News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
News Headlines »
 Here are Top 10 Investment Options Want to Save Your Taxes?
  Disclose exemptions, allowances in new Form 16 Income tax filing
 List of key changes in ITR forms 1 and 2 for FY19
 2 Accounting methods to calculate income tax
 5 lesser known tax saving options that can maximise your earnings
 Here's what the changes in Form 16 will mean for you
 Your guide to filing income tax returns this year
 Income Tax rules for new financial year
 How to claim income tax refunds in 2019 in India
 What Latest Form 16 Changes Mean For You
  Companies (Incorporation) Third Amendment Rule,2019

Govt. could not implement GST without a constitutional amendment: Revenue Secretary
September, 30th 2010

In the Union Budget of 2006-2007 the finance minister had proposed that India should move towards national level Goods and Services Tax (GST) that should be shared between the Centre and the States. However, GST is still to be implemented by the Indian government.

Commenting on the expected date of introduction of GST, Revenue Secretary Sunil Mitra said the government could not implement GST without a constitutional amendment. He expects the ministry panel to meet on GST by October end.

There have been various recommendations and suggestions from various states. Mitra said the government could not accommodate suggestions by Madhya Pradesh and Gujarat as these suggestions do not allow features of GST to work.

Mitra also said that direct tax collections for the period between April to August were robust, adding that tax compliance seemed to have been increased.

There have been incomprehensible profits being claimed as deductions and these distortions were serious because of the profit-linked exemptions, he added.

The profit-linked tax exemptions, however, will soon be withdrawn with the introduction of the Direct Tax Code (DTC) in 2012-2013. The DTC introduction, the government hopes, would rake in around Rs 55,000 crore in revenue.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions