Posts Tagged ‘states’

GST Introduction in April to Reduce Indirect Tax Burden

GST Introduction to Reduce Indirect Tax Burden

The Finance Ministry maintained that the net burden of indirect taxes on the people would reduce by 25-30% when the proposed Goods and Services Tax (GST) is introduced from April 1, 2010.

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However, it is said that real estate would also be brought under the GST scanner and deliberations in this regard between the Centre and the States were almost conclusive.

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The draft legislation on GST had been referred to legal experts and would be finalized in order to facilitate the government to achieve target of implementation of Goods and Services Tax as has been promised by April, 1, 2010.

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Meanwhile, it is said that there were divergent views expressed by the Empowered Committee of State Finance Ministers and the Thirteenth Finance Commission (TFC) on certain issues relating to GST, but noted that these were on the verge of finding a solution.

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On the other hand, according to the implementation programme, the government plans to introduce the GST regime from the new fiscal to replace excise duty and service tax at the Central level and the VAT at the State level, apart from others levies like cess, surcharges and local taxes as currently applicable on good and services.

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Rabi Crops Get a Lifeline on Late Rains :)

Lets Get to know of the latest Agri updates in the country 😀

agri-update-smc

Rabi Crops Get a Lifeline on Late Rains:

Considering cumulative rainfall from June to September, expected retention of moisture in soil between October and December, and recharge in the ground water level, the agriculture ministry expects no major dip in the coverage of food crops in the coming rabi season.

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As for other rabi crops in 2009, the ministry sets the rice production target at 14.5 mt, for jowar at 3.9 mt and barley at 1.6 mt, which are almost similar to the last year’s level.

According to the fourth round of estimate by the ministry, rice production in the last rabi season was 14.6 mt, barley 1.5 mt and jowar 4.2 mt.

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At the same time, it has asked all wheat growing states to ensure that sowing of wheat is completed by the end of November and to see that maximum areas are covered with high yielding and high temperature tolerant varieties.

In Other major Agri Updates we can see that Monsoon has withdrawn and has left 22% shortfall in the country.

An erratic monsoon, which left the country 22 per cent short of normal seasonal rainfall and caused concern about the kharif harvest, has finally begun to withdraw, almost three weeks later than normal.

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The total monsoon rainfall this year till September 23 was estimated by the IMD at 66.83 cm, about 22 per cent below the normal level of 85.87 cm for the period.

According to the India Meteorological Department (IMD), the withdrawal line today passed through Ganganagar, Churu, Jodhpur and Barmer in Rajasthan.

However, many other parts of the country will still continue to get rain.

The maximum deficiency is in the north-west (34 per cent), followed by the north-east (25 per cent), central India (19 per cent) and southern peninsula (8 per cent).

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