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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 176 to 200 of 1401 Records

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176 Dated: 4-10-2016
By:- Ganeshan Kalyani

HSN need to be mentioned on invoice while raising invoice. To some dealer it is optional and others need to mention it mandatorily.


177 Dated: 4-10-2016
By:- Ganeshan Kalyani

6 months to go for GST to come effective , the timeline set by the Govt for implementation. Are the dealers ready to take off their business into the new tax regime. Lot of work for tax officer in a company, For consultant, and department.


178 Dated: 4-10-2016
By:- Ganeshan Kalyani

So many write ups on GST, So many concerns over the draft rules. So many expectations from GST, So many opportunities for foreign investment, So many tax conplaince reduced, so many tax authorities interaction minimised , so many tax leakage stopped, so many litigation shall be reduced, so many opportunity for tax experts, so many work for tax consultant, so many challenges for tax authority, So many .....


179 Dated: 4-10-2016
By:- Ganeshan Kalyani

Economic Adviser Arvind Subramanian also suggest RNR of 15% to 18%. Hence it seems that 18% shall be considered by the council.


180 Dated: 6-10-2016
By:- Ganeshan Kalyani

As per draft rule, the input credit outstanding as of 31.03.2017 shall be allowed to carry over in GST by automatically carry forwarding from last return under current tax regime. Hence the last return under current regime is crucial. Otherwise input credit would be available.


181 Dated: 6-10-2016
By:- Ganeshan Kalyani

Filing of revised return of last month under current tax regime should be given. Otherwise if mistake happens in the original return then dealer would loose the closing credit.


182 Dated: 6-10-2016
By:- Ganeshan Kalyani

Seemless credit is aimed under GST, So credit would be eligible but output final product should be taxable.


183 Dated: 6-10-2016
By:- Ganeshan Kalyani

Number of returns are 37 to be filed by General assessee.


184 Dated: 6-10-2016
By:- Ganeshan Kalyani

In GST, government plans to change entire structure of tax administration by setting up of GST Commissionerate within CBEC that will administer the new tax regime.


185 Dated: 6-10-2016
By:- Ganeshan Kalyani

Current wing of Directorate General of Central Excise intelligence (DGCEI) will be replaced by Directorate General of GST Intelligence.


186 Dated: 6-10-2016
By:- Ganeshan Kalyani

For more assessee focused administration the nation will be divided into twenty four zones and one hundred and seven GST commissionerate. Each commossionerate will have approximately fifteen thousand to twenty thousand assessee base.


187 Dated: 6-10-2016
By:- Ganeshan Kalyani

To combat between centre and state government will set up Directorate General of Dispute Resolution.


188 Dated: 6-10-2016
By:- Ganeshan Kalyani

Under GST, reverse charge is applicable on goods and service as well. The type of service and goods liable for reverse shall be notified.


189 Dated: 6-10-2016
By:- Ganeshan Kalyani

Composition dealers cannot avail input credit.


190 Dated: 6-10-2016
By:- Ganeshan Kalyani

Taxpayers whose turnover is above 1.5 Crores but below 5 Crores shall mention 2 digit code and taxpayers whose turnover is above 5 Crores shall use 4 digits code. Taxpayers whose turnover is below 1.5 Crores shall not mention HSN code in the invoices.


191 Dated: 6-10-2016
By:- Ganeshan Kalyani

Services will be required to be classified as per Services Accounting Code.


192 Dated: 6-10-2016
By:- Ganeshan Kalyani

Maharashtra will have 20 GST Commissionerate, The highest among all states.


193 Dated: 6-10-2016
By:- Ganeshan Kalyani

As per the latest data (up to September 23) of NACEN, 3,074 field officers have been trained as against the target of 60,000.


194 Dated: 6-10-2016
By:- Ganeshan Kalyani

In its first meeting on September 23, the GST Council, which is headed by finance minister Arun Jaitley, had decided to allow states to have administrative control over Value Added Tax (VAT) assessees with annual turnover of less than ₹ 1.5 crore and for turnover of over ₹ 1.5 crore, a system of cross empowerment between states and Centre was agreed by the Council.


195 Dated: 7-10-2016
By:- Ganeshan Kalyani

Under GST, inter-State transactions would be made much easier in terms of applicable taxes and documents required for transportation.


196 Dated: 7-10-2016
By:- Ganeshan Kalyani

With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the process of appointing consultant to help it successfully implement the new tax regime, which will subsume various state levies like octroi and sales tax.


197 Dated: 7-10-2016
By:- Ganeshan Kalyani

the consultant will be imparting training on provisions of the GST Act/Rules and processes to officers of the department.


198 Dated: 8-10-2016
By:- Ganeshan Kalyani

The GST draft rules on payment, returns and refund have been finalised and the all-powerfulGST Council will decide on the tax rate by October 20.


199 Dated: 8-10-2016
By:- Ganeshan Kalyani

Union Minister for Commerce and Industry Nirmala Sitharaman today said the ‘One Nation One Tax’ regime through the Goods and Services Tax (GST) system would come into effect on April 1, 2017, leading to a unified domestic market.


200 Dated: 8-10-2016
By:- Ganeshan Kalyani

Drawing attention to reviews by some experts on the GST, Ms. Sitharaman said the new tax regime was expected to boost GDP growth by 1-1.50 per cent. At present, the GDP was at 7.5 and the Centre was keen to take it up to at least eight per cent. And, with the GST coming into effect, the GDP could cross nine per cent


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