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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 1 to 25 of 1401 Records
Sir, I would like to represt below update on GST rate. All states were of the view that the tax rates put forward by the chief economic adviser are not acceptable. There was no consensus on what should be the rate. It can be 18% or above that. That was the consensus,” said Kerala finance minister Thomas Isaac, adding that the states prefer to keep rates on items of mass consumption low. “We know that the effective rate on consumer products today is about 30%. It will be considerably brought down. At what level, we will decide later,” he said. Thanks.
Sir, the number of registrations that is required to be taken under current indirect tax regime will be minimised in GST regime. But the number of return that will be required to be filed under GST would tremendously increase. The matching of transaction by purchaser with the seller and vise versa will require a dedicated task force in an organisation with number of location it is operating with. Thanks.
Sir, The key amendment carried out in the Bill during the course of its passage in the Rajya Sabha include:
Thanks.
Sir, The Government may take up the Bill for Goods and Services Tax Law possibly in the winter session of the Parliament. Thanks.
Sir, the GST Bill is already passed by both the house. Now the bill is required to be ratified by States. I'm this regard three States has already passed it. Assam was the first to ratified followed by Bihar and today Jharkhand has ratified the GST Bill. Thanks.
Sir, The GST rate is discussed to be @22%. The Chief Economic Advisor has suggested for 18%. The rate across country has gst rate ranging from 7% to 21%. If 22% is chosen initially inflation is ought to come. Thanks.
Sir, FYI. The CBEC has set up a panel to formulate a roadmap under GST on area based exemptions. As an alternative to exemptions, the companies may get the option to pay tax and claim refund thereafter. The will create cash flow issues as the the companies will first have to pay tax and then claim refund of it. Industry experts feel that industry needs assurance on benefits and ease of obtaining such benefits. (Source: From GSTupdates). Thanks.
Sir, 11 States have announced their intend to ratify GST Bill. Already 3 States have ratified. FYI. Thanks.
FYI, The Bill has since been ratified by the Legislative Assemblies of Assam (12.08.2016), Bihar (13.08.2016), Jharkhand (17.08.2016), Himachal Pradesh (22.08.2016), Chhattisgarh (22.08.2016) and Gujarat (23.08.2016) and ratification by Delhi, Madhya Pradesh, Haryana, Goa, Maharashtra, Rajasthan etc are likely to follow suit.
Sir, Nagaland also ratified GST Bill.
Sir, 13 states have approved the GST Bill. These states include :
Thanks.
States that ratified GST Bill. 1. Assam (12.08.2016) Thanks.
Small scale traders having an annual turnover up to ₹ 25 lakh are likely to be exempted from goods and services tax (GST). The Centre and states are likely to agree to this limit.
50% States have now ratified the Bill. Now the bill may move for Presidential assent.
Sh.Ganeshan Kalyani Ji, Thanks for updating. You have saved the time of others. Pl. continue.
Thanks for your boosting comment.
Two more States have ratified the Bill - Rajasthan and Puducherry. Thanks.
Sir, step to bring awareness of GST in traders is proposed. A call centre is also proposed to set up. Thanks.
Revenue Neutral Rate is a crucial element for the Government to fix. The rate should be such that it is not so high to affect inflation and should not be too less than what the Central and States are collecting in present regime. The GST Council is going to do this exercise. Let's wait and see. Thanks.
The return, payment and other details of GST is proposed to be maintained in Goods and Service Tax Network (GSTN). GSTN is a company. Thanks
GST Bill I.e. Constitutional Amendment Bill received assent from Hon'ble President Shri Pranab Mukherjee today. Thanks.
Sir, so many taxes are there in our country. One is not aware of all the taxes. So, many issues creep up because of ignorance of law. Hopefully most of the issues will be resolved with the implementation of GST. The more important is training to the tax officers and the dealer as well as both have to work with each other. The training is needed in implementation level. Thanks.
The Bill received assent of the President, Now next GST Council to be set up and headed by Union Finance minister and the council shall comprise of State Finance ministers. Council will decide on the rate. Thanks.
The Central Board of Excise and Customs (CBEC) might be renamed the Central Board of Indirect Taxes (CBIT), as part of an organisational restructuring after national goods and services tax (GST) regime is rolled out. (Source: Business Standard).
To complete the cases of service tax and excise duty pending at various levels, a legacy division will be formed for a period of five years. Thanks. Old Query - New Comments are closed. |
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