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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 976 to 1000 of 1401 Records Page: 1 ....363738394041424344........ 57
Both CGST and SGST would be levied on the basis of the destination principle.
Exports would be zero-rated, and imports would attract tax in the same manner as domestic goods and services.
As India gets ready for its biggest tax reform in decades, industries such as ecommerce, banking and insurance, logistics and others will get another chance to resolve any niggles they have with the goods and services tax (GST), which the government wants to put in place by July 1.
Ahead of the introduction of GST-related legislation in Parliament this week, the government has set up 10 groups to iron out sectoral issues faced by trade and industry to ensure a smooth transition to the new regime with just a little over three months to go.
In a chat with ET Now, Suresh Narayanan, Chairman & MD, Nestle India, says despite temporary blips, GST will usher in economies of scale and efficiencies, says Narayanan. He also said, while you might have some initial teething issues which is bound to be there in a fiscal change of this magnitude, I believe it can unleash economies of scale and economies of efficiencies that can be quite significant in the context of the country. And in such a case, these kind of temporary aberrations would be seen as blips.
All four bills (The Central GST, Integrated GST, Union Territory GST and the Compensation Law) related to GST was on Wednesday passed in Lok Sabha with voice votes.
The CGST and IGST Bills extend to whole of India except Jammu & Kashmir.
All four bills related to GST was on Wednesday passed in Lok Sabha with voice votes. With this government is positive to implementation of GST by 1st July 2017.
Goods and Services Tax (GST) bills may have reached the final lap with their introduction in the Parliament on Monday but informed sources told DNA Money the road from here to the final of the proposed unified indirect tax could get stretched with the government seriously looking at shifting the date of the new tax going live from July 1 to September 1.
This could be done to give industry more time to prepare for the new indirect tax regime and for further fine-tuning the GST bills.
"There seems to be an informal acceptance of GST date being pushed to September 1 among officials in the finance ministry, revenue department and CBEC," said one of the souro spoke on condition of anonymity.
The exercise of finalising five draft GST legislations – Central GST (CGST), State GST (SGST), Union Territory GST (UTGST), integrated GST (IGST) and Compensation to states – by the GST Council, which comprises of finance ministers and officials from all states and is responsible for working out the broad contours for the draft bills, is slightly behind schedule.
There have been representations by various industry and trade lobbies to the government for an extension of the GST deadline.
Another source said many leading industrialists have communicated directly to the Prime Minister Narendra Modi on various concerns relating to certain provisions in the draft bills.
GSTN launches a facility ''Check Registration Status'' for verification of registrations to promote transparency under GST. Goods and Services Tax Network (GSTN) has launched a facility, open to all, for verification of registrations. It provides with an option to check the enrolment and registration status of a person using his state and registration number or provisional ID given for enrolment purposes or Permanent Account Number.
In addition to above, the Central Board of Excise and Customs (CBEC) has announced the availability of an additional e-sign services by NSDL, from 04 April 2017. E-sign service is an online electronic signature service that can facilitate an Aadhaar holder to digitally sign a document. This will promote the signing of enrolment applications using Aadhaar number of the authorised signatory.
The enrolment under GST can now be done till 31 April 2017.
Revenue Secretary Hasmukh Adhia has said that the biggest challenge for Government would be the outreach to trade and industry in next 3 months. He adds that right now focus is on migration existing tax payers to GST (transition). Currently, only 60% of the assessees have migrated to GST.
The Goods and Services Tax (GST) Council approved the drafts of four sets of rules and finalized five others on Friday making steps towards GST roll out. These rules are for Valuation, Composition, Input Tax Credit and Transition. Five other rules involving registration, payment, refund, invoices and returns, the drafts of which were already approved.
As government moves nearer to implementation of Goods and Services Tax (GST) in India, it has provided India Inc. one last chance to represent its concerns around GST Bills. 10 industry specific groups have been formed to iron out issues. The sectors up for review include banking, finance, insurance, telecom, exports, IT/ITeS (information technology enabled.
As a pre-requisite to shift to Goods and Services Tax (GST) Regime, every existing tax payer is required to migrate it’s existing indirect tax registration to GST. Deadline to migrate all state VAT, Service Tax and Excise Duty registrations was set at 31st March 2017.
Considering delay in rolling out laws and lack of preparation the timeline of GST enrollment is extended up to 31st April, 2017.
Under GST a provision of payment of GST under reverse charge by a registered person upon procurement from un-registered person is provided.
GST Bills were introduced as 'Money Bill' in Lok Sabha.
In context to GST Rates, Revenue Secretary states that tax incidence will be closer to existing ones, while service tax rates will be 5%, 12% & 18%, 18% being standard rate. Old Query - New Comments are closed. |
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