An overwhelming majority of senior executives from various sectors favour introduction of the proposed Goods and Services Tax and think that it will increase profitability for firms, according to a survey by industry body CII and global consultancy KPMG. The study also found that industry Representatives feel that the single unified tax structure would help [...]
The Indian Cellular Association (ICA), the apex body representing the mobile handset industry, has opposed the introduction of the proposed GST rates of 12 per cent and 20 per cent in 2011-12. The industry association said that the Government should declare mobile phones as a product of national importance and impose a flat GST of [...]
States opposed a draft bill to amend the Constitution, a measure proposed by the Centre for rolling out goods and services tax, in its present form as it provides veto power to the Union Finance Minister in matters relating to state subjects. The Opposition came on a day when the Union Finance Minister Pranab Mukherjee [...]
The government is likely to settle for a simple regime to administer the proposed goods and services tax that is in line with the low rates and easy procedures approach followed in the case of income tax, which has helped increase compliance. The mandatory annual audit that gives nightmares to the industry may be replaced [...]
The Centre sought cooperation of the Opposition in Parliament and states for introduction of Goods and Services Tax from next fiscal, saying the move would help control fluctuation in prices of items including petrol. “The bill (for constitutional amendments) has to be introduced in this session, has to be examined by the Standing Committee, it [...]
States ruled by non-Congress governments could raise hurdles for introduction of the Goods and Services Tax (GST) from next April. During the meeting of the Empowered Group of State Finance Ministers tomorrow, most of these states have decided to oppose the draft of the Constitutional amendment, which seeks to provide veto power to the Union [...]
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