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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 151 to 175 of 1401 Records Page: 1 ....34567891011........ 57
CBEC, Chief said that every exemption distorts the structure and on that there is a complete agreement and consensus. The lesser the exemptions the better. Having said that everybody is aware of the fact that there are several exemptions which have long gestation period which will continue to be there, so how do we address them? We could address them through multiple routes, we could address them by phasing them out over a period of time, we can address them by perhaps giving extra funds, those are decisions which the GST council will be taking and you will get to know soon. Source : CNBC TV18
Goods and Service Tax (GST) implementation in India would play a pivotal role in improving India's global competitiveness, say Arun Jaitley. A report released by the World Economic Forum on Wednesday showed that India's rankings had improved by 16 places to 39 this year among 138 countries from 55 last year.
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved 'Project SAKSHAM', a New Indirect Tax Network (Systems Integration) of the Central Board of Excise and Customs (CBEC). The total cost involved in ₹ 2256 Crore which will be incurred over a period of seven years. It will help in :
The implementation strategy for the project will be to ensure readiness of CBEC's IT systems by April, 1, 2017, when GST is to be introduced. The upgrade of the IT systems will be carried out while keeping the existing Taxpayer services running. Source: GSTupdates.
CBEC had released draft rules (along with formats) on various aspects such as Registration, Refunds, Returns, Payment of tax and Invoices for public comments likely to be finalised by Friday. The move came in which a clear intent of rolling out GST from April, 1, 2017 ''We intend to have these rules approved by the GST Council in its meeting on September 30 so that business systems can be modified by all, '' Revenue Secretary Hasmukh Adhia tweeted. Source: GST updates.
GST is going to change the way of doing business for taxpayers as well as tax officers. Information technology is going to govern things rather than these officers. The taxpayers and the officer's interaction will all be through the Online GSTN Ecosystem now. However , that would not be the only way for interacting with the GST system. GST ecosystem common platform will allow the taxpayer to have a choice of third-party applications, which will provide all use interfaces and convenience via desktops, mobiles, ipads, handhelds, etc. All such applications are expected to be developed by third-party service providers who have been given a generic name, GST Suvidha Provider, or GSP. Source: GST updates.
The Government is working to implement GST by its set due date I.e. 01.04.2017
First meeting of GST Council was constructive said Shri Arun Jaitly ji
Additionaldraft rule has been publishedhttp://www.cbec.gov.in/htdocs-cbec/gst/draft-rules-format
tax-vat-for-1-year-after-notification-of-gst-act/
FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country. The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitution empowers the Central Government to levy excise duty on manufacturing; and service tax on the supply of services. The Finance Minister said that similarly the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule. The Finance Minister Shri Jaitley was making his Opening Remarks at the Fourth Meeting of the Parliamentary Consultative Committee attached to the Ministry of Finance held here today. The subject of today’s Meeting was the Goods and Services Tax (GST) The Finance Minister Shri Jaitley further said that the First Meeting of the GST Council was held in a very cordial and constructive environment earlier this month and today, he will hold the Second Meeting of the GST Council. In the GST regime, the GST Council has been created under Article 279A of the Constitution. The GST Council is a joint forum of the Centre and the States. The Council will take decisions on important issues like tax rates, exemption list and threshold limits etc. Thereafter, the Members of Consultative Committee who participated in today’s Meeting sought various clarifications with regard to GST Law and gave suggestions for its better implementation. Some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime. The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale Awareness Campaign especially for the small traders as most of them are still unaware about the complex procedures and processes under GST regime including for registration and filing of returns etc. Some of the members suggested that availability of IT network in all parts of the country, especially in small towns and rural areas, must be ensured as GST system will work only online. Some of the members appreciated the initiative of the Government in getting the GST law passed by both the Houses of Parliament as well as its commitment to implement it in a time bound manner. The members hoped that this law will bring relief to the common man by exempting certain essential items from GST and moderate rate of taxation on other items which in turn will bring down the prices of common man consumption items as well as cost of living at large. Source : http://www.pib.nic.in/
Union Finance Minister said that Area based exemption will be given by of refund only.
The rules released by the CBEC got approved.
All efforts are.put in by the Govt to meet the implementation date.
GST Council meet: Centre, state consensus on 5 key areas, but differ on service tax assessment.
GST Council falters on service tax control.
GST Council meeting: Waivers, draft rules okayed; differences over tax assessees
Need clarity on the exemptions given in the current tax regime. Whether it would continue for the time period given . Will have to see.
The area based exemption is going to be now by refund option. Where the Govt shall refund 80% and balance would be refunded after assessment it seems. The concern here is that paying the tax first would hit working capital and getting the tax paid from department is not a easy job. What will happen to existing company which got exemption because of setting up of factory in specified backward area. Have to wait and see.
Assessee have to gear up for GST. Understanding the concept, law of GST and training the staff is a big task. Government is also planning to train the government staffs And dealer. GST is knocking the door. Let us be ready to welcome it and embrace it.
In fact big companies have started doing impact analysis based on previous year data. The AS- IS preparation would help them to analyse the impact of tax change in upcoming GST. Every company/ assessee should carry out this activity. This will help them to understand the change in tax law and rate and its impact on business.
The rule for registration, invoice, payment, return and refund is approved by GST Council.
Every assessee has to file atleast 37 returns in total. In most of the companies the accounts person handles the indirect tax portfolio in additions to accounts . But if we see seriously into the number of returns that an assessee needs to be filed then it is understood that every company has to have dedicated tax officer who shall carry out complaince under GST.
The information technology also need to be made in line with GST. The reports required for filing of return should come from the system only. Such arrangement would help the dealers to comply with ease and without error.
Now the time has come to gear up for GST. That is we need to attend training , seminars etc. The tax officer in a corporate need to know the GST tax provison. There is nothing difficult for govt. They may issue notification mentioning the implementation date is with effect from 01.04.2017. The time is very shot.
RBI in support of 18% GST rate, says no material impact on inflation. Old Query - New Comments are closed. |
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