taxpayer identification number

Twofold GST: A dual GST with defined functions and responsibilities of the Centre and the States is recommended. An appropriate mechanism that will be binding on both the Centre and the States should be worked out whereby the harmonious rate structure along with the need for further modification could be upheld, if necessary with a collectively agreed Constitutional Amendment. Full Article

So far, VAT at the state or Cenvat at the central level, along with services tax, have been major steps in tax reforms. Before the present tax regime, there was the sales tax regime, where there was a cascading effect on tax. VAT has removed this burden, but it had deficiencies. The Cenvat load remains. There were several state taxes which were not subsumed in any one tax. The inter-state sales tax or CST was not fully relieved. Full Article

You may soon need to mention your permanent account number (PAN) to invest more than Rs 50,000 in national savings certificates (NSC), or to buy a unit-linked insurance policy where premium payment exceeds Rs 1 lakh. The government is giving finishing touches to a proposal to make the taxpayer identification number mandatory to invest in [...] Full Article