Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Service Tax »
Open DEMAT Account in 24 hrs
 Income Tax SFT return filing due date extension: Facility to remain open for a couple of days Latest news
 Income tax filing: Waiting for your Form 16? Here is what you need to know
 Salaried? Rental tax calculation rules you should know before ITR filing in 2023
 What are new tax regime's slabs? Know its limits, benefits, and more
 How much additional tax do you need to pay? ITR filing last date for FY 2019-20
 Income Tax Return Filing: How to file ITR - step-by-step guide
 New Income Tax Slabs for Super Senior Citizens 2023-24: Which rate will apply for ITR now?
 Income Tax Return filing 2023 data: How many Indians aged 18-35 years file ITR?
 Make tax-saving a part of your overall investment plan
 Filing ITR? Maximize Your Tax Savings With These 7 Allowance Benefits
 Extension of time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act, 1961 ('Act') in view of the then-Covid-19 pandemic

GST to reduce tax-related litigations: Moily
February, 20th 2010

The introduction of goods and services tax (GST) would cut down on the number of litigations by revamping the current multiple indirect tax structure, Law Minister M Veerappa Moily said here today.

"Multiple tax complexity increases the transaction cost, litigation and uncertainty," Moily told a conference on international taxation organised by the Income Tax Appellate Tribunal here today.

The law minister pointed out that GST would help the government earn more revenues.

The GST implementation, which has been deferred from its earlier scheduled date of April 1, will replace most of the indirect taxes at the Central and the state level.

He said the current tax structure is a major constraint on competitiveness as it results in increasing the cost of major goods and services.

"The cascading impact of taxes increases cost of indigenous goods by 10-20 per cent. It is a barrier to a common market for growth and leads to production and distribution inefficiency," he said.

Citing proposed reforms in the direct tax front, wherein the new direct tax code is to be effective from April 2011, he said the country's taxation regime is dynamic.

Saying that the country has the potential and opportunity to become a growth engine for the global economy it it takes appropriate policy initiatives and reforms, he said, "Key enablers would be competitiveness, improved productivity infrastructure, good governance and social harmony."

Addressing the conference, Chief Justice of India (CJI) K G Balakrishnan said the differential treatment in direct tax would help people who earn less. He said tax laws ensure that unduly high tax rates are not imposed and everyone pays as per their earning.

The CJI also said with the inflow of foreign direct investment, tax laws come handy in handling disputes.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting