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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 1126 to 1150 of 1401 Records Page: 1 ....424344454647484950........ 57
Dear Experts, Please explain the following clause for Input tax credit of Chapter V of RGST Act 2017. below is excluded from ITC : (d) goods or services or both received by a taxable person for construction of an immovable property (other than plant and machinery) on his own account including when such goods or services or both are used in the course or furtherance of business;
In my view goods or services used for construction of immovable property is excluded from the definition of input tax credit.
The committee tasked to fit rates of items under the Goods and Services Tax (GST) regime will meet on Friday and Saturday to finalise GST rates for individual items, a senior finance ministry official told Bloomberg Quint. Once the committee comprising state and central government officials fixes rates, these will be tabled before the GST Council in its next meeting on May 18-19. The council will then take a final call on individual rates for different commodities.
According to the official cited above, the GST Council will also decide exemptions to be given to specific industries. Some working groups set up by the CBEC to address sector-specific concerns have submitted their report, while some are yet to submit their reports, the official added.
All the above reports will be submitted before the council's next meeting, which will then decide whether certain industries will get exemptions in the new indirect tax regime, the official said. The apex indirect tax body was also instructed by the Prime Minister's Office to follow certain parameters while fixing GST rates closer to the existing tax rates, another senior finance ministry official told Bloomberg Quint.
Finance Minister Arun Jaitley on Friday assured that new rates under the Goods and Services Tax (GST) regime will not bring any “surprise” as they won’t be significantly different from the existing rates.
“We are now in the final stages of fixing tariffs for different commodities. The formula under which it is being done has also been explained, and therefore, nobody is going to taken by surprise, it’s not going to be very significantly different,” Jaitley said while addressing the Confederation of Indian Industries’ annual summit.
The GST Council has finalised four rate categories of 5, 12, 18 and 28 per cent after unifying levies like central excise, service tax and VAT. Fitment will be done by adding the total incidence of current taxation (central plus state levies) and then putting the good or service in the tax bracket closest to it.
Jaitley said the GST Council has so far had 13 meetings and has never had to resort to voting to decide on any issue. “And therefore, all states representing different political complexions have all agreed (on GST structure),” he said.
Jaitley also pointed out that the reduction in tax rates should be passed on to consumers by companies, and this principle cannot be questioned.
The government has included an enabling provision in the Central Goods and Services Tax Bill, which asks for passing the benefits on tax reduction to consumers.
The GST laws approved by Parliament have incorporated an anti-profiteering provision to ensure that the reduction of tax incidence is passed on to the consumers.
The all important and most powerful body-GST Council has released its logo. Arun Goyal, additional secretary, GST Council tweeted to inform about the logo launch. GST Council was formed on 12th September 2016.
The upcoming Goods and Services Tax (GST) regime, which the Centre intends to roll out from July 1, may turn out to be a record-keeping headache for firms, based on draft rules issued for accounts and records.
Apart from maintaining accounting and tax invoice registers, entities will also have to record the complete address of premises where goods are stored, including goods in transit. If the goods are found to be stored elsewhere than the declared place, a tax would be payable as if they were supplied by the same entity.
“Considering the government’s stated intention of introduction of GST with effect from 01 July 2017, it would be a very difficult task for the industry to make changes in the IT systems to adhere to the record-keeping requirements,” said PwC India’s tax and regulatory services team in a note on the draft rules.
The rollout of the GST Bill will be a collective effort of the Central and State Governments, the tax payers and the IT platform provider i.e. GSTN, CBEC and State Tax Departments. Besides these main participants there are going to be other stakeholders e.g. Central and States tax authorities, RBI, the Banks, the tax professionals (tax return preparers, Chartered Accountants, Tax Advocates, STPs etc.), financial services providing companies like ERP companies and Tax Accounting Software Providers etc.
Latest news is that Govt. is firm to implement GST from 1.7.17 despite hurdles with determination to remove the hurdles. Let us see what happens.
Dear All, Any views on continuing of upfront duty exemptions under the export promotion schemes, such as EOU, STP, EHTP, EPCG, Advance Authorisation etc., under the GST regime?
Item wise GST rate is declared yesterday in the 14th GST Council meeting held at Srinagar.
http://www.cbec.gov.in/resources//htdocs-cbec/gst/chapter-wise-rate-wise-gst-schedule-18.05.2017.pdf
After the GST rollout, Entry level cars and two wheelers, paint and cement, electrical items and consumer durables are expected to get cheaper. Also movie tickets with entertainment tax expected to come down.
Cigarettes, branded jewellery and other high-end goods, rail, bus and flight tickets and mobile phone calls are expected to be costlier in the GST regime. Service Old Query - New Comments are closed. |
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