Gujarat State Government first to recognize Carbon credit as intangible goods and propose to levy lower rate of 5% VAT which will drive industrial houses to lower their carbon foot print. In advent to combat global warming, United Nations Framework Convention on Climate Change’s (UNFCCC) Kyoto Protocol came in force in year 2005 which binds [...]

There are two types of inter-State sales. An inter-State sale contemplated by clause (b) is one, which is effected by transfer of documents of title to the goods during their movement from one state to another. Where the property in the goods has passed before the movement has commenced, sale will evidently not fall with in clause (b).

The Group has the following terms of reference: To examine the feasibility and develop a draft Common Code for Central Excise and Service Tax that can be implemented under the present Constitutional scheme, keeping however, in view the challenges in the context of the impending goods and Services Tax (GST);

The Study Team will examine the feasibility and also suggest a draft Common Tax Code for service tax and central excise that can be implemented under the present Constitutional scheme, keeping in view the challenges in the context of impending Goods and Service Tax (GST). The Study Team has also been directed to address issues relating to input tax credits with a view to simplify the existing scheme and to mitigate cascading to the extent possible, and to harmonize existing procedures and processes to make them more trade-friendly. The Study Team may also suggest any other measure that will help in reducing the cost of compliance for business or transition towards a comprehensive GST.

Rajasthan government has changed the rates of exemption fees relating to works contracts of various nature w.e.f. 01st April, 2012. This will have high implication on applications for exemption fees for works contracts made after 1st April, 2012. Following is an analysis of the same.

Transfer of Right to use goods for cash, deferred payment or valuable consideration is considered as deemed sales under sub-clause (d) of Article 366(29A) of Constitution of India and also consequently under Punjab VAT Act and CST Act liable to VAT and CST respectively. Right to use of tangible goods service has also been brought under service tax net by the Finance Act, 2008, w.e.f 16-05-2008 vide notification No. 18/2008-ST, dated 10-05-2008.whereby taxable service has been defined u/s 65(105)(zzzzj) of Finance Act, 1994 to mean as

The Cabinet has approved a proposal to set up a Special Purpose Vehicle (SPV) namely Goods and Services Tax Network SPV (GSTN SPV) to create enabling environment for smooth introduction of Goods and Services Tax (GST). GSTN SPV will provide IT infrastructure and services to various stakeholders including the Centre and the States.

The Union Finance Minister Shri Pranab Mukherjee said that with the introduction of Goods and Services Tax (GST), we are now perhaps at the door-step of the most significant reform in the history of indirect taxes in the country. He said that GST is expected to be a more efficient system of taxation and is likely to give a boost to the tax revenues of the Centre and the States.

Ahead of the Union Budget, the state Finance Ministers will meet here on March 3 and suggest steps for increasing the ambit of the service tax net with a view to garnering more resources. The state Finance Ministers have decided on the negative list and are expected to sort out issues concerning definition of services so that more economic activities could be brought under the tax net.

We have initiated two major steps in the area of tax reforms. The first pertains to the DTC and the second to the Goods and Services Tax (GST). The DTC Bill was introduced in August, 2011 and has been referred to the Parliamentary Standing Committee. I am hopeful that the Committee will submit its report by the Winter Session of the Parliament, and thereafter we would seek to get the legislation passed during the Budget session. By amalgamating several taxes levied by the Centre and the States at different stages of the value chain, the GST would mitigate cascading and make Indian industry competitive in domestic as well as international markets. It would also improve compliance and make the level of taxation transparent to the end consumers.