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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 776 to 800 of 1401 Records Page: 1 ....282930313233343536........ 57
Even as Amazon India prepares for the much-awaited Goods and Services Tax (GST) roll-out on July 1, it is still worried about the proposed 1 per cent Tax Collection at Source (TCS) on e-commerce players. Industry players feel the TCS would impact the working capital of small sellers and lead to massive job loss.
Many banks and financial institutions may be in for a lot of trouble as they could just see the complexity in paying taxes increase under the incoming goods and services tax (GST).
The Confederation of All-India Traders (CAIT) raised their concern over the GST clause which links availability of input tax credit to payment of tax by their suppliers.
Under the GST law, input credit against taxes paid by the purchaser can be availed of only if the seller deposits the tax. In the event of non-compliance at the end of seller, it is the purchaser who will be denied input credit.
“We are happy that the GST Council has cleared the way for the new law to get implemented. The trading community and other small businesses will benefit from the single tax regime undoubtedly,” Praveen Khandelwal, CAIT secretary general said.
Fiscal policy expert Parthasarathi Shome has said that the success of the goods and services tax (GST) hinges on the preparedness of businesses to comply with the new levy.
GST is meant to create a seamless common market and the Centre is hopeful of rolling out the new levy on July 1.
GST excludes real estate, electricity and alcohol besides petroleum products that will be brought under the net subsequently.
GST will be administered both by the Central and state tax authorities. So Shome underscores the need for proper training of the tax administration to ensure ease of doing business.
The Centre and states will be forced to make improvements in the GST design if taxpayers find it difficult to comply with the new regime.
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) expects number of pending tax disputes would go down before implementation of Goods and Services Tax as it is disposing of cases quickly, an official said.
"Currently there are about 88,000 pending cases with the tribunal. We are trying to dispose the cases as quickly as possible given the constraints of members and funding," said President of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Justice Satish Chandra.
"We are disposing close to 100 cases per day and we are very serious about reducing the number of pending cases," said Chandra at an event organised by Merchants' Chamber of Commerce and Industry.
Passage of all the legislations would pave the way for introduction of Goods and Services Tax (GST) from July 1.
While a composite GST will be levied on sale of goods or rendering of services after the new indirect tax regime is rolled out, the revenue would be split between the Centre and the states in almost equal proportion.
While the C-GST will give powers to the Centre to levy GST on goods and services after Union levies like excise and service tax are subsumed, the I-GST is to be levied on inter-state supplies.
The S-GST will allow states to levy the tax after VAT and other state levies are subsumed in the GST.
The Council has already finalised a four-tier tax structure of 5, 12, 18 and 28 per cent, but the model GST law has kept the peak rate at 40 per cent (20 per cent to be levied by the Centre and an equal amount by the states) to obviate the need for approaching Parliament for any change in rates in future.
The cess will be levied on top of peak rate on selected demerit goods like luxury cars for creation of a corpus that will be used for compensating states for any loss of revenue from GST implementation in the first five years.
Prime Minister Narendra Modi emphasised the importance of clearing the landmark reform, the national Goods and Services Tax (GST), which the government wants to roll out on July 1.
The long awaited GST will replace a slew of central and state levies, transforming Asia's third-largest economy into a single market for the first time.
Proposed tax rates range from five to 28 per cent, with 12 per cent and 18 per cent being the standard rates.
It has not been decided yet which tax rates will apply to which categories of goods.
The three bills that need to be cleared will be introduced as Money Bills - which means that once they are cleared by the Lower House or Lok Sabha, the Rajya Sabha or Upper House can only recommend changes, not insist on them.
The GST is expected to make business simpler and reduce business transaction costs. Old Query - New Comments are closed. |
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