The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups, notes Parthasarathi Shome. A sensible tax policy announcement by the finance minister in the last Union Budget was his intention to reduce the headline corporate tax (CIT) rate to 25 per cent. It would be decreased in phases pari passu with identification of alternate revenue sources. Subsequently on ... Rediff.com, 1 month ago
A total of 38 Bills, including some finance Bills, are awaiting parliamentary approval. Barely two days before the start of the winter session of Parliament, Finance Minister Arun Jaitley said the government was willing to reach out to the Congress over the goods and services tax but counselled the party to reconsider some of its suggestions as they can ‘damage’ the new indirect taxation system. Speaking at the annual day function of Assocham in New Delhi on Tuesday, Jaitley termed ...Rediff.com, 1 day ago
There is much work to be done to design a good GST, notes Parthasarathi Shome. In the last mile, many essential components of a robust goods and services tax India is rushing towards a so-termed GST replacing service tax and excises (or CENVAT) at the Centre and VAT and small consumption taxes of the states. In a decade-long process of replacement, major successes were occurring to meaningfully consolidate the nation’s domestic consumption tax structure. But in the last mile, many ...Rediff.com, 2 months ago
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