9911796707
| Discussions Forum | ||||||||||||||||||||||||||||||||||||||||||||||||||
Home  Forum Goods and Services Tax - GST This
A Public Forum.
Submit new Issue / Query
My Issues
My Replies
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Goods and GST Bill passed, Goods and Services Tax - GST |
||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Goods and GST Bill passed |
||||||||||||||||||||||||||||||||||||||||||||||||||
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 651 to 675 of 1401 Records Page: 1 ....232425262728293031........ 57
Under existing VAT/CST Law, inter-state stock transfers does not has any tax liability. Also in case of intra-state stock transfer there is no VAT liability. Under Goods and Services Tax (GST) regime, the taxability is on the supply of goods and or Service even if without consideration. Thus, stock transfer would become taxable under GST.
Finance Ministry launches app to provide updates to taxpayers on GST. The GST mobile app launched by the ministry can be downloaded for free on Android platforms. The iOS version will be made available shortly, an official statement said.
Setback to GST? States want e-permit to be flashed at borders.
the Drawback Division under Central Board of Excise & Customs (Ministry of Finance, Department of Revenue) vide its letter dated 23-02-2017 has sought Suggestions on All Industry Rates (AIRs) of duty drawback under the GST framework and such considered suggestions should be provided by 15.3.2017. These may also be sent by email to [email protected]
Government launches GST app to facilitate smooth transition to new tax regime The CBEC GST app will help taxpayers migrate to GST, provide toll free numbers and videos and reading material on GST and put up draft laws and rules.
The GST: so far so good, but not good enough The proposal departs from the expert view that an ideal GST should have a few exempted commodities and a single rate for all commodities
GST: Here’s why legal terms must reflect ‘fundamentals’ agreed by GST Council In India, the goods & services tax (GST) cannot be activated without the efforts and recommendations of the GST Council.
The GST Council, led by FM Arun Jaitley, in its last meeting on January 16 arrived on the consensus that 90 per cent of tax assessees below ₹ 1.5 crore annual turnover will be assessed by states and the remaining 10 per cent by the Centre. For taxpayers with over ₹ 1.5 crore turnover, the split was 50:50 between the Centre and states.
GST Council led by FM Arun Jaitley met for the 10th time in Udaipur today to finalise compensation and GST Laws. This is the first GST Council meeting held outside Delhi.
GSTN has created prototype for various return forms, payment challan etc. A preview of the same is being shared through this pdf document with following purpose: Download copy of prototype from here – GST Return and Payment Prototype
Under GST, imports and exports of goods and services would be treated as Inter-State supply of goods or services and thereby, IGST would be payable along with Basis Customs Duty (“BCD”) on import of goods and IGST on import of services. It is likely that under GST, rate of Duty Drawback could be limited to the amount of BCD paid on imported inputs used for exported goods/services.
The much-touted Good and Services Tax (GST) will be rolled out on July 1, 2017 and is likely to bring in a uniform experience to the existing Herculean system. But, Gaurav Dua, Head-Research of Sharekhan feels that India's biggest tax reform may disrupt earnings growth of companies for a few quarters.
Mr Gaurav Dua further said, "Generally, on average, companies keep an inventory of 4-5 months that they would prefer to bring down once GST is implemented. This could cause some temporary disruption in financial performance of Indian companies."
The Association of Indian Revenue Services (IRS) officers of Customs and Central Excise has penned down a letter to PM Narendra Modi showering concern over the recent decisions taken by the Goods and Services Tax (GST) Council pertaining to 90:10 division of control over tax assessees below annual turnover threshold of ₹ 1.5 crore.
The Association further mentioned in the letter as “The decision seems to be one-sided in favour of states weakening sovereign function of the Centre regarding levy and collection of taxes. Our apprehension is that GST in this form may not bring the desired goals of better tax compliance, more revenues, ease of business and reduction in inflation and an instant spurt in economic growth,”
The Association said that multiple returns for service providers and banking sector will increase compliance cost. “Service providers in the banking, insurance, logistics, IT & ITES and aviation sectors are operating under a single centralised registration of service tax at present. That means, at present, they have to file 3 Service Tax returns in one year. In GST era, they will have to file 61 returns per state, per year, after taking registration in each state in which they have presence. So, a major Bank like SBI, which has branches in all 35 states and Union Territories, will end up filing over 2,000 returns annually. This does not seem to be in the spirit of ease of doing business, as it will lead to severe rise in compliance costs,” it said.
Eleventh meeting of GST Council - GST Council clears CGST and IGST law (i) Approval of CGST and IGST laws The CGST and IGST laws have been formally approved by the GST Council today. The laws would now be vetted from a legal perspective again to incorporate minor changes (from a legal wording perspective) post which the same would be tabled before the Cabinet for their approval. Once the laws are cleared by the Cabinet, the same would be presented before the Parliament in the second half of the budget session.
“Even though change in the peak rate will not alter the four-slab rate structure of 5%, 12%, 18% and 28% agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future. This means the central GST and state GST can be up to 20% each, leaving the scope for a maximum levy at 40%. This aggregate rate of 40% can be expected to be applicable on sin goods,” Abhishek Rastogi, Partner, Khaitan & Co.
Following rates have been finalised under the composition scheme for turnover below ₹ 50 lakhs:
There would be a State wise single registration for the taxpayer. Most of the compliances would be automated, and there would be minimal physical interface between the taxpayer and Government officials
All goods and services used in the course or furtherance of business eligible for input tax credit eligible on all goods and services except for a few restrictions specified in the law
Concept of Input service distributor (ISD) to continue to allow the flow of credit of input services. In the draft model GST law it was mentioned for both goods and services.
Pending minor legal drafting, the Government seems set to pass the laws in the second half of Budget session of Parliament which begins from 9 March 2017. The implementation of GST from 1 July 2017 seems like a reality now.
The next meeting of GST Council is scheduled on 16th March 2017. Old Query - New Comments are closed. |
||||||||||||||||||||||||||||||||||||||||||||||||||
