GST

  • Dec
  • 07

GST meet likely to be delayed, states want more time

Introduction of a Goods and Services Tax (GST) could be delayed further with the Centre and the states failing to reach common ground at the meeting of the Empowered Committee of state finance ministers today. The meeting was attended by only eight state finance ministers. Finance ministers of the Bhartiya Janata Party (BJP)-ruled states were not present. The issue of a constitutional amendment was not discussed and there was no headway on the GST structure.

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  • Dec
  • 02

GST – Voltage stabilizer is electronic goods for purpose of taxation under U.P. Trade Tax Act

It is evident from the facts of the case that an automatic voltage stabilizer involves the operation of a number of electronic components. A voltage stabilizer might have many components some of which use electricity. This cannot be the sole reason for classifying it as an electrical good. As noticed earlier, an electrical device can be an electronic device, but an electronic device cannot be an electrical device. The Tribunal which is the last fact finding authority after taking into consideration the components of voltage stalizer, the purpose for which it is used and the principles on which it works has come to the conclusion that the voltage stabilizer is electronic goods, for the purpose of taxation under U.P. Trade Tax Act, we are in agreement with the reasoning and conclusion reached by the Tribunal.

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  • Nov
  • 26

No time-framing to table constitution amendment bill for GST -FM

The government on Tuesday said it is not possible to fix a time-frame for the introduction of the constitution amendment bill, which will facilitate rolling out the proposed Goods and Service Tax (GST). In a written reply to the Rajya Sabha, Finance Minister Mr Pranab Mukherjee said the process requires consensus among various players and such an exercise will need time.

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  • Nov
  • 26

Budget 2010-11 to look into problems on Cenvat credit

The government today said the Union Budget for next fiscal would look into the various problems being faced by companies under their Central Value Added Tax (Cenvat) credit claims. Cenvat rate is currently fixed at 10 per cent and companies get credi

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  • Nov
  • 09

States demands Exclusion of coal from GST list

State finance ministers have asked the Centre to exclude coal from the list of proposed Goods and Services Tax (GST), so as the tax rate does not increase on such an important fuel. Besides, the empowered committee of state finance ministers has also

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  • Nov
  • 06

States suggests alternative constitutional amendment plan to roll out goods and services tax

States have suggested an alternative constitutional amendment plan to roll out goods and services tax, or GST, creating the possibility of breaking the deadlock in their talks with the Centre on this ambitious indirect tax reform. The empowered commi

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  • Nov
  • 04

GST exclusion list may include coal, opium and narcotics

The empowered committee of state finance ministers, in a recent letter to the Centre and the states, has proposed that the constitutional amendment draft for GST be amended to include “coal, opium, Indian hemp and other narcotics drugs and narcotics,

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  • Oct
  • 26

Do away with GST council, settlement body-Dasgupta to Centre

In what could delay further the implementation of Goods and Services Tax (GST), state panel chief Asim Dasgupta has asked the Centre to do away with GST council and the dispute settlement body in the constitutional amendment bill. “Empowered Group of

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  • Oct
  • 25

Budget for next year may take back excise exemption given to around 250 items

The finance ministry is looking into the possibility of phasing out some exemptions from the Centre’s excise list in the next Budget. The move is part of the transition exercise to the goods & services tax regime, slated to come into force next finan

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  • Oct
  • 12

GST scheme likely to be placed in winter session

Difference of opinion among some states with regard to the Goods and Services Tax (GST) scheme for the country was being narrowed down and the Constitutional Amendment Bill is likely to be placed in the winter session of Parliament. This was stated b

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