Business Daily from THE HINDU group of publications
Saturday, May 31, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, May 31, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Taxation CST rate cut to 2% from June 1 Our Bureau New Delhi, May 30 The Centre on Friday announced that Central sales tax (CST), a tax on inter-state sale of goods, would stand reduced to 2 per cent with effect from June 1 this year. A notification to this effect was issued on Friday by the Union Finance Ministry. The notification of new CST rate of 2 per cent in place of the earlier 3 per cent is in accordance with the announcement made by the Union Finance Minister, Mr P. Chidambaram, in his budget speech in February this year. An official release said that the rate of CST on interstate sale of goods to registered dealers (against Form-C) would now be the lower of 2 per cent and the rate of VAT or State Sales Tax applicable. This reduction forms a part of the roadmap for phasing out CST, to be completed by March 31, 2010. The release also said that the Central Government and the Empowered Committee of State Finance Ministers have further agreed that the compensation for revenue loss to the States in any year arising from the lowering of CST will be limited to the proportionate loss based on the actual collection of CST in the relevant year. More Stories on : Taxation
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