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  • Centre, states near consensus on Goods and Services Tax
    Posted Date : 26-Oct-2012 , 08:20:16 am | Posted By CASANSAAR

    The UPA government's most ambitious tax reform, the Goods and Services Tax (GST), moved a step closer to implementation as the Centre and the states narrowed down their differences on several contentious issues. An announcement is likely on November 8 when finance ministerP Chida...

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  • Goods and service tax one step closer to final approval
    Posted Date : 12-Sep-2012 , 08:23:26 am | Posted By CASANSAAR

    The Goods and Service Tax (GST) Bill is nearing final approval after the Attorney General of India, Goolam E Vahanvati, answered the constitutional queries raised by former finance minister Yashwant Sinha in his capacity as the Chairman of the Parliamentary Standing Committee on Finance. The value-...

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  • GST is More Effective and Efficient Substitute for Plethora of Indirect Taxes: FM
    Posted Date : 24-Aug-2012 , 09:35:37 pm | Posted By CASANSAAR

    The Union Finance Minister, Shri P. Chidambaram said that the goods and services tax (GST) is a more effective and efficient substitute for plethora of indirect taxes. The Finance Minister said that he is hopeful that the GST Bill would be passed before the end of the current financial year. The Fin...

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  • GST rollout likely to miss April 2013 deadline
    Posted Date : 22-Aug-2012 , 06:56:02 am | Posted By CASANSAAR

    The government's plan to roll out the Good and Services Tax (GST) by next April is unlikely to be met as an expert has suggested not to rush through with the country's most ambitious tax reform initiative. This may bring some relief to the UPA as it will provide more time to thra...

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  • Goods and Services Tax could send right signal: Manmohan Singh
    Posted Date : 17-Aug-2012 , 07:55:14 am | Posted By CASANSAAR

    Prime Minister Manmohan Singh, who on Thursday repeated his call for political consensus on economic issues, said the implementation of theGoods and Services Tax could send a strong signal on the country's commitment to reforms. "The finance minister will be working with chief ministe...

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  • Govt forms seven-member panel to frame model Central GST legislation
    Posted Date : 03-Jul-2012 , 07:53:56 am | Posted By CASANSAAR

    After introducing the negative list for services, a crucial step for the implementation of proposed Goods and Services Tax (GST), the government has now started moving towards preparing a law that will govern Central GST.   According to sources, the finance ministry has formed a committee of ...

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  • Soon, GST in India: Sushil Modi
    Posted Date : 27-May-2012 , 08:02:42 am | Posted By CASANSAAR

    Deputy Chief Minister of Bihar and Chairperson of Empowered Committee of State Finance Ministers Sushil Kumar Modi, on Friday, said the country was “nearing the implementation of the goods and services tax (GST).” Delivering the inaugural address at a one-day seminar on ‘Taxation ...

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  • GST to Make Goods and Services more Competitive both in Domestic and International Markets: FM
    Posted Date : 22-May-2012 , 08:43:23 pm | Posted By CASANSAAR

    The Union Finance Minister Shri Pranab Mukherjee said that the primary benefit of the Goods and Services Tax (GST), when introduced, would be the removal of cascading effect of taxes which acts like a hidden cost and makes goods and services uncompetitive both in domestic and international markets. ...

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  • States want all-party meeting on GST The Bill will need support of the two-third majority and also has to be ratified by 50% of the state assemblies
    Posted Date : 18-Apr-2012 , 10:12:29 pm | Posted By CASANSAAR

      States have asked the Centre to call all-party meeting to build consensus on the passage of the Constitution Amendment Bill for rollout of Goods and Services Tax (GST) which is pending in Parliament.   "Yesterday, I suggested to Union Finance Minister [Pranab Mukherjee] to call all pa...

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  • States talk 2013 date for GST rollout as centre agrees to review CST payments
    Posted Date : 18-Apr-2012 , 11:26:14 am | Posted By CASANSAAR

    Offering a fig leaf to the agitating states, the Centre has offered to review the compensation formula for the central sales tax, brightening prospects for the key indirect tax reform--goods and service tax. "We discussed the entire GST in detail, including the CST compensation....Uni...

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  • States ask centre to hike CST to 4% or compensate adequately
    Posted Date : 03-Mar-2012 , 08:13:08 pm | Posted By CASANSAAR

    States have asked centre for adequate compensation for their revenue loss due reduction in the Central Sales Tax -CST. Otherwise, the levy should be increased to the earlier rateof 4 per cent. Empowered Committee of the State Finance Minister in New Delhi also finalised a negative list of 35 service...

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  • Centre, states again spar over compensation for central sales tax losses
    Posted Date : 03-Mar-2012 , 08:34:38 am | Posted By CASANSAAR

    A fresh row has broken out between states and the centre over the compensation to the states for phasing out the central sales tax that could jeopardize the ongoing deliberations on the proposed goods and services tax (GST). In a strongly worded letter to Union Finance Minister Pranab Mukherjee, ...

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  • Centre working with states for implementation of GST: Pranab
    Posted Date : 22-Feb-2012 , 01:27:44 pm | Posted By CASANSAAR

    The Finance minister Pranab Mukherjee today said centre is working with states for the implementation of Goods and Services Tax - GST. Speaking at an investiture ceremony of Central Board of Excise and customs -CBEC, Mr. Mukherjee expressed hope that GST will be implemented very soon. The minis...

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  • 2G case: Chartered Accountant resiling from statement to save RADAG officials, says CBI
    Posted Date : 10-Feb-2012 , 07:48:50 am | Posted By CASANSAAR

    A prosecution witness in 2G spectrum case was today accused by CBI in a Delhi court of resiling from his statement to save the three Reliance ADA Group officials who are facing trial in the case. Nilesh Doshi, a chartered accountant, was accused by CBI of making a "false statement" as a witness ...

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  • State Finance Ministers to discuss GST today
    Posted Date : 09-Jan-2012 , 08:59:13 am | Posted By CASANSAAR

    The first meeting of the Empowered Committee (EC) of Finance Ministers of States on the Goods and Services Tax (GST) will begin here on Monday. The two-day meet will be presided over by Bihar Deputy Chief Minister and Chairman of the EC Sushil Modi. On January 9 and 10, Finance Ministers of 11 Stat...

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  • Goods and Services Tax rollout likely to miss April 1 deadline
    Posted Date : 29-Nov-2011 , 08:08:49 am | Posted By CASANSAAR

    While the issue of FDI in retail has paralyzed the Winter session of Parliament, the Empowered Group of state finance ministers met here on Monday and indicated that the Centre's failure to compensate them on Central Sales Tax (CST) among other pending issues would jeopardize the rolling out of indi...

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  • GST-N to bring about change in tax system
    Posted Date : 03-Nov-2011 , 08:03:59 am | Posted By CASANSAAR

    Deputy chief minister Sushil Kumar Modi here on Wednesday told the members of trade and industry at the Bihar Industries Association (BIA) office that the Goods and Services Tax-Network (GST-N) being created under information technology network by a committee headed by ...

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  • Empowered Committee on GST to meet on Oct 14
    Posted Date : 06-Oct-2011 , 03:31:12 pm | Posted By CASANSAAR

    The Empowered Committee of State Finance Ministers on GST, headed by Bihar Deputy Chief Minister Sushil Kumar Modi, will meet here on October 14 to discuss issues related to the roll out of the ambitious indirect tax regime.     "We will be discussing the GST and the Central...

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  • GST: Empowered Committee to decide on rate soon
    Posted Date : 19-Sep-2011 , 08:35:58 am | Posted By CASANSAAR

    Kerala Finance Minister K. M. Mani said here on Sunday that the Empowered Committee on Goods and Services Tax (GST) would soon decide on whether to go in for one or two rates of GST in the country. Mr. Mani, who is a member of the Committee comprising of State finance ministers, said in an article ...

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  • 'ICAI studying effects of GST regime'
    Posted Date : 10-Sep-2011 , 09:07:16 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) is serious on its role as India prepares to usher in the goods and services tax (GST). Apart from seeking inputs from various users such as traders, commerce organisations and associations, ICAI has also asked its chartered accountant ...

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  • No deal on GST, state FMs head to study European model
    Posted Date : 01-Sep-2011 , 07:25:35 am | Posted By CASANSAAR

    It's going to be a tough September for finance departments across the country with finance ministers from around 20 states - despite all of them not agreeing with the proposed Goods and Services Tax (GST) rollout - going to Europe to study the indirect tax regime. On September 7, the 20-od...

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  • Service tax norms part of GST roadmap
    Posted Date : 30-Aug-2011 , 07:30:10 am | Posted By CASANSAAR

    The government has prepared a concept note to provide clarity on which services would be taxed and the ones that would be excluded. The move is part of the preparation being made for implementing a comprehensive Goods and Service Tax regime, which will shift the entire indirect tax levy to 16%....

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  • FICCI seeks speedy implementation of GST to curb problem of black money
    Posted Date : 20-Aug-2011 , 10:32:24 pm | Posted By CASANSAAR

    Industry body FICCI has sought expeditious implementation of the proposed goods and service tax (GST) saying it could also help curb the cash economy in the country, and hence the problem of black money. "GST is a perfect platform to unearth black money....if somebody has to evade taxes under G...

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  • States FMs panel on GST to meet on Aug 19: Pranab
    Posted Date : 03-Aug-2011 , 09:44:03 pm | Posted By CASANSAAR

    Empowered Committee of State Finance Ministers on GST, under its new chief Sushil Modi, will meet on August 19 to discuss various issues related with the roll out of the ambitious indirect tax regime.   "The next meeting is on 19th (August). They (panel members) will discuss various issues am...

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  • Task force on GST to submit report in two weeks: CBEC
    Posted Date : 23-Jul-2011 , 10:02:13 pm | Posted By CASANSAAR

    The task force on Goods and Service Tax (GST) set up by the finance ministry will submit its report within two weeks, said Central Board of Excise and Customs (CBEC) Chairman S Dutt Majumder on Friday.   “By mid-September, we hope to finalise business rules. A dispute settlement authori...

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  • Govt to create a new technology platform for GST regime
    Posted Date : 22-Jul-2011 , 09:30:08 pm | Posted By CASANSAAR

    The government today said it is working on a special IT platform for smooth implementation of the proposed Goods and Services Tax (GST) -- a new regime that will subsume various levies imposed by centre and states.   The IT special purpose vehicle (SPV) christened as GST N (Network) will be o...

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  • Sushil Modi elected new chief of Empowered Committee on GST
    Posted Date : 19-Jul-2011 , 07:06:37 am | Posted By CASANSAAR

    In a tactical victory of sorts for Union Finance Minister Pranab Mukherjee, BJP leader and Bihar Deputy Chief Minister Sushil Kumar Modi was on Monday elected Chairman of the Empowered Committee of State Finance Ministers on GST (Goods and Services Tax) in place of the former West Bengal Finance Min...

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  • GST rates to be between 16-20 per cent: CBEC
    Posted Date : 28-Jun-2011 , 03:38:12 am | Posted By CASANSAAR

    The Central Board of Excise and Customs (CBEC) on Tuesday said that tax rates under the proposed Goods and Services Tax (GST) regime in India is likely to be between 16 per cent and 20 per cent. “World over, GST rates are typically between 16 per cent and 20 per cent. In India it is likely to...

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  • Gujarat not ready for GST implementation: state govt
    Posted Date : 26-Mar-2011 , 10:25:26 pm | Posted By CASANSAAR

    Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state government was not prepared to impleme...

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  • Indian govt introduces key tax reform bill
    Posted Date : 26-Mar-2011 , 10:17:59 pm | Posted By CASANSAAR

    India's government introduced a wide-ranging tax bill into parliament on Tuesday, but opposition to the move threatened to derail one what is one of the coalition's most ambitious reforms of its second term. In a sign of how corruption scandals are hindering the governm...

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