The demand of exporters for an exemption from payment of all input taxes may finally be met once the new GST regime is implemented. The longstanding demand of exporters for an exemption from payment of all input taxes may finally be met once the new GST regime is implemented. As per the proposal in the [...]
Archive for the ‘CST’ Category
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Centre, States agree on Joint Mechanism on CST Compensation
Posted by admin on October 20th, 2009
The Centre and states, agreed for a joint mechanism to offset losses arising out of Central Sales Tax cut effected in 2007-08, a matter that has not yet been resolved due to differences on the amount of compensation. The decision was taken at a meeting of states finance ministers and Union Finance Minister Pranab Mukherjee [...]
CST to Phase out with GST Entry
Posted by admin on July 14th, 2009
In a significant departure from its original plans, the Centre and states have decided not to reduce the Central Sales Tax (CST) rate in 2009-10. Instead, the tax will be completely withdrawn once the proposed goods and services tax (GST) is introduced. As part of the implementation of value added tax (VAT) and introduction of [...]
Centre Wants 5-years Timeframe to Reimburse States for Revenue Loss Due to GST
Posted by admin on July 14th, 2009
The Centre has proposed a five-year timeframe for reimbursing states for any revenue loss arising out of implementing Goods and Services Tax (GST). One of the concerns of the state governments is post-GST, area-based exemption — where companies need not pay indirect taxes — will not be extended. States fear that firms would relocate their [...]
States may get GST Damages
Posted by admin on July 14th, 2009
States may get GST damages: The Centre is considering a proposal to compensate states for any revenue loss that they might suffer on implementation of the Goods and Services Tax (GST). The move is expected to encourage them to adopt the new tax structure scheduled to be implemented from April 1, 2010 next year. “It [...]
GST can be Rolled out Even without Some States: FM
Posted by admin on July 14th, 2009
Implementation of India’s most ambitious tax reform, the goods and services tax (GST), could start on 1 April, 2010, even if all the states do not come on board, finance minister Pranab Mukherjee made a remark. Admitting that implementing GST won’t be easy, Mukherjee said the chairman of the empowered committee of state finance ministers [...]
