Central Sales Tax News

Majority states in their pre-budget meeting with Finance Minister Arun Jaitley Saturday demanded the Centre should release the long pending compensation for phasing out Central Sales Tax (CST) and provide for such funds in the upcoming Budget.  

The elimination of check posts will also help deliver savings as goods move faster, the agency said, pointing out that the consumer durables sector will benefit the most.

Government Tuesday approved the release of Rs 33,000 crore in tranches to states and Union Territories to compensate them for revenue loss on account of phasing out of Central Sales Tax for three financial years up to 2012-13.

The Centre Friday said it has paid Rs 32,800 crore to states as compensation for phasing out of Central Sales Tax in the run-up to roll-out of Goods and Services Tax.

Government Monday sought approval of Parliament to release about Rs 11,000 crore to states and union territories to compensate them for revenue loss on account of phasing out of Central Sales Tax (CST).

A day ahead of his meeting with state finance ministers, Union Finance Minister Arun Jaitley Wednesday said the government will soon release Rs 11,000 crore towards Central Sales Tax (CST) compensation, as part of consensus building for GST rollout.

The constitution amendment bill to implement the Goods and Services Tax (GST) would be introduced in the forthcoming winter session of parliament, Finance Minister Arun Jaitley said Tuesday.

Finance Minister Arun Jaitley Thursday said the Centre would sort out compensation issues with states to ensure early roll-out of Goods and Service Tax, a new indirect tax regime that will subsume various levies.