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INDIA PHASES OUT CENTRAL SALES TAX FROM SUNDAY.
NEW DELHI, April 2 Asia Pulse - The phase out of Central Sales Tax, which is a major distortion in the way of smooth functioning of VAT system, was due to begin from Sunday, albeit a year after and in diluted form than envisaged originally.
CST, which was imposed on inter-state trade of goods, was to be cut from four per cent to three per cent as part of its eventual elimination by 2010-11.
The government has already issued a notification to cut CST to three per cent, following passage of the bill in this respect by the Parliament early this month.
"The new rate of CST will pave way for cut in taxes on various commodities bought through inter-state trade, apart from crossing another milestone toward national tax system," ...
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Source: HighBeam Research, INDIA PHASES OUT CENTRAL SALES TAX FROM SUNDAY.