 13-NOV-09 |
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| The dual goods and services tax (GST) is fundamentally different from the existing indirect tax regime. This article explains how it is so with the help of arithmetical and diagrammatic illustrations. These illustrations are limited to the manner of taxation of goods both intra-state and inter-state, under the GST. |
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| Miles to go | 13-NOV-09 |
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| The release of the first discussion paper on the introduction of a goods and services tax (GST) is a welcome relief in that the country is now a step closer to the much-needed reform in its indirect tax regime. The 57-page document, produced by the empowered committee of state finance ministers and made public on Tuesday, however, leaves no one in doubt that the government will not be able to meet its target of rolling out GST from April 2010. Several legislative hurdles, at the Centre and in states, have to be cleared and a consensus on the key features of the new taxation system is yet to be reached among all the state finance ministers. For the finance ministry and the empowered committee, therefore, the task of putting in place a GST system has just begun. The tougher part of the battle lies ahead. |
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| Haryana urges Centre to defer GST | 12-NOV-09 |
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| Haryana, which became the poineer state in launching VAT (value added tax) in the country, needs more time to prepare itself for the proposed Goods and Services Tax (GST). |
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| Industry hails GST proposals | 12-NOV-09 |
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| The Bangalore Chamber of Industry and Commerce (BCIC) has welcomed the proposals indicated in the discussion paper of Goods and Services Tax (GST) released by the Empowered Committee of State Finance Ministers on November 10. The discussion paper does not specify the time lines for circulation of model legislations, tax rates, time and place of supply rules relating to goods and services, transitional provisions, usage of forms among others, BCIC said. It, however, believes that the transition provisions as and when enacted would permit seamless carry forward of unutilised credits under MODVAT, CENVAT, VAT, etc. |
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| State finance ministers meet to discuss RNR | 10-NOV-09 |
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| The discussions would centre on the revenue neutral rate (RNR) for different states. A discussion paper and FAQ (frequently asked questions) on GST is likely to be released during the meeting, official sources said here. |
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