Financial Daily from THE HINDU group of publications
Sunday, Dec 04, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 04, 2005 |
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Industry & Economy
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Taxation Government - Policy Bill to amend CST Act to be introduced K.R. Srivats
New Delhi , Dec. 3 THE Government is keen to strike a balance between the appellate mechanisms that existat the Central and the State level for resolving disputes under the Central Sales Tax Act. It now wants to ensure that the appellate mechanisms at both these levels have an even-handed role for resolving disputes. For this purpose, the Central Government proposes to introduce a Bill in Parliament that seeks to amend the CST Act to finetune and streamline the appellate procedures under the legislation. The Union Cabinet on Thursday approved the introduction of this Bill in Parliament. "Earlier, the State appellate mechanism was being substituted and the central mechanism i.e the Central Sales Tax Appellate Authority at the central level played the dominant role. Now, after the proposed amendment, the Central sales tax appellate authority would complement the State-level machinery," official sources said. The move to go in for a balanced approach comes in the wake of the recent "practical experiences" of the CST Appellate Authority, which had become functional in New Delhi from March this year. The Government also plans to provide more time for an aggrieved party or person to make an appeal before the CST Appellate Authority. Annual CST collections during 2004-05 stood at about Rs 15,000 crore.
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