Last Updated :
06 July 2009 at 12:45 IST
Govt introduces Goods and Services Tax
Commodity Online
NEW DELHI : The much awaited decision finally came Monday as Finance Minister Pranab Mukherjee abolished commodity transaction tax (CTT) and the fringe benefit tax in the budget.
In his budgetary speech on Monday, the FM adopted Goods and Services Tax (GST) to replace CTT and that will come into effect from April 01, 2010.
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The FM also raised Minimum Allocation Tax (MAT) on book profits from 10 percent to 15 percent.
However, with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.
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