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Posted Date : 24-Apr-2015 , 10:16:03 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today said the Goods and Services Tax Bill (GST) will simplify the tax regime and contribute significantly for the growth of country's economy. Moving the the Constitution amendment bill for consideration in the Lok Sabha, Mr. Jaitley said it would be a win win...
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Posted Date : 24-Apr-2015 , 08:14:53 am | Posted By CASANSAAR
With most states on board, the government proposes to take up for consideration and passage a Constitution Amendment bill in the Lok Sabha Friday to roll out the Goods and Services Tax (GST). "The government will move the bill today and try to get it passed by Monday," a highly-placed s...
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Posted Date : 22-Apr-2015 , 09:38:10 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley today said that the government will go ahead with constitutional amendment for Goods and services tax, GST in the current session of Parliament as there is a broad consensus among states on the issue. Mr Jaitley was speaking to reporters after meeting Finance Ministers ...
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Posted Date : 06-Apr-2015 , 04:40:33 pm | Posted By CASANSAAR
Finance Minister Arun Jaitley has said that the government will move GST Constitutional Amendment Bill in Lok Sabha in next few weeks. He also said that the government will provide reasonable compliance window under the new black money law. Adding further he said that a group wi...
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Posted Date : 19-Dec-2014 , 09:08:01 pm | Posted By CASANSAAR
Following are the salient features of this Bill: • A new Article 246A is proposed which will confer simultaneous power to Union and State legislatures to legislate on GST. • A new Article 279A is proposed for the creation of a Goods & Services Tax Council which will be a join...
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Posted Date : 19-Dec-2014 , 06:10:46 pm | Posted By CASANSAAR
The Goods & Services Tax Bill was on Friday introduced in the Lok Sabha. The bill aims to provide a major taxation reform by introducing a national sales tax that will replace a large number of overlapping state duties that deter investment. Finance Minister Arun Jaitley said interests ...
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Posted Date : 17-Dec-2014 , 10:23:39 pm | Posted By CASANSAAR
The Cabinet today approved the Constitution Amendment Bill on Goods and Services Tax (GST), clearing the way for its introduction in ongoing session of Parliament to bring about long-pending indirect tax reforms. The Bill was approved by the Cabinet late this evening and it is likely to be ...
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Cabinet likely to consider Constitutional Amendment Bill for Goods & Services Tax (GST) on WednesdayPosted Date : 16-Dec-2014 , 10:17:36 pm | Posted By CASANSAAR
The Union Cabinet is likely to consider Constitutional Amendment Bill for Goods & Services Tax (GST) on Wednesday. The Government aims to introduce the Bill in the ongoing session of Parliament. The Bill, once, approved by Parliament, will need the nod from at least 50 per cent State As...
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Posted Date : 12-Dec-2014 , 08:38:47 am | Posted By CASANSAAR
In a setback to the Centre, states Thursday rejected the draft Goods and Services Tax (GST) Bill saying it does not address their concerns, particularly on entry tax and taxation of petroleum products. At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring pe...
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Posted Date : 10-Dec-2014 , 10:12:17 pm | Posted By CASANSAAR
The states will receive Rs.11,000 crore this fiscal towards partial compensation of the losses suffered by them for reduction in central sales tax (CST), Finance Minister Arun Jaitley said Wednesday. Observing that there has been a "trust deficit" with the states on this count del...
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Posted Date : 10-Dec-2014 , 08:26:11 am | Posted By CASANSAAR
The government on Tuesday said that broad agreement has been achieved with the states on most of the issues concerning the implementation of Goods and Services Tax (GST) which is scheduled to be rolled out from April 1, 2016.The states, minister of state for finance Jayant Sinha said, will be &ldquo...
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Posted Date : 24-Nov-2014 , 08:23:45 am | Posted By CASANSAAR
In a move that is likely to draw opposition from some states, the Centre is going to propose subsuming in the proposed goods & services tax (GST) all types of entry tax, including the one for local bodies, when it tables the Constitution Amendment Bill in Parliament. The Bill also seek...
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Posted Date : 12-Nov-2014 , 07:43:15 am | Posted By CASANSAAR
The central government will have to iron out several issues with the state governments on Goods and Services Taxbefore it tables the GST Bill in the upcoming winter session of the parliament. Differences between the state and the Centre continue on the threshold turnover...
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Posted Date : 10-Nov-2014 , 07:52:24 am | Posted By CASANSAAR
The central government is in the final stages of talks with the states on the pan-India Goods and Services Tax (GST) before the relevant bill for implementation is introduced in the upcoming session of parliament, Finance Minister Arun Jaitley said Sunday. "I'm in the last st...
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Posted Date : 12-Sep-2014 , 07:54:09 am | Posted By CASANSAAR
The government is eyeing a mid-2015 rollout of its most comprehensive reform of indirect taxes aimed at replacing a plethora of state and central levies with a single goods and services tax, or GST. "We are working on tying up all the loose ends...The new government has identified it as a key p...
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Posted Date : 02-Sep-2014 , 07:33:58 am | Posted By CASANSAAR
The ₹10-lakh threshold limit for imposition of Goods & Services Tax (GST) proposed by States is ‘too low’ for creating a business-friendly tax administration, according to the Finance Ministry. The Empowered Committee on State Finance Ministers, in its meeting on Augus...
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Posted Date : 06-Aug-2014 , 08:14:26 am | Posted By CASANSAAR
The proposed new indirect tax regime, Goods and Services Tax, is likely to be introduced shortly, the government said Tuesday. "GST is likely to be introduced shortly...," Minister of State for Finance Nirmala Sitharaman said in the Rajya Sabha while answering a question on Central Sales Tax paymen...
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Posted Date : 04-Jul-2014 , 08:29:55 am | Posted By CASANSAAR
The government on Thursday said that the implementation of the much anticipated comprehensive tax regime — the Goods and Services Tax (GST) — will be “sooner than later” and the government was engaged with the states with an open mind on the subject. “The Centr...
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Posted Date : 10-Jun-2014 , 07:40:45 pm | Posted By CASANSAAR
The Finance Minister Arun Jaitley has said that the Centre and States need to work together to roll out Goods and Services Tax, GST. He said, the mandate of 2014 clearly spells out that economic growth cannot be compromised at any cost and there is a need to round off corners towards GST impl...
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Posted Date : 29-May-2014 , 08:29:37 am | Posted By CASANSAAR
The Narendra Modi-led NDA government plans to introduce the Goods and Services Tax this year itself, and is set to get the process rolling during the Monsoon Session of Parliament. For this, finance minister Arun Jaitley has sought a separate session with his officials on the status and con...
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Posted Date : 24-Feb-2014 , 08:42:53 am | Posted By CASANSAAR
The corporate affairs ministry is likely to notify within a month all sections and rules of the new Companies Act and start immediately thereafter the process of converging Indian accounting standards with the International Financial Reporting Standards (IFRS), which have to be implemented from Apri...
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Posted Date : 22-Oct-2013 , 07:55:43 am | Posted By CASANSAAR
Several states on Monday opposed inclusion of petroleum products and liquor in the proposed Goods and Services Tax (GST) regime as the move would severely affect their revenues. This came out at the meeting of the Empowered Committee of State Finance Ministers that deliberated th...
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Posted Date : 08-Aug-2013 , 08:29:23 am | Posted By CASANSAAR
Parliament’s standing committee on finance has suggested a floor rate and ceiling in the proposed Goods and Services Tax (GST) and making it optional for states to introduce indirect tax reforms. This will lead to multiple tax rates in GST, while the government’s original inten...
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Posted Date : 20-Jul-2013 , 06:17:24 pm | Posted By CASANSAAR
The Parliamentary Standing Committee on Finance today finalised its report on Goods and Services Tax (GST) which will be tabled in Parliament in the monsoon session beginning August 5.Sources said the report will be sent to the Parliament today only.The GST Bill, introduced in Parliament in 2010, is...
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Posted Date : 29-May-2013 , 07:50:14 am | Posted By CASANSAAR
Prime Minister Manmohan Singh said on Tuesday that the much-awaited goods and services tax (GST) will become a reality by 2014 regardless of who forms the government after the next Lok Sabha elections, even as he counseled the foreign investors to come to terms with pro...
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Posted Date : 11-May-2013 , 07:51:52 am | Posted By CASANSAAR
The Centre and States have agreed to have a common exempted list for at least 96 goods under the proposed Goods and Services Tax (GST) regime. The consensus was reached on the first day of a two-day meeting of State finance ministers here. “Overall, we have moved forward. We ...
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Posted Date : 30-Jan-2013 , 10:59:23 pm | Posted By CASANSAAR
The goods and services tax (GST) is aimed at creating a single, unified market that will benefit both corporates and the economy. With the resolution of the contentious central sales tax compensation issue on Monday, a GST rollout is now closer to reality. Sushil Kumar Modi, chairman of th...
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Posted Date : 29-Jan-2013 , 08:07:31 am | Posted By CASANSAAR
States have agreed to the compensation formula suggested by the Centre for their CST (Central Sales Tax) revenue loss for implementing the Goods and Services Tax (GST), said Sushil Kumar Modi, Chairman of the Empowered Committee of State Finance Ministers, and Deputy Chief Minister of Biha...
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Posted Date : 09-Nov-2012 , 08:12:21 am | Posted By CASANSAAR
With the States firm on seeking a settlement on the Central Sales Tax (CST) compensation issue before moving ahead with rollout of the Goods and Service Tax (GST), Finance Minister P. Chidambaram on Thursday announced that two committees would be constituted to address the conten...
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Posted Date : 05-Nov-2012 , 08:09:25 am | Posted By CASANSAAR
The Jammu and Kashmir government has said it will not implement the Goods and Services Tax(GST) in the state unless consulting the stakeholders, including the traders community. "The proposed Goods and Service Tax (GST) will not be implemented in the state unl...
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