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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 326 to 350 of 1401 Records Page: 1 ....101112131415161718........ 57
Sharing an article Rahul Gupta, chairman of the Export Promotion Council for EOUs and SEZs (EPCES), said the definition of exports in the model GST law need to synchronize with the SEZ Act to avoid any confusion or dispute.
“We are making all efforts to introduce GST from April 1, 2017. GST has to be implemented latest by September 16, 2017, and if it is not implemented by then, states will not be able to collect their share of taxes, and hence, there is not enough scope to further delay the decision,” Jaitley said at an economic editors’ conference here.
The Centre has circulated the draft goods and services tax (GST) Bills with the states......
GSTN had received over 300 applications from private firms who were seeking to become GST Suvidha Providers(GSPs). In order to give tax payers more choice to file their returns once the tax reform is rolled out from April 1, 2017, GSTN invited private companies to build "innovative" third-party interfaces.
Pindichery and Goa commercial tax department published circular requesting the dealer to collect their login credentials from the department and do the registration process in GSTN .
Maharashtra Value Added Tax Department and Gujarat Commercial Tax department has published guidelines to register in GSTN .
The Gujarat government announced the commencement of GST enrolment drive, under which existing tax payers registered under various state and central tax regimes, such as VAT, need to apply online to get the Goods and Service Tax Network (GSTN) number.
The Winter session has begun. but the parliament is unlikely to discuss on GST and the matter about currency demonitixation is largely spoken .
Government organizes a Seminar to familiarize the Senior Officers of different Departments of Government of India with important features of the GST. The Cabinet Secretary Shri Pradeep Kumar Sinha will be chairing an interactive seminar on Goods and Services Tax (GST) tomorrow. The seminar is being organized for senior officers of the different Departments of the Government of India to familiarize them on the important features of GST.The Seminar is being organised by the GST Council in national capital.
The Central Government has circulated the draft of the three GST related Bills -the Central Goods and Services Tax Bill, the Integrated Goods and Services Tax Bill, the Goods and Services Tax (Compensation for Loss of Revenue) Bill – to the State Governments. States have been given seven days to send their suggestions/ comments. These three Bills are slated to be discussed by the GST Council on 24th and 25th November, 2016.
CBEC has released the translation in regional languages of the FAQs on GST earlier published in English.
Several States have initiated the facilitation for migration of existing assessees registered under the VAT Act of the respective States.
Since GST would be replacing the service tax, services would become costlier given that the current service tax rate is 15 and the expected GST rate on most services would be taxed at a standard rate of 18 percent.
The central government would compensate GST related revenue loss to the states for the first five years.
GST is a destination-based tax levied on supply of goods and services simultaneously by both the central and state governments.
The transportation sector currently enjoys abatement of taxes of up to 70 percent (30 percent of 15 percent service tax payable i.e. an effective tax rate of 4.5 percent). Under the GST Act, there is no clarity on continuation of abatement.
Since every movement of goods from one warehouse to another situated in different states would be taxable under GST , the Corporate may think to have a mother warehouse in a most suitable States .
Compliance cost for logistics companies is likely to increase since transporters whose vehicles pass through multiple states would need registration in each of these states to take input credit for expenses incurred in that state.
“Supply of goods” without consideration are deemed as “supply” and would be subject to tax under GST regime. Thus free samples and promotional material in case of FMCG companies would attract tax and lead to higher tax outgo.
As the entire administration of finance ministry and also trade circles are now per-occupied with facing blows of demonetization, trade circles feels it would be difficult for the government to go ahead with its GST agenda.
Information Technology is going to play a key role in GST . Sales purchase details need to be uploaded in GSTN . The IT of an organisation should be very strong to provide such details.
Every dealer is going to cover under GST . The threshold proposed is so low. This means the compliance is utmost important from seamless flow of credit which Ultimately depends upon the IT of a company .
GST is most significant tax reforms .
All dealers need to be ready to implement GST when the date of implementation of GST is notified .
GST bills to be tabled as money bills. proposed. Old Query - New Comments are closed. |
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