tax reforms

GST regime unlikely from April 2012 states oppose draft Bill

The introduction of big-ticket tax reforms through the Goods and Services Tax (GST) regime seems unlikely from next April with the BJP-ruled states today stating that they would not like to be reduced to 'municipality or corporations. The kind of draft that they [central government] have presented...I do not think it could be passed. Which state will agree to become a municipality or corporation? To hand over all the powers to the Centre and then beg before it for money..
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Aal is well

The phrase aal is well is catching up fast with one and all- thanks to the recent film ‘3 Idiots’ which has made this phrase popular amongst the gen next and other factions of the society. The film, 3 idiots sends the message to the present society of our country –be it student, young citizens or people of our or our parent’s age that one ought to be optimistic, calm and hopeful – at least in times of difficulties , desperation and helplessness and a simple b..
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New Direct Taxes Code (DTC) likely from April 2011

The Finance Minister, Mr Pranab Mukherjee, said that he was hopeful that the new Direct Taxes Code would be implemented from April next year. “We are working on tax reforms. I am hopeful that the Direct Taxes Code will be implemented from April 2011”, Mr Mukherjee said in his address at Pravasi Bharatiya Divas, an annual conference for overseas Indians.
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Government mulling reduction in the number of personal income tax rates from the current three to two

In the run-up to Budget 2010-11, the Finance Ministry is mulling a reduction in the number of personal income tax rates from the current three to two. At present, there are three rates - 10, 20 and 30 per cent - and these are applied on slabs that are specified from year to year as part of the Budget.
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Indian Inc requested early implementation of Goods and service Tax

India Inc on Tuesday asked Finance Minister Pranab Mukherjee to introduce Goods and Services Tax "as early as possible", amid speculations that the indirect tax reform may not be implemented from the scheduled date of April 1. "We want that the GST deadline should not be missed," Ficci president Harsh Pati Singhania told reporters after a pre-budget meeting with Finance Minister Pranab Mukherjee along with other industrialists here on Tuesday.
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