alcohol

Finance Minister Pranab Mukherjee today proposed a three-rate structure for the Goods and Services Tax -which will simplify the indirect tax regime - under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent. Mukherjee proposed these rates to the state finance ministers at a meeting here today to evolve consensus over GST that is planned to be implemented from April 1, next year. Full Article

The Union finance ministry has agreed to states’ demand that tobacco be kept within the ambit of Goods and Services Tax (GST) and alcohol outside it. Besides GST, the Centre would levy an excise duty on tobacco. At present, states collect tax on alcohol, while the Centre levies duty on tobacco. Full Article

Threshold:Different thresholds have been proposed, Rs 10 lakh for SGST (lower for some underdeveloped states), Rs 1.5 crore for CGST for goods and a lesser amount (not indicated as yet) for services. Thus, there will be four thresholds which has been criticised by several analysts but one must remember it is different in many developed countries as well. Full Article

Meaning:- A SHARIAH Index in an index of companies that are found to be compliant with the Islamic canonical law or the Shariah. Most Shariah indices which have been created so far have been based on an existing or an underlying index, whose constituents have been screened for compliance by a board that is well-versed [...] Full Article

New Delhi, the 1st September, 2009. Notification No. 32/2009-Service Tax G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, [...] Full Article