The greatest advantage of new GST regime is that it addresses fully the concern of tax cascading. Presently tax cascading is found in both- central and state taxes as the exempt sectors of economy (trade, oil etc) are not allowed to claim any cenvat credit of indirect taxes. It neither happens in excise duty nor in state value added tax. Also, on inter state sales, central sale tax (CST) is collected by the origin state for which no credit is allowed by any Government.
Central Information Commission (CIC) has opined that non-disclosure of feedback on probe in tax evasion complaints filed by whistle-blowers will dissuade them from giving any future information. Acknowledging that the investigation wing of the income tax department was exempted from the purview of RTI act, the CIC said such blanket ban
The high court had said that the provision of Section 25B of the Income Tax Act is clarificatory in nature and should be given retrospective effect. The apex court, however, said, such findings of the high court was uncalled for after hearing the plea of Dowager Maharani Residential Accommodation Welfare Amenities Trust.
Promulgation of the Daman and Diu Civil Courts (Amendment) Regulation, 2009 to amend the Goa, Daman and Diu Civil Courts Act, 1965, as in force in the Union Territory of Daman and Diu.
In June 2000, an expert group headed by NIPFP director M Govinda Rao observed that the ‘selective approach to taxation of services is undesirable for this violates neutrality in taxation, leads to inadequate coverage in addition to raising several avoidable procedural and legal complications’. The group recommended that the Centre should move towards a ‘general and comprehensive extension of the tax to cover all services with a small and clearly defined exemption list’.
Under section 8(1) of the Central Sales Tax Act 1956 an Interstate sale to a registered dealer can be made at the concessional rate of Central sales tax i.e. @2% existing at this time. But for claiming concessional rate of CST the seller needs to produce a declaration in the prescribed form duly filed and signed by the registered dealer in a prescribed form obtained from a prescribed authority.
Declared goods are the goods of special importance on which there are certain restrictions placed under CST Act 1956 on imposition of sales tax or VAT by the states. Article286(3)(a) of the Constitution of India authorises parliament to declare some goods as of special importance and to impose restrictions and conditions in regard to power of the states in regard to levy, rates and other incidence of tax on such goods.
Eastern India Regional Council of the Institute of Cost & Works Accountants of India is organizing the “Regional Students Conference” at ITC Fortune, Kolkata on 14th February, 2010. The theme of the Conference is “India redefined…. CMAs with the difference”.
The ‘Shield Panel’, a sub-committee of the Research Committee of the Institute, conducts the competition for the ‘ICAI Awards for Excellence in Financial Reporting’ annually, with a view to promote better standards in the presentation of information in the financial statements. The Panel evaluates the Annual Reports and other documents pertaining to the participant organisations.
The next Chartered Accountants Examinations of the Institute will be held from 4th to 17th May, 2010. The sale of Examination Application forms for IPCE, PE-II, PCE and Final Examinations would commence from 08th February, 2010. The last date for sale and receipt of filled in application is 26th February, 2010 (without late fee) and 5th March, 2010 (with late fee of Rs. 500/- ).
