| 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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| Opto Circuits ranked amongst Forbes' Asia's 200 Best Under a Billion companies | 12-NOV-09 |
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| Opto Circuits India Limited (OCI), one of the leading Indian companies that develop, manufacture and market medical devices for global markets, was today awarded the prestigious ranking of being one of the 200 Best Under a Billion Asian companies by esteemed business magazine Forbes in its fifth such Annual Listing; OCI garnered the ranking for the second consecutive year. The distinction was received by Mr.Vinod Ramnani, Chairman and Managing Director, at an award function in Singapore. |
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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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| Shankar Acharya: Exit policy and all that | 12-NOV-09 |
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| Since the summer of 2009 the world economy has begun to climb out of the Great Recession of 2008-09, much sooner than most people believed possible in the grim months of autumn 2008. Even the US turned the corner in the quarter ending September, registering annualised growth of over 3 per cent. The Asian behemoths of China and India suffered “only” a growth recession and an upswing is now clearly under way, rapidly in China and more sedately in India. |
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| Inter-state transactions may come under tax ambit | 11-NOV-09 |
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| With less than five months left for the proposed roll-out of the Goods and Services Tax (GST), the empowered group of state finance ministers today suggested a model of inter-state goods and services tax (IGST) for inter-state transactions. The Centre would levy GST which would comprise central and state GST, with appropriate provision for consignment or stock transfer of goods and services. |
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