Skip to main content

Amit Mitra to head panel of state finnace ministers on GST

By
West Bengal Finance Minister Amit Mitra has been named the new chairman of the empowered committee of state Finance ministers that is working out the details of the proposed goods and services tax (GST). He will succeed Kerala Finance Minister KM Mani, who resigned in November over corruption charges.
Mitra, an economist who was secretary general of the Federation of Indian Chambers of Commerce & Industry before joining politics in 2011 and becoming a minister in the Trinamool Congress government in West Bengal, was elected at a meeting of state finance ministers that was attended by Finance Minister Arun Jaitley.
Minister of state for finance Jayant Sinha said Mitra was elected head of the committee at the meeting on Friday.
Mitra didn't attend the meeting as he was unwell and was informed about the decision over the phone by Jaitley. The head of the panel has always been from an opposition partyruled state. CPI-M's Asim Dasgupta of West Bengal held the post when the United Progressive Alliance was in power and Sushil Modi from Bihar succeeded him. In July 2013, Jammu & Kashmir finance minister Abdul Rahim Rather was appointed chairman after Modi quit. Mani succeeded him in March last year. will replace multiple indirect taxes with one simple tax, creating a boundary-less national market that some estimate will lift India's GDP by as much as 2%.
"We are hopeful that GST will be passed in the budget session. We are getting support from all the states present here, all parties on GST," Sinha told reporters here. The budget session starts next week. The government's plan to roll out GST from April 1may be pushed to next year after the Congress party stalled proceedings in the Rajya Sabha.
Hindustan Times, New Delhi, 20th Februry 2016

Comments

  1. Louis Vuitton iPhone 6S Case21 February 2016 at 08:50

    Mitra of the state finance Ministery does not attend the meeting as he has been informed. The head of the panel has away from an opposition state.

    ReplyDelete

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more