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GST

States are Free to Fix GST Rates

The concept of GST states that there will be a single rate of taxation in all states and at the Central level in respect to goods and services which are under the purview of the GST, which would simplify the administration of taxation. On contrary to the earlier line, on 18th August, 2010, New Delhi, the Finance Minister of India, Mr. Pranab Mukherjee stated a shocking statement which has added a flavor to GST. Mr. .....

GST – All You Wanted to Know About Good and Service Tax in India

Refurbishing the current tax system requires implementation of such a new methodology that it is able to eliminate the drawbacks of the present system of taxation in India. India waits for the GST, Goods and Service Tax, to arrive the scenario for a better tax system. Added to it the Direct Tax Code can also replace the Income Tax Act, 1961). But before getting introduced to this system of GST, one must have a general .....

PAN may be Linked with New GST Registration Number

The format of the registration number would be activated with the deliberation of Income-Tax Department as said in first discussion paper of Goods and Service Tax (GST). As per news of Business Standard “The Department of Revenue in the Ministry of Finance had recently sent a proposal to state governments for making the 10-digit permanent account number (PAN) the starting point for registering GST payees. Read Full Story

First Discussion Paper on Goods and Service Tax (GST) Released

The discussion paper will inform how Goods and Service Tax (GST) will be composed. It possibly will available in the House in the forthcoming winter session as the deadline for introduction of GST is April 10, 2010. However, Mukherjee has already sensible recently that there might be a delay in application of GST as there is a lack of consensus among states. So the main line-up for the government is to sort out the issue .....

GST Road Ahead to GST (Goods and Service Tax) in India

The budget speech of 2006-2007 contained a proposal to introduce Goods and Services Tax (GST) in India with effect from April 01, 2010. It has been reiterated in the budget speech of 2009-10 that the process for smooth introduction of GST with effect from April 01, 2010 would be accelerated. The proposed GST is not instead of CST alone, but would also subsume many other Central and State taxes. The Empowered Committee of the State .....