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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 176 to 200 of 1401 Records Page: 1 ....456789101112........ 57
HSN need to be mentioned on invoice while raising invoice. To some dealer it is optional and others need to mention it mandatorily.
6 months to go for GST to come effective , the timeline set by the Govt for implementation. Are the dealers ready to take off their business into the new tax regime. Lot of work for tax officer in a company, For consultant, and department.
So many write ups on GST, So many concerns over the draft rules. So many expectations from GST, So many opportunities for foreign investment, So many tax conplaince reduced, so many tax authorities interaction minimised , so many tax leakage stopped, so many litigation shall be reduced, so many opportunity for tax experts, so many work for tax consultant, so many challenges for tax authority, So many .....
Economic Adviser Arvind Subramanian also suggest RNR of 15% to 18%. Hence it seems that 18% shall be considered by the council.
As per draft rule, the input credit outstanding as of 31.03.2017 shall be allowed to carry over in GST by automatically carry forwarding from last return under current tax regime. Hence the last return under current regime is crucial. Otherwise input credit would be available.
Filing of revised return of last month under current tax regime should be given. Otherwise if mistake happens in the original return then dealer would loose the closing credit.
Seemless credit is aimed under GST, So credit would be eligible but output final product should be taxable.
Number of returns are 37 to be filed by General assessee.
In GST, government plans to change entire structure of tax administration by setting up of GST Commissionerate within CBEC that will administer the new tax regime.
Current wing of Directorate General of Central Excise intelligence (DGCEI) will be replaced by Directorate General of GST Intelligence.
For more assessee focused administration the nation will be divided into twenty four zones and one hundred and seven GST commissionerate. Each commossionerate will have approximately fifteen thousand to twenty thousand assessee base.
To combat between centre and state government will set up Directorate General of Dispute Resolution.
Under GST, reverse charge is applicable on goods and service as well. The type of service and goods liable for reverse shall be notified.
Composition dealers cannot avail input credit.
Taxpayers whose turnover is above 1.5 Crores but below 5 Crores shall mention 2 digit code and taxpayers whose turnover is above 5 Crores shall use 4 digits code. Taxpayers whose turnover is below 1.5 Crores shall not mention HSN code in the invoices.
Services will be required to be classified as per Services Accounting Code.
Maharashtra will have 20 GST Commissionerate, The highest among all states.
As per the latest data (up to September 23) of NACEN, 3,074 field officers have been trained as against the target of 60,000.
In its first meeting on September 23, the GST Council, which is headed by finance minister Arun Jaitley, had decided to allow states to have administrative control over Value Added Tax (VAT) assessees with annual turnover of less than ₹ 1.5 crore and for turnover of over ₹ 1.5 crore, a system of cross empowerment between states and Centre was agreed by the Council.
Under GST, inter-State transactions would be made much easier in terms of applicable taxes and documents required for transportation.
With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the process of appointing consultant to help it successfully implement the new tax regime, which will subsume various state levies like octroi and sales tax.
the consultant will be imparting training on provisions of the GST Act/Rules and processes to officers of the department.
The GST draft rules on payment, returns and refund have been finalised and the all-powerfulGST Council will decide on the tax rate by October 20.
Union Minister for Commerce and Industry Nirmala Sitharaman today said the ‘One Nation One Tax’ regime through the Goods and Services Tax (GST) system would come into effect on April 1, 2017, leading to a unified domestic market.
Drawing attention to reviews by some experts on the GST, Ms. Sitharaman said the new tax regime was expected to boost GDP growth by 1-1.50 per cent. At present, the GDP was at 7.5 and the Centre was keen to take it up to at least eight per cent. And, with the GST coming into effect, the GDP could cross nine per cent Old Query - New Comments are closed. |
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