New Delhi, Feb 22 (UNI) The government today announced a one per cent cut in Central Sales Tax (CST), from 4 per cent to 3 per cent, as part of the measures to phase out CST under the new VAT regime.
The cut will be applicable from April 1, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after the Cabinet meeting that gave the approval.
All the states have joined the new VAT regime.
Mr Dasmunsi said the Taxation Laws (Amendment) Bill, 2007 would be introduced in the Budget Session of Parliament beginning tomorrow.
This will mark the beginning of the process of a tax reform measure critical for the success of VAT and for introduction of the General Sales Tax (GST) in future, and also facilitate the process of developing a National Common Market.
Necessay amendments will be made to the Central Sales Tax Act, 1956 and the Additional Duties of Excise (Goods of Special Importance) Act, 1957.
UNI
The cut will be applicable from April 1, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after the Cabinet meeting that gave the approval.
All the states have joined the new VAT regime.
Mr Dasmunsi said the Taxation Laws (Amendment) Bill, 2007 would be introduced in the Budget Session of Parliament beginning tomorrow.
This will mark the beginning of the process of a tax reform measure critical for the success of VAT and for introduction of the General Sales Tax (GST) in future, and also facilitate the process of developing a National Common Market.
Necessay amendments will be made to the Central Sales Tax Act, 1956 and the Additional Duties of Excise (Goods of Special Importance) Act, 1957.
UNI
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