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Alternate compensation package for states mooted
13 Dec '06
1 min read
States' Finance Ministers are optimistic about the phasing out of central sales tax regime. So they have formed a committee to provide a package to compensate for the tax system.
The package will provide additional powers to impose service tax by state authority and to levy the value-added tax on imports and some items under additional excise duty.
States have asked that they should be allowed to tax services for textiles and other sectors.
The CST of 4 percent on inter-state sale of goods is projected to fetch Rs25,000 crore to states from 2007-08.
The package will provide additional powers to impose service tax by state authority and to levy the value-added tax on imports and some items under additional excise duty.
States have asked that they should be allowed to tax services for textiles and other sectors.
The CST of 4 percent on inter-state sale of goods is projected to fetch Rs25,000 crore to states from 2007-08.
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