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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 626 to 650 of 1401 Records Page: 1 ....222324252627282930........ 57
In Revised Model GST Law, In definitions, at some places the " Central Excise Act, 1944 (1 of 1944)" "Central Excise Rules, 2002" referred. Why the outgoing Act and Rules are referred to keep them alive. Why the definitions are not mentioned independently in the MGST Law itself.
GST Council meeting: States allowed to tweak taxpayer division after consulting Centre Concession over & above 90:10 division of taxpayers below ₹ 1.5-cr threshold.
The road to GST: a thin margin of error. Not just a tax change, it is being looked at as a business transition-and that means CEOs must get it right.
GST Council to finalise draft model GST law tomorrow The GST Council, which is meeting tomorrow, is likely to finalise the draft model GST law including final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers.
The legally vetted draft of GST Compensation Law approved by GST Council.. The Council is also likely to approve C-GST, I-GST and S-GST laws at its next meeting on 4th -5th March 2017.
GST council approves law to compensate states for revenue loss.
The GST Council has formally approved the compensation law and the same would now be tabled before the cabinet for their approval. With regard to revised draft of the laws the same would be vetted and presented in the next meeting of GST Council to be held on 04 and 05 March 2017.
India should learn from other nation's GST experience: CII-Deloitte Report Countries like Malaysia and Canada have struggled with preparation time, rate issues, tax laws
Why delayed GST is as disruptive for economy as demonetisation If the central government is credited for bringing this legislation, then it has to be criticised for failure to meet deadlines.
Good news: Contentious GST issues get resolved The council has cleared 57 matters raised so far, along with the states' compensation law.
What's so great about GST? The judgment is reserved until we find out how the amended Goods and Services Tax Bill works.It is true that it is difficult to stand up to perverse majoritarian governments. But knocking out Parliament's working is too big a price to pay for unruly dissent. We cannot deny Parliament as theatre, but its cessation by bad behaviour is bad theatre. It does not matter which party is in power. After this amendment, Parliament needs be put on its constitutional track, never to lapse again. The state legislators should also cease and desist accordingly. Federalism Financial federalism works on the assumption that somehow or the other, the states will be financially viable. We have created new smaller states to join other smaller states. Even the larger states suffer from a lack of funds - depending on shares and grants from the Union. The apprehension of state governments is understandable. The second important concern is over the burden of taxation on the consumer - especially the poor. The third, probably the primary reason for this change, is to enable the business and trading community to have a smooth run in their transactions, tax accounting and against harassment. To that extent, this change is really part of the reforms from 1992 to make business easier and make India one market. It is inextricably connected with opening up India for investment - especially with respect to goods and services. In the Select Committee on the Bill, there were important dissents opposing a proposal on the one per cent additional tax to go to the states (as self-defeating) and on votes in the GST council. That was at a preliminary stage. Eventually, what the Bill did was to rewrite the revenue empowerments of the Centre and the states in respect to indirect taxation on goods and services - requiring constitutional amendments to legislative federalism. The new provision permits these taxes to both the Union and the states, removing the application of the doctrine of repugnancy (state laws not to infringe Union laws unless approved by the President) to make state GST laws subject to the power of the Union's exclusive GST power over interstate goods and services. Complexity The Union and states will operate in different areas. As a consequence of this empowerment, many cobweb taxes (sales tax, VAT, customs, octroi, entry tax, purchase tax, luxury tax, service taxes, etc) are swept away and divided into the two neat categories of inter-state (Union) and intra-state (states) GSTs, the former to be apportioned. There is some complexity to be worked out through the machinery provisions; and, some unavoidable cascading effect. Also read - GST Bill an example of half-baked and vague reform There are some exceptions and adjustments in taking out alcohol from GST (leaving an important power concerning prohibitions intact) but allowing tobacco within GST; and deferring taxes on petroleum provisions till later - to put an important part of the economy on hold. We can see this as partial concessions to ideology (prohibition) and practicality (petroleum). But the practicalities of deferment needed rigorous working out. But part of what is claimed for GST is as deceptive as the story of the dahi seller who dreams he will sell more and more earthen pots of dahi until the one he carries falls. I can understand the claim of a smoother machinery of indirect taxes. But in July 2016, PM Modi claimed that this would necessarily enable poverty alleviation. Understanding I have doubts that the PM really understands more than a propagatory overview. Hence, his silence of this all too important measures which he is due to address soon. The PM's primary claim is that this measure will alleviate poverty because of the widening of the tax base. This is illusory as any student of tax distribution knows. Increasing the tax will impact the consumer. Decreasing it will affect state revenues. We cannot also run away from economic adviser Arvind Subramanian's statement "GST is fiendishly, mind-bogglingly complex to administer". The jury is still out on fixation of the percentage especially as the Union suggests that the rate is likely to be 18 per cent or more. The states lobby for more and the consumers for less. Coincidentally, a nine-judge bench is hearing whether tax is an impediment to freedom of trade, inclining to the view that it does not. Also read - GST Bill will rob us of all the fun The amendment will need ratification by 50 per cent of the states. Following an unfortunate Supreme Court decision as soon as the 50 per cent figure is reached, the president can treat the amendment ratified. Let's wait until all the states discuss the amendment. After this implementing, legislation has to be passed. If the devil is in the detail, the devil has still to play his hand. Two cheers for GST. The first cheer because it broke the deadlock to enable Parliament's functioning. The second cheer because GST is an important change to simplify the tax structure. On the third cheer, judgment is reserved until we find out how it works.
4-tier GST rate may lead to classification disputes'
Delhi Government extends deadline for registering on GST portal.
With GST all set to be rolled out, there are some concerns that remain for India Inc says Pratik Jain of PWC.
Manish Sisodia on GST: It will be another economic disaster after note ban if it doesn’t address traders’concerns Manish Sisodia on Tuesday hit out at the Centre saying that if GST talks don't address traders' concerns then it will be yet another economic disaster after note ban.
Asian Paints CEO sees limited impact of GST-led disruption According to Asian Paints CEO KBS Anand, Goods won't create a disruption which will last for more than a quarter. He added that GST will enable the organised sector to perform better depending upon tax rates on paints.
No sign of restructuring Telangana commercial taxes department before GST.
ST to reduce documentation for logistics firms: CBRE
Road to GST: Public will benefit from anti-profiteering clause, say experts MS Mani, Senior Director, Deloitte, said the clause will also help curb inflationary pressures on the economy when GST is implemented.
GST adoption could raise India's GDP to over 8%: IMF
Manufacturers seek zero GST on low price biscuits. Biscuit manufacturers have sought 'nil' tax on low price biscuits under the proposed Goods and Services Tax (GST).
Service tax department doles out advice on migration to GST.
Parliament session: GST must be put in fast-forward mode After a lull of almost a month, the GST Council met last week for the tenth time since its first meeting in September 2016.
GST: Health groups seek higher taxes for tobacco
Control over territorial waters, inter-state transfers key to GST Bills The council has sought the views of a law committee on the matter. Old Query - New Comments are closed. |
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