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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 926 to 950 of 1401 Records Page: 1 ....343536373839404142........ 57
Tax payer can now check whether the existing registration has successfully migrated to GST.
Tax payer can now check whether the existing registration has successfully migrated to GST. For the same tax payers need to follow following steps: 1. Select the concerned state from the drop down. 2. For the purpose of reference number, ID Type needs to be selected. Tax payers can choose from Provisional ID, PAN or Registration number. On submission, portal will show whether the migration has been successfully completed or not.
The anti-profiteering clause introduced under the Goods and Services Tax (GST) regime is unlikely to lead to any immediate cost benefits to customers. Experts have raised concern over its implementation.
GST tax rates will be revised for 80,000 items in the country depending on the type of product and the ingredients used in its manufacturing. While rates have not yet been disclosed for any product or service, the GST regime will be applicable from July 1, 2017.
The concern raised on anti-profiteering clause in GST is primarily for the reason that tracking all registered companies could pose to be a challenge.
MS Mani, Senior Director, Deloitte Haskins and Sells said that while the aim of the GST Council is to ensure that no manufacturer pockets the profits that they get due to a lower rate of tax it will be a big task to track each company and whether or not they have reduced prices.
If one company reduces prices, others may need to bring down prices. With respect to the B2B business, Mani added that the clients will be forced to adopt competitive pricing.
There has been a four-rate GST structure of 5 percent, 12 percent, 18 percent and 28 percent that has been finalised for the country. This will subsume all other taxes including excise, value-added tax and octroi.
Mani explained that companies could even argue that their overall costs including production and manpower have gone up, leaving little room to keep rates low.
“There is a possibility of manufacturers arguing that costs necessitate them to increase prices whereas they have, in fact, kept prices stable,” MS Mani, Senior Director, Deloitte Haskins and Sells said.
If taxes go up and the company faces a direct hit, the end consumer will have to pay a premium for the regular products that he/she may purchase. In such case checking for anti profiteering clause would be difficult.
The Union Cabinet has cleared amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST.
As a result of abolishing cesses and surcharges, 16 cesses and surcharges on union excise and service tax will get abolished as a pre-cursor to rolling out Goods and Services Tax (GST) from July.
“Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on rollout of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes,” an official release said after the Cabinet meeting chaired by Prime Minister Narendra Modi.
The Union Cabinet has also approved repeal of the Central Excise Tariff Act, 1985 and amendment or repeal of the provisions relating to Acts under which cesses are levied.
In addition, new clauses are proposed to be incorporated in the Customs Act to provide for furnishing of information on import and export of goods to detect under or over-valuation and misuse of export promotion schemes.
GST Provisional ID is a 15 digit number which should be read in the following manner: 1. First 2 digits reflect state code 2. Next 10 digits are your PAN 3. Next digit represents entity number of the same PAN holder in a state 4. Next two digits are default numbers for tax authorities internal purposes.
As per the draft GST Law, every person who, on the day immediately preceding the appointed day, is registered or holds a license under an earlier law, shall be liable to be registered under this Act with effect from the appointed day.
Existing tax payers are required to enroll on GST portal for registration migration under GST. For the first time login, you need to provide username and password that you received from the State VAT/Centre Tax Department. This username is a provisional ID.
A Nomura report has said that the implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points.
Over time, it is expected that the elimination of cascading taxes and its simplified tax structure to boost productivity, lower costs, aid in the formalisation of the economy and result in large revenue benefits for the government.
Commenting on the issue, a Nomura Official told the media, “In the near term, we expect the GST to be fiscally neutral, the resulting inflation impact to be minimal at less than 20 basis points and the impact on growth to be marginally negative in the run up to its implementation.”
According to the Japanese financial services major, the GST council is making steady progress and is expected to be implemented in the July-September quarter this year.
Godrej Group chairman Adi Godrej on Saturday hailed demonetisation and the proposed GST bill, stating that believers in India's strong future outstripped its doubters.
Demonetisation helped checking black money, ensuring mid- and long-term growth while the GST, which would be implemented from July, would help achieve positive economic growth of the country, Godrej said. Old Query - New Comments are closed. |
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