The Finance Minister Mr. P. Chidambaram in his Budget speech in 2006 gave a very clear picture about the future of the Goods and service tax. Let us see how confident our law makers were in 2006 which is evident from the budget speech of the Finance Minister Mr. P. Chidambaram:-

In bid to bring commitment over introduction of GST, the Finance Minister used carrot approach by announcing in its budget for 2013-14, a compensation of Rs. 9,000 crore as first tranche towards loss to the State Government due to reduction in CST rate. This came as result out of the two-day conclave at Bhubaneswar between [...]

Department is in appeal against the judgment of Customs, Excise & Service Tax Appellate Tribunal (‘Tribunal’ for short), dated 6-8-2009 by which appeal of the department came to be dismissed. The issue pertains to filing of general declaration instead of consignment-wise declaration by assessee declaring that cenvat credit is not available.

Minerals like Granite, Limestone, etc are being extracted from mines by various corporates and others for use in the manufacture of other goods like cement etc for sale or otherwise. Though the mines may be owned by the corporates or may have been taken on long lease, the minerals lying below the surface belongs to the Government.

Value Added Tax made in first opening in France in 1954. At that time it was not a full VAT system, since it was restricted to manufacturers and whole-sellers. The retailers and agriculturist were kept beyond its purview.

At present there are 17 items in the negative list (Section 66 D of the Finance Act, 1994) and 39 items in the mega exemption notification 25/2012-ST dated 20.6.2012. Government has recently exempted more services from the purview of service tax.

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.

Meaning:- The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. France was the first country to introduce this value added tax system in 1954 devised by a public servant. In India, due to non consensus between central and state government, the proposal is to [...]

I, Rajendra Kumar, Commissioner, Value Added Tax, Government of National Capital Territory of Delhi, in exercise of the powers conferred on me by sub-section (1) read with sub-section (3) of Section 70 of Delhi Value Added Tax Act, 2004, hereby order that notification No.F.7(433)/Policy-IINAT/2012/1464, dated 23.03.2012 shall be applicable only for movement of goods in pursuance of interstate sale, stock transfer and export.

Delhi Value Added Tax – Notification for change in tax period wef F.Y. 2012-13. No more half yearly/yearly returns, compulsory on line 2A/2B