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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 126 to 150 of 1401 Records

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126 Dated: 27-9-2016
By:- Ganeshan Kalyani

Seafood should be treated as agricultural produce and should be exempted. Said an associate of marine product expert's association.


127 Dated: 27-9-2016
By:- Ganeshan Kalyani

The authority has been doing detailed analysis of impact of GST in marine industry


128 Dated: 27-9-2016
By:- Ganeshan Kalyani

Senior IAS officer Arun Goyal has been appointed as Additional Secretary in the goods and service tax council.


129 Dated: 27-9-2016
By:- Ganeshan Kalyani

Congress Chief ministers and finance minister are expected to press for an 18%GST cap at the meeting of 3 days gst council beginning Oct 17, and stress that a higher rate would burden the commons man.


130 Dated: 27-9-2016
By:- Ganeshan Kalyani

Congress rationale is that higher rate will burden the common man and will defeat the very purpose of GST to create a common market and reduce the burden of both producer and consumer.


131 Dated: 27-9-2016
By:- Ganeshan Kalyani

The state authorities would have jurisdictions over assesses having turnover of less than 1.5 crore


132 Dated: 28-9-2016
By:- Ganeshan Kalyani

Countries with booming exports such as Singapore, Malaysia and Australia have introduced mechanism in GST to neutralise the input tax.


133 Dated: 28-9-2016
By:- Ganeshan Kalyani

The South Indian film chamber of commerce will make a representation to the union finance on how GST would adversely affect the film industry . The film chamber has taken the opinion of thr consultant on te issue. And will present before the union finance soon.


134 Dated: 28-9-2016
By:- Ganeshan Kalyani

In AP and Telangana the the entertainment tax is 24%. If GST is introduced nonloca films will be benefited as the GST Will be less than the entertainment slab now.


135 Dated: 28-9-2016
By:- Ganeshan Kalyani

HSN (Harmonised System of Nomenclature) is an internationally accepted product coding system formulated under General Agreement on Tariffs and Trade (GATT).

In India, currently, adapted HSN coding is currently used under Excise and Customs for classification of products. It is necessary to determine correct applicable rate (including exemptions, if any).

Under GST, government shall continue the concept of classification based on HSN but a slightly modified version will be implemented wherein turnover of the taxpayers will play a pivotal role in determine coding. However, there will be separate codes for goods and services.

Broad rule is as under:
– Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2 digit code;
– Taxpayers whose turnover is ₹ 5 crores and above shall use 4 digit code;and
– Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices.

Services will be required to be classified per the Services Accounting Code (SAC)


136 Dated: 28-9-2016
By:- Ganeshan Kalyani

Assurance giant KPMG and industry body FICCI have signed a Memorandum of Understanding (MoU) for a multi-city awareness campaign about the Goods and Service Tax (GST) law, its benefits, issues, and sector challenges, KPMG ​stated in a press release.

Experts from KPMG will be taking sessions across various cities PAN India and throw light on various aspects of GST like levy, supply, exemptions, valuation, ERP impact etc.

First session will be in Mumbai. Other sessions will be held in Trivandrum (October 6), Chennai (October 7), Kochi (October 19), Vizag (October 20) and Hyderabad (October 21), with more sessions notified in due time.


137 Dated: 28-9-2016
By:- Ganeshan Kalyani

Composition dealer under GST shall not be able to take input tax credit, nor shall he be able to collect tax from customer. He has to pay tax not less than tax 1%. The dealer can opt for composition at his option.


138 Dated: 28-9-2016
By:- Ganeshan Kalyani

The threshold for composition scheme is ₹ 50 Lakhs of aggregate turnover in financial year. 'Aggregate turnover' manes 'value of all supplier (taxable and non-taxable supplies + Exempt supplies +Exports) and it excludes taxes levied under CGST Act, SGST Act and IGST Act, Value of inward supplies + Value of supplies taxable under reverse charge for a person having the same PAN.


139 Dated: 28-9-2016
By:- Ganeshan Kalyani

Composition scheme is applicable subject to the condition that the taxable person does not affect inter-state supplies.


140 Dated: 28-9-2016
By:- Ganeshan Kalyani

GSTN stands for Goods and Service Tax Network (GSTN). A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall providea shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders for implementation of GST. The functions of the GSTN would, inter-alia include: (i) facilitating registration; (ii) forwarding the returns to Central and State authorities; (iii) computation and settlement of IGST; (iv) matching of tax payment details with banking network; (v) providing various MIS reports to the Central and State Governments based on the tax payers return information; (vi) providing analysis of tax payers's profitle, and (vii) running the matching engine for matching, reversal and reclaim of input tax credit.

The GSTN is developing a common GST portal and applications for registration, payment, return and MIS/reports. The GSTN would also be integrating the common GST portal with the existing tax administration IT systems and would be building interfaces for tax payers. Further, the GSTN is developing back-end modules like assessment, audit, refund, appeal etc. for 19 States and UTs (Model II States). The CBEC and Model I States (15 States) are themselves developing their GST back-end systems. Integration of GST front-end system with back-end systems will have to be completed and tested well in advance for making the transition smooth.


141 Dated: 29-9-2016
By:- Ganeshan Kalyani

The goods shall be classified under the GST regime by HSN ( Harmonised System of Nomenclature) code. 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 shalll use 4 digit code. Taxpayers whose turnover is below ₹ 1.5 Crores are not required to mention HSN Code in their invoice. Services will be classified as per the Services Accounting Code (SAC)


142 Dated: 29-9-2016
By:- Ganeshan Kalyani

Goods and Service Tax (GST) is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.


143 Dated: 29-9-2016
By:- Ganeshan Kalyani

Alcohol for human consumption, Petroleum Products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel & Electricity,


144 Dated: 29-9-2016
By:- Ganeshan Kalyani

The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified on the recommendations of the GST Council.


145 Dated: 29-9-2016
By:- Ganeshan Kalyani

Exports will be treated as zero rated supplies. No tax will be payable on exports of goods and services, however credit of input tax credit will be available and same will be available as refund to the exporters.


146 Dated: 29-9-2016
By:- Ganeshan Kalyani

Any supplier who carries on any business at any place in India and whose aggregate turnover exceeds threshold limit as prescribed in a year is liable to get himself registered. However, certain categories of persons mentioned in Schedule III of MGL are liable to be registered irrespective of this threshold.

An agriculturist shall not be considered as a taxable person and shall not be liable to take registration


147 Dated: 29-9-2016
By:- Ganeshan Kalyani

Any person should take a registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.


148 Dated: 29-9-2016
By:- Ganeshan Kalyani

A person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.


149 Dated: 29-9-2016
By:- Ganeshan Kalyani

A person, though not liable to be registered under Schedule III, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.


150 Dated: 29-9-2016
By:- Ganeshan Kalyani

The proper officer can reject an application for registration after due verification. However it is also provided in sub-section 8 of Section 19, the propoer officer shall not reject the application for registration or the Unique Identity Number without giving a notice to shown cause and without giving the person a reasonable opportunities of being heard.


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