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| Revenue collection to fall short by Rs 15,000 cr: CBEC | 16-NOV-09 |
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| The government's revenue collection from central excise, service tax and customs is likely to fall short by Rs 15,000 crore from the target of Rs 2,68,000 crore set for the current fiscal due to continuation of the stimulus package, the Central Board of Excise and Customs (CBEC) said today. |
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| Double taxation of computer software yet to be redressed | 16-NOV-09 |
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| Budget 2009 contained important proposals in regard to exempting packaged software from customs duty, on importation, and on excise duty, with regard to domestic supplies, to the extent that such software is purportedly chargeable to the service tax. The proposals attempted to redress the problem of potential double taxation that arises in regard to such software. |
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| Indirect tax mop-up declines 21.6% in Apr-Oct | 11-NOV-09 |
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| Stimulus packages and economic slowdown have hit the exchequer hard as indirect tax collections shrunk by 21.6 per cent to Rs 1.27 lakh crore in the first seven months of this fiscal, against Rs 1.62 lakh crore a year ago. |
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| FinMin may resume release of monthly indirect tax data | 09-NOV-09 |
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| After a gap of almost a year, the government may resume releasing monthly figures on indirect tax collections this month onwards. The Central Board of Excise and Customs (CBEC), working under the Ministry of Finance, is planning to release next week the excise, customs and service tax collection data for October. |
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| Inter-state supplies is taxed under dual GST at destination | 02-NOV-09 |
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| Given the federal structure prevalent in India, the tax treatment of inter-state supplies of goods and services in the dual GST model will pose a major challenge. Several key issues concerning inter-state trade and commerce need to be appropriately addressed under the proposed dual GST regime. The Empowered Committee of State Finance Ministers (EC) has set up a joint working group to address these issues and to come up with recommendations on the most suitable model of taxation to be adopted in this regard. |
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| State worried over GST roll out | 30-OCT-09 |
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| The Centre may be eager to introduce the proposed Goods and Service Tax (GST) from April 1, 2010, but the Orissa government has cast doubts on the timely launch of the new tax regime. |
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| Exemptions under dual GST are key challenges | 19-OCT-09 |
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| One of the key challenges in the implementation of a Goods and Services Tax (GST) is with regard to exemptions from the tax for specified goods and services. In the Indian context, given the plethora of exemptions that currently exist in regard to numerous goods and services, under the respective Central and state laws, the challenge is a larger one. The matter gets complicated if one were to consider that in addition to the exemptions, there exist exemptions from the tax, both Central and State, that are based on the geographic locations of the manufacturing units. These are commonly known as area based exemptions. |
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| Options limited for Madhya Pradesh | 17-OCT-09 |
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| Will Madhya Pradesh be isolated on goods and service tax (GST) issue? If highly placed government sources, working the new tax system, are to be believed, the state government will have to follow the trend. “Eventually the state will have to implement the system, we cannot linger on. Other states like Chhattisgarh have also agreed to implement it, Gujarat government has welcomed it, Haryana has accepted it ‘in principle’ except for few points. How Madhya Pradesh can stand out?” asked an official. But the state finance minister has a long list to point out flaws in the new tax system, the main being, “The GST will bring even dal-chawal (rice and pulses) under tax net, which are exempted from VAT. |
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| Striking government | 08-OCT-09 |
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| It wasn’t just ordinary passengers who suffered the brunt of the recent Air India strike. West Bengal Finance Minister Asim Dasgupta came to Delhi to attend a meeting on Goods and Service Tax (GST) with finance ministry officials. After which, he met Finance Minister Pranab Mukherjee. While Mukherjee’s office had kept an hour for the meeting, Dasgupta was in a hurry and spent just half the time since, with the Air India flight cancelled, he had no option but to leave on the earlier flight of a private airline. |
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| PM urges states to work for GST implementation | 06-OCT-09 |
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| As the deadline of April 1, 2010, for introduction of proposed Goods and Services Tax draws closer, prime minister Manmohan Singh today asked the states to work towards expeditious implementation of the new indirect tax system. |
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