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The Federation of Indian Chambers of Commerce and Industry ( FICCI )), today said it will pursue the issue of implementation of the proposed Goods and Services Tax (GST) with various state governments. "We will pursue with state governments the (issue of) implementation of GST," FICCI's Chairman (Western Region Council), Sushil Jiwarajka...

The government today said it may not be possible to roll out the Goods and Services Tax (GST) from April next year, as the proposal needs consent from all the states. "...the (GST) legislation cannot be voted upon until the ratification is completed...there may be problem on the time factor (April 1, 2012)," Revenue Secretary Sunil Mitra ...

Finance Minister Pranab Mukherjee today said the Government proposes to introduce the Constitution Amendment Bill in the current session to pave the way for introduction of the long-awaited Goods and Services Tax (GST) regime. "I propose to introduce the constitution amendment bill in this session of Parliament," Mukherjee said in his Bud...

Presenting the Budget 2011-12 in the Parliament today, the Finance Minister Shri Pranab Mukherjee stressed that introduction of Direct Taxes Code (DTC) and Goods & Services Tax (GST) will result in moderation of rates, simplification of laws and better compliance. He said DTC will be finalized for enactment during next financial year. The...

IT Initiatives: Mission mode Projects to help States to align with the Roll out of GST; funds Released for 31 Such Projects. Finance Minister Shri Pranab Mukherjee has stressed on the importance of computerization of Commercial Taxes. While presenting the Union Budget 2011-12 in Lok Sabha he said that Mission Mode Projects for computeriz...

A day after raids were conducted at the premises of eight tobacco manufacturing companies here, the Commercial Tax Department has pegged tax evasion by them to the tune of Rs 150 crore besides an unaudited turnover of Rs 900 crore....

Parliamentary Standing Committee on Finance Chairman Yashwant Sinha wants the government to first introduce goods and services tax (GST) at the central level and set example for states to implement the indirect tax reform. ``I am firmly of the view that the Government of India should introduce GST first at the central level. At the centra...

Market experts are pitching for clarity in tax on long-term gains under the proposed DTC, a clear timeline for rolling out Goods and Services Tax among other key measures in the upcoming 2011-12 budget.Stock markets in February so far have plummeted by over 11 per cent on concerns over high inflation, rising interest rate and, low morale ...

The Empowered Committee of State Finance Ministers (EC) met on 11 February 2011 to discuss the third draft of the Constitutional Amendments required for introduction of GST (the Third Draft) and the compensation plan for loss of revenue on account of...

With consensus still eluding the proposed Goods and Services Tax regime, the Centre may call for another meeting with state finance ministers next month, before introducing the Constitutional Amendment Bill to pave the way for rolling out GST. ...