Information technology, telecommunication, pharmaceuticals, medical and textile products are some of the items exempt from excise duty. These items are likely to attract an excise duty of about 8 per cent.
Excise duty on most products has been capped at 12.5 per cent
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
Economic think-tank NCAER has said that service tax will go up by one per cent per annum in the next four years, following the government's decision to introduce goods and services tax from April 1, 2010.
A neutral Budget for media and entertainment sector.
The government has further simplified tax procedures by reducing the number of returns filed by manufacturers for Excise Duties to a unified one-page return from October, 2003.
Making out a case for further rationalisation of duties, Textiles Minister Kashiram Rana Tuesday said his ministry would seek implementation of the N K Singh committee recommendations for the sector in the ensuing Budget.
The key proposals from the IT industry that were not addressed included removal of dual levies on software products
Stocks to watch: Container Corp, Snowman Logistics & Transport Corp
One of the grey areas is whether the anti-profiteering provisions can provide for a comparison of tax rates between the pre-GST and post-GST eras, says Niraj Bagri.
It is after the GST Network tallies invoice details with shipping bills that the refund claims can be processed. So, the refund could be delayed by over a month.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
Pharma body wants all excisable goods used for R&D purposes should be exempted from central excise duty.
The IMG meeting will be convened shortly.
The government announced several incentives in the five-year Foreign Trade Policy.
Finance Minister Arun Jaitley had came out with a host of proposals last month.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Pushing people to litigation is a major source of tax uncertainty.
Custom duties, a major concern for the oil sector.
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
Urban markets account for the major share of total revenues.
FM should avoid proposals such as to tax financial transactions and fringe benefits
There are both positive and negative impacts of the tax, but the net result for India's infrastructure sector is advantageous, says Vinayak Chatterjee.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
LCD displays could be produced in India in the near future.
Reform ideas do not occur overnight and evolve over the years.
Indirect tax collections saw only a meagre 3.5 per cent growth, as mop-up from Customs fell sharply on account of a drop in imports.
The biggest disappointment was the compromise on the promised corporate tax reduction path.
The very design of the GST will bring in revenue buoyancy.
There is much work to be done to design a good GST.
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