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Goods and GST Bill passed, Goods and Services Tax - GST |
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Goods and GST Bill passed |
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Dear All, GST Bill is passed in Rajya Sabha on 03. 08.2016. A panel under chief economic adviser Arvind Subramanian has recommended a revenue-neutral rate of 15-15.5%, with a standard rate of 17-18% be levied on most goods and all services. But, there has been no agreement yet on rates of various goods and services, which remains a tricky issue. According to the Bill, passed in the Lok Sabha in May 2015, the rates were to be decided by a GST council headed by the central finance minister with state finance ministers as members. Let us wait. Thanks. Posts / Replies Showing Replies 991 to 1015 of 1401 Records Page: 1 ....363738394041424344........ 57
In addition to above, the Central Board of Excise and Customs (CBEC) has announced the availability of an additional e-sign services by NSDL, from 04 April 2017. E-sign service is an online electronic signature service that can facilitate an Aadhaar holder to digitally sign a document. This will promote the signing of enrolment applications using Aadhaar number of the authorised signatory.
The enrolment under GST can now be done till 31 April 2017.
Revenue Secretary Hasmukh Adhia has said that the biggest challenge for Government would be the outreach to trade and industry in next 3 months. He adds that right now focus is on migration existing tax payers to GST (transition). Currently, only 60% of the assessees have migrated to GST.
The Goods and Services Tax (GST) Council approved the drafts of four sets of rules and finalized five others on Friday making steps towards GST roll out. These rules are for Valuation, Composition, Input Tax Credit and Transition. Five other rules involving registration, payment, refund, invoices and returns, the drafts of which were already approved.
As government moves nearer to implementation of Goods and Services Tax (GST) in India, it has provided India Inc. one last chance to represent its concerns around GST Bills. 10 industry specific groups have been formed to iron out issues. The sectors up for review include banking, finance, insurance, telecom, exports, IT/ITeS (information technology enabled.
As a pre-requisite to shift to Goods and Services Tax (GST) Regime, every existing tax payer is required to migrate it’s existing indirect tax registration to GST. Deadline to migrate all state VAT, Service Tax and Excise Duty registrations was set at 31st March 2017.
Considering delay in rolling out laws and lack of preparation the timeline of GST enrollment is extended up to 31st April, 2017.
Under GST a provision of payment of GST under reverse charge by a registered person upon procurement from un-registered person is provided.
GST Bills were introduced as 'Money Bill' in Lok Sabha.
In context to GST Rates, Revenue Secretary states that tax incidence will be closer to existing ones, while service tax rates will be 5%, 12% & 18%, 18% being standard rate.
Government has extended the deadline to migrate existing registration (a.k.a GST Enrolment) to 30th April 2017 for all existing registrations to be migrated across state and centre.
“The voluntary enrollment process started six months ago and 73 per cent of the businesses have registered. We will be extending time till April 30, for the others to enroll,” Prakash Kumar, CEO, Goods and Services Tax Network said.
Draft rules for input tax credit, valuation, transition and composition scheme have been released for public comments and will be taken up for finalization in next GST Council meeting on May 18-19 in Srinagar.
Experts believe that since few rules are yet to be finalized by the GST Council in it’s next meeting, 2-3 months is very short period for industry to prepare for GST roll out. Companies need to have their systems, processes ready with revised structural requirements. Revenue Secretary had admitted that outreach to industry would be a tough task.
The council will take up on May 18-19 the last big remaining task of fitting individual goods into the four tax slabs already decided.
The Govt. wanted to include real estate in GST but the States opposed to including same in first year.
Under the GST Regime, the HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods. Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2-digit code and the taxpayers whose turnover is ₹ 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices.
The Central Government has issued draft rules for credit, valuation, transition and composition and amended rules relating to registration, invoicing, payment, refunds and returns issued earlier. With this, the Government has issued most of the rules for Goods and Services Tax (GST) regime.
In the reply no. 997 Dated: 1-4-2017 to issue id 110747, please read as 30th April 2017.
The Rajya Sabha Today (06.04.2017) passed Four Bills viz 1.The Central Goods and Services Tax Bill, 2017, 2.The Integrated Goods and Services Tax Bill, 2017, 3. The Goods and Services Tax (Compensation to States) Bill, 2017 and 4. The Union Territory Goods and Services Tax Bill, 2017.
GST New Rules released on 1st April 2017 by Govt. covers Transition, Composition, Valuation, Input Tax Credit, Payment, Refund, Registration & Invoicing in GST regime.
With the GST, a product can move from Kashmir to Kanyakumari without fear of double taxation or having to comply with state-by-state tax laws. Producers will find it easier to maintain accounts as it’s all digital, and consumers eventually benefit from lower, uniform prices across the country.
The Goods and Services Tax (GST) will replace nearly a dozen central and state levies into a single national sales tax. It will make the movement of goods cheaper and seamless across the country. It would be far simpler than the current system, where a good is taxed multiple times and at different rates.
There would be four tax slabs of 5, 12, 18 and 28 per cent, plus a levy on taxes on luxury items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.
The GST council is yet to decide which goods fall in which slab. The GST rates will remain broadly in line with the existing rates. To keep inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate. Old Query - New Comments are closed. |
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