9911796707
TMI BlogWITH GST CONSTITUTIONAL AMENDMENTS, WHAT NEXT ?X X X X Extracts X X X X X X X X Extracts X X X X ..... WITH GST CONSTITUTIONAL AMENDMENTS, WHAT NEXT ? - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 26-8-2016 - - The GST Bill The Constitution (One Hundred and Twenty-second Amendment) Bill, 2014 has been discussed and passed by Rajya Sabha on 3 rd August, 2016 after a 7 hours long debate by members of Rajya Sabha. The discussion on the GST bill came after months of discus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions between the ruling party and the opposition with both sides meeting multiple times to negotiate amendments. The momentous Bill, which marks the first parliamentary step towards implementation of a one country, one market, one tax framework, was cleared by a two-thirds majority, which is required for any Constitution Amendment Bill, following a division of votes. In the process of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enewed Parliamentary approvals, opposition had sought from the Government certain assurances and the amendments are in relation to the following: The actual GST Bill should take care of concerns about state Government's being allowed to raise revenue in emergency situations. The subsequent GST Bill should not be categorized as Money Bill, by passing Rajya Sabha. Cap on GST rates of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18% Improved dispute resolution mechanism Compensation to states for revenue ('may' replaced by 'shall') loss for 5 years on account of introduction of GST 1 percent additional inter-state tax withdrawn Dispute resolution forum to adjudicate disputes between Centre and states Two or more states Centre + states and other states Taxes collected by U ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nion shall be distributed between Union and States The lower house (Rajya Sabha) too approved the revised Bill on 8 August, 2016 after changes were approved by Rajya Sabha. The Bill has been passed unanimously and the journey to GST from now onwards will inter alia, involve the following steps At least half the state assemblies, that is 15, would need to ratify the Bill by two-th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irds majority. It will then go for presidential assent before being notified in the gazette After all these legal procedures, Parliament would take up the actual CGST and IGST Bills (possibly in the winter session). Passage of SGST law by State Legislative Assemblies Formulation of GST rules by Union and States and notification thereof GSTN Network including testing Training and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... awareness 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. GST : Immediate Challenges ahead Ratification by st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates Rate of GST Exemptions / Negative list Threshold limits Finalization of GST laws Composition limit Dual control by state / centre The ratification by States is not a major issue and will happen but the real challenge lies in deciding the issues on which there are differences between the Union and States. These issues are crucial to success of GST. Moreover, lot of fine- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuning is required in the provisions of model law in respect of compounding, thresholds, aggregate turnover, supply, place of supply, valuation, input tax credit etc. - Reply By Ganeshan Kalyani as = Nice article thanks. Dated: 27-8-2016 Reply By Dr. Sanjiv Agarwal as = Your nice words are always an encouragement and motivation Dated: 27-8-2016 Reply By satbir singh wahi as = Nice Sir . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... THks ,Keeping us update on GST. Dated: 28-8-2016 Reply By Manoj Kasture as = Thanks Sir. Can someone challenge Constituional Amendment ? If yes, what basis? Regards Manoj Dated: 30-8-2016 Reply By shankar narayanan as = Very Nice Article. Written in simple language for the benefit of all (including Non Tax Person) also can understand. With Half of the State Legislatures expected to rati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fy the constitution amendment bill . one can expect soon that Central Government will move to the next stage soon i.e To decide on the contentious issue on fixing GST rates in consultation with the various states. It is expected to benefit consumer help Governement revenues and add over all economic growth. Dated: 30-8-2016 Reply By Dr. Sanjiv Agarwal as = Dear Manoj ji , What is the need t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o challenge Constitutional Amendment ? Are there any issues ? The Constitutional Amendment Bill is passed by both the houses of Parliament and there does not seem to be anything unconstitutional . Thanks Regards , CA Neha Somani Dated: 31-8-2016 Reply By Dr. Sanjiv Agarwal as = Dear Shankar ji , Thank you for your comments . The GST Bill is to be ratified by minimum of 16 states and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... then the Bill would be signed by President to become an Act . Further , GST Council would be constituted within 60 days to decide and recommend to the Government about the rates and other things . Thanks Regards , CA Neha Somani Dated: 31-8-2016 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
