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CAG lessons for GST
A study by the Comptroller and Auditor General of India (CAG) has brought out startling details of the manner in which several states are operating the value-added tax (VAT) system. Over half of the hundred thousand dealers covered under the CAG audit in 23 states were engaged in tax evasion.
2010-07-28 20:33:22

CAG cautions govt on 'teething problems' in GST
The much-touted VAT, considered as the precursor to the proposed goods and services tax (GST), resulted in a loss of revenue for 10 states, and many manufacturers did not pass benefits arising out of low taxes to customers, the country's apex auditor the Comptroller and Auditor General of India (CAG) said today.
2010-07-26 20:54:06

Varying VAT platforms may hit GST rollout: CAG
NEW DELHI: The country�s supreme audit body has questioned the preparedness of states to roll out the goods and services tax (GST), amid hectic parleys to build a consensus on the implementation of this crucial indirect tax reform from the next fiscal year
2010-07-26 20:46:56

3 states lose Rs 6,400 cr on poor VAT execution
Distortions in the implementation of value added tax (VAT), deficiencies in planning and loopholes in VAT Acts and rules across various states have cost the exchequer heavily since the introduction of the tax. Owing to deviations from the rules and continuation of existing incentive schemes post-VAT, the exchequer suffered a loss of Rs 6,400 crore between 2005-09 in three states including Gujarat, with the Reliance Group of Companies accounting for more than 90 per cent of it, apex accounting body, the Comptroller and Auditor General (CAG) of India, has said in its report on the implementation of VAT in states.
2010-07-26 20:46:28

States want Central sales tax to continue with GST
After the Centre recently made some headway on Goods and Services Tax (GST), states� insistence on continuing with the Central Sales Tax (CST) in the new tax regime may disrupt the talks. Most of the states have asked the government to continue levying CST in the first few years of GST.
2010-07-26 20:41:33

States seek more say under GST
State governments are still speaking in different voices on the proposed goods and services tax (GST), despite the Empowered Group of Finance Ministers� effort for a consensus. At the National Development Council (NDC) meeting here today, state chief ministers raised concerns about a host of issues, including those on loss of flexibility in tax administration.
2010-07-25 20:55:05

How GST can make India a $2-trillion economy
Finance Minister Pranab Mukherjee has said that the successful implementation of the Goods and Services Tax (GST) can give a trillion-dollar boost to the economy, taking the total output to $2 trillion.
2010-07-25 20:50:43

India to present GST bill in parliament's upcoming session
NEW DELHI July 23 (Reuters) - India plans to present in parliament a bill to implement the goods and services tax (GST), Parliamentary Affairs Minister Pawan Kumar Bansal said on Friday.
2010-07-25 20:46:47

DTC, GST bills in monsoon session of parliament
The government will table the two bills � the revised draft of the Direct Tax Code (DTC) and the single rate goods and services tax (GST) regime, during the monsoon session of the Parliament.Sources in the Finance Ministry said the constitutional amendment bill for introduction of GST will be placed towards the end of the session. Finance Minister Pranab Mukherjee has asked ministry officials to prepare the final draft by August 20. The monsoon session of the Parliament will end on August 24. He also told the opposition parties that the government would like to pass the proposed GST Bill by December.
2010-07-25 20:45:29

Advisory panel backs RBI monetary policy tightening
India's central bank should look at tightening the monetary policy to tame sustained inflation, now that the country's economic growth trajectory looked firmer, the Prime Minister's Economic Advisory Council said here Friday.
2010-07-25 20:38:02

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