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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 1051 to 1075 of 1401 Records Page: 1 ....394041424344454647........ 57
The facility of generation and cancellation of e-way bill may also be made available through SMS.
UNDER GST RULE - ELECTRONIC WAY BILL MANDATORY FOR CONSIGNMENTS ABOVE ₹ 50,000.00 W.E.F. 01.07.2017.
CBEC releases draft rules on Accounts and Records, Appeals and Revision and Advance Ruling under GST. The Government has invited comments on these drafts rules from the stakeholders by 27th April, 2017.
Every registered person who causes movement of goods of consignment value exceeding Rs. 50,000/- (i) in relation to a supply; or (ii) for reasons other than supply; or (iii) due to inward supply from an unregistered person, shall, before commencement of movement, furnish information relating to the said goods in Part A of FORM GST INS-01, electronically, on the common portal.
Where the goods are transported by the registered person as a consignor or the recipient of supply as the consignee, whether in his own conveyance or a hired one, the said person or the recipient may generate the e-way bill in FORM GST INS-1 electronically on the common portal after furnishing information in Part B of FORM GST INS-01.
Where the e-way bill is not generated under clause (a) and the goods are handed over to a transporter, the registered person shall furnish the information relating to the transporter in Part B of FORM GST INS-01 on the common portal and the e-way bill shall be generated by the transporter on the said portal on the basis of the information furnished by the registered person in Part A of FORM GST INS-01.
Where the movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter, he or the transporter may, at their option, generate the e-way bill in FORM GST INS-01 on the common portal in the manner prescribed in this rule.
Any transporter transferring goods from one conveyance to another in the course of transit shall, before such transfer and further movement of goods, generate a new e-way bill on the common portal in FORM GST INS-01 specifying therein the mode of transport.
Where multiple consignments are intended to be transported in one conveyance, the transporter shall indicate the serial number of e-way bills generated in respect of each such consignment electronically on the common portal and a consolidated e-way bill in FORM GST INS-02 shall be generated by him on the common portal prior to the movement of goods:
Where an e-way bill has been generated under this rule, but goods are either not being transported or are not being transported as per the details furnished in the e-way bill, the e-way bill may be cancelled electronically on the common portal, either directly or through a Facilitation Centre notified by the Commissioner, within 24 hours of generation of the e-way bill.
A registered person may obtain an Invoice Reference Number from the common portal by uploading, on the said portal, a tax invoice issued by him in FORM GST INV-1, and produce the same for verification by the proper officer in lieu of the tax invoice and such number shall be valid for a period of thirty days from the date of uploading.
The Commissioner may, by notification, require a class of transporters to obtain a unique RFID and get the said device embedded on to the conveyance and map the e-way bill to the RFID prior to the movement of goods.
The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intra-State movement of goods.
The Commissioner shall get RFID readers installed at places where verification of movement of goods is required to be carried out and verification of movement of vehicles shall be done through such RFID readers where the e-way bill has been mapped with RFID.
Physical verification of conveyances shall be carried out by the proper officer as authorized by the Commissioner or an officer empowered by him in this behalf: Provided that on receipt of specific information of evasion of tax, physical verification of a specific conveyance can also be carried out by any officer after obtaining necessary approval of the Commissioner or an officer authorized by him in this behalf.
Where a vehicle has been intercepted and detained for a period exceeding thirty minutes, the transporter may upload the said information in FORM GST INS- 04 on the common portal.
Sharing an article. Pls click on the link below. http://www.gstindia.com/gst-rules-one-leg-still-stuck-in-old-taxes/
Goods and Services 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.
Alcohol for human consumption is kept out of GST. Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have temporarily been kept out and GST Council shall decide the date from which they shall be included in GST. Electricity has also been kept out of GST.
Prime Minister Narendra Modi today said the states should make legislative arrangements "without delay" for GST rollout from July 1.
"The Prime Minister reiterated that the legislative arrangements at the state-level for GST should be put in place without delay," an official statement said. The consensus on Goods and Services Tax (GST) reflects the spirit of 'one nation, one aspiration, one determination', Modi earlier said in his opening remarks at the meeting.
Parliament has already passed the supporting GST bills and the states are also required to pass their separate legislations for smooth implementation of the new tax regime.
The proposed rules for movement of goods in the goods and services tax (GST) regime, which requires the transporters to generate e-way bills on the GST portal, would involve substantial costs in installing radio frequency identification devices (RFIDs) at several posts. Experts say that there is no clarity on who will foot the bill for the infrastructure.
The proposed system requires a transporter to generate a new e-way bill when the goods are transferred from one conveyance to another. Experts said that it is expected these rules would push the business towards greater transparency and would flush out businesses that are operating beyond the tax net. Further, the requirement for officials to record the summary of inspection within 24 hours would deter unscrupulous inspectors, Nangia said.
States of Tamil Nadu and Himachal Pradesh have shown keen interest in passing SGST Bill very soon. However, Odisha has some reservations over calculation of compensation to the states for loss of revenue.. Old Query - New Comments are closed. |
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