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nrbadrinath | February 23, 2010
Central Sales Tax: Should it be abolished?
Central Sales Tax (CST) was meant to be abolished three years ago but is still into practice. The impending presentation of the budget has shot up the expectations yet again. Read out to know more…In terms of the initial agenda on phasing out of CST and as confirmed by the then Union Finance Minister P Chidambaram, the CST was to be abolished from 01.04.2007. However, even now the levy continues, as the states are yet to arrive at a consensus on the compensation package. Currently, CST is levied at two per cent. It is expected that the same would be reduced to one per cent in the forthcoming Union Budget to be presented on 26.02.2010. Nevertheless, the expectation of the industry is a complete abolition of CST through the forthcoming budget.
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