Shyam Lal Naik (Service) (6156 Points)
31 May 2008It appears that we need to wait some more time to see CST rate cut to 2% as per the news report available at https://economictimes.indiatimes.com. It says : -
"The government withdrew a statement on Friday about reducing the central sales tax (CST) rate to 2.0 percent on inter-state sale of goods from June 1.
The finance ministry said it would issue a revised press release on the sales tax later. It gave no time for the release and gave no details what the changes would be"
Ravi Satpal
(CA (Final) & CS (Executive) Student)
(2430 Points)
Replied 31 May 2008
sunil
(333 Points)
Replied 31 May 2008
No,notification has been issued regarding withdrawls of the notification(rate reduce from 3% to 2%).It is sorry to say that some big newspapers also misunderstood the press release.As per press release state have to raise VAT rate 4% to 5%. Now this has been withdrawn.
As per notification published the CST rate will be 2% w.e.f.1.6.2008.
If anybody not agree with this pl.send a copy of notification regarding withdrawls of the notification.
CAclubindia
