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FM emphasises need to accept IT returns on trust (25 Jul 2007)
The Finance Minister has emphasized the need to accept returns on trust, and to devise less invasive measures to check tax evasion, using more data (AIR, BCTT, FIU & Data Mining) making the working of the Income Tax department non-discretionary and non-discriminatory. He was addressing the two-day Annual Conference of Chief Commissioners and Directors General of Income Tax on 17th July 2007.
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India to host First International Tax Conference (01 Jul 2007)
The first international Tax Conference - co-hosted by the Ministry of Finance, Asian Development Bank (ADB) and Organization of Economic Cooperation and Development will be held from 2nd July, 2007 in New Delhi. The two-day Conference will bring together, on a common platform, experts from the various countries and India as well as tax officials of the Government of India to discuss tax reforms in different countries.
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Lower VAT demanded on buscuits (02 May 2007)
The Rs 9,500 crore-biscuit industry has sought reduction in Value Added Tax (VAT) on biscuits from 12.5 per cent to four per cent saying the industry was suffering huge loss due to heavy taxation.
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Roll back VAT on MRP, Kerala govt urged (20 Apr 2007)
The Cochin Chamber of Commerce and Industry has urged the Kerala Government to roll back its recent decision to impose VAT on the maximum retail price (MRP) of packaged goods, saying the decision would have "a series of disturbing fallouts".
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States to be compensated for revenue loss from CST phase-out (22 Feb 2007)
The Union Cabinet has given its approval for initiating the process of phasing out CST with reduction in the CST rate from 4% to 3% w.e.f. 01.04.2007, taking necessary non-monetary and monetary measures for the purpose and making the necessary amendments to the Central Sales Tax Act, 1956, and the Additional Duties of Excise (Goods of Special Importance) Act, 1957.
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Levy of Entry Tax Illegal: Kerala HC (18 Dec 2006)
The Kerala High court today held that the demand and collection of entry tax under the Kerala Tax on Entry of Goods into Local Areas Act, 1994, is illegal, unauthorised and violative of Article 301 of the Constitution.
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Statute Is a Living Organ: SC (12 Aug 2006)
The Supreme Court has held that procedural laws should be construed to be ongoing statutes like the Constitution of India which is a living organ.
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Levy of Service Tax by States Under Discussion (09 Aug 2006)
Shri S.S. Palanimanickam, Minister of State for Finance said that the issue of giving States the right to collect service tax on selected services is being discussed with the States to arrive at a package for compensating the States for the revenue loss as a result of the proposed phasing out of the Central Sales Tax .
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Statement on Price Structure After VAT Implementation (02 Aug 2006)
Shri S.S. Palanimanickam, Minister of State for Finance has, in reply to a question raised by in the Rajya Sabha, given a statement on the price structure of commodities after the implementation of VAT.
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8 State Governments Reduce Sales Tax On Petrol And Diesel (30 Jun 2006)
Shri Murli Deora, Minister for Petroleum and Natural Gas has complimented the eight State Governments in general and their Chief Ministers in particular for accepting his request to forego the sales tax revenue on the increased amount of petrol and diesel prices which was effected on 5/6 June, 2006.
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