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Goods and GST Bill passed, Goods and Services Tax - GST

Issue Id: - 110747
Dated: 3-8-2016
By:- Ganeshan Kalyani

Goods and GST Bill passed


  • Contents

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 1126 to 1150 of 1401 Records

Page: ....46........


1126 Dated: 4-5-2017
By:- JAIPRAKASH RUIA

Dear Experts,

Please explain the following clause for Input tax credit of Chapter V of RGST Act 2017.

below is excluded from ITC :

(d) goods or services or both received by a taxable person for construction of an immovable property (other than plant and machinery) on his own account including when such goods or services or both are used in the course or furtherance of business;


1127 Dated: 5-5-2017
By:- Ganeshan Kalyani

In my view goods or services used for construction of immovable property is excluded from the definition of input tax credit.


1128 Dated: 5-5-2017
By:- Ganeshan Kalyani

The committee tasked to fit rates of items under the Goods and Services Tax (GST) regime will meet on Friday and Saturday to finalise GST rates for individual items, a senior finance ministry official told Bloomberg Quint.

Once the committee comprising state and central government officials fixes rates, these will be tabled before the GST Council in its next meeting on May 18-19. The council will then take a final call on individual rates for different commodities.


1129 Dated: 5-5-2017
By:- Ganeshan Kalyani
Central Board of Excise and Customs (CBEC) Chairman Vanaja Sarna had told BloombergQuint in an interview that the rates on precious metals will be decided after rates on all other items are finalised.

1130 Dated: 5-5-2017
By:- Ganeshan Kalyani

According to the official cited above, the GST Council will also decide exemptions to be given to specific industries.

Some working groups set up by the CBEC to address sector-specific concerns have submitted their report, while some are yet to submit their reports, the official added.


1131 Dated: 5-5-2017
By:- Ganeshan Kalyani

All the above reports will be submitted before the council's next meeting, which will then decide whether certain industries will get exemptions in the new indirect tax regime, the official said.

The apex indirect tax body was also instructed by the Prime Minister's Office to follow certain parameters while fixing GST rates closer to the existing tax rates, another senior finance ministry official told Bloomberg Quint.


1132 Dated: 5-5-2017
By:- Ganeshan Kalyani

Finance Minister Arun Jaitley on Friday assured that new rates under the Goods and Services Tax (GST) regime will not bring any “surprise” as they won’t be significantly different from the existing rates.


1133 Dated: 5-5-2017
By:- Ganeshan Kalyani

“We are now in the final stages of fixing tariffs for different commodities. The formula under which it is being done has also been explained, and therefore, nobody is going to taken by surprise, it’s not going to be very significantly different,” Jaitley said while addressing the Confederation of Indian Industries’ annual summit.


1134 Dated: 5-5-2017
By:- Ganeshan Kalyani

The GST Council has finalised four rate categories of 5, 12, 18 and 28 per cent after unifying levies like central excise, service tax and VAT. Fitment will be done by adding the total incidence of current taxation (central plus state levies) and then putting the good or service in the tax bracket closest to it.


1135 Dated: 5-5-2017
By:- Ganeshan Kalyani

Jaitley said the GST Council has so far had 13 meetings and has never had to resort to voting to decide on any issue. “And therefore, all states representing different political complexions have all agreed (on GST structure),” he said.


1136 Dated: 5-5-2017
By:- Ganeshan Kalyani

Jaitley also pointed out that the reduction in tax rates should be passed on to consumers by companies, and this principle cannot be questioned.


1137 Dated: 5-5-2017
By:- Ganeshan Kalyani

The government has included an enabling provision in the Central Goods and Services Tax Bill, which asks for passing the benefits on tax reduction to consumers.


1138 Dated: 5-5-2017
By:- Ganeshan Kalyani

The GST laws approved by Parliament have incorporated an anti-profiteering provision to ensure that the reduction of tax incidence is passed on to the consumers.


1139 Dated: 6-5-2017
By:- Ganeshan Kalyani

The all important and most powerful body-GST Council has released its logo. Arun Goyal, additional secretary, GST Council tweeted to inform about the logo launch. GST Council was formed on 12th September 2016.


1140 Dated: 7-5-2017
By:- Ganeshan Kalyani

The upcoming Goods and Services Tax (GST) regime, which the Centre intends to roll out from July 1, may turn out to be a record-keeping headache for firms, based on draft rules issued for accounts and records.


1141 Dated: 7-5-2017
By:- Ganeshan Kalyani

Apart from maintaining accounting and tax invoice registers, entities will also have to record the complete address of premises where goods are stored, including goods in transit. If the goods are found to be stored elsewhere than the declared place, a tax would be payable as if they were supplied by the same entity.


1142 Dated: 7-5-2017
By:- Ganeshan Kalyani

“Considering the government’s stated intention of introduction of GST with effect from 01 July 2017, it would be a very difficult task for the industry to make changes in the IT systems to adhere to the record-keeping requirements,” said PwC India’s tax and regulatory services team in a note on the draft rules.


1143 Dated: 10-5-2017
By:- Ganeshan Kalyani

The rollout of the GST Bill will be a collective effort of the Central and State Governments, the tax payers and the IT platform provider i.e. GSTN, CBEC and State Tax Departments. Besides these main participants there are going to be other stakeholders e.g. Central and States tax authorities, RBI, the Banks, the tax professionals (tax return preparers, Chartered Accountants, Tax Advocates, STPs etc.), financial services providing companies like ERP companies and Tax Accounting Software Providers etc.


1144 Dated: 11-5-2017
By:- KASTURI SETHI

Latest news is that Govt. is firm to implement GST from 1.7.17 despite hurdles with determination to remove the hurdles. Let us see what happens.


1145 Dated: 12-5-2017
By:- Girish D

Dear All,

Any views on continuing of upfront duty exemptions under the export promotion schemes, such as EOU, STP, EHTP, EPCG, Advance Authorisation etc., under the GST regime?


1146 Dated: 19-5-2017
By:- Ganeshan Kalyani

Item wise GST rate is declared yesterday in the 14th GST Council meeting held at Srinagar.


1147 Dated: 19-5-2017
By:- Ganeshan Kalyani


1148 Dated: 19-5-2017
By:- Ganeshan Kalyani

http://www.cbec.gov.in/resources//htdocs-cbec/gst/chapter-wise-rate-wise-gst-schedule-18.05.2017.pdf


1149 Dated: 19-5-2017
By:- Ganeshan Kalyani

After the GST rollout, Entry level cars and two wheelers, paint and cement, electrical items and consumer durables are expected to get cheaper. Also movie tickets with entertainment tax expected to come down.


1150 Dated: 19-5-2017
By:- Ganeshan Kalyani

Cigarettes, branded jewellery and other high-end goods, rail, bus and flight tickets and mobile phone calls are expected to be costlier in the GST regime. Service


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