Goods and GST Bill passed, Goods and Services Tax - GST

[Ganeshan Kalyani]

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

[Ganeshan Kalyani]

Union Finance Minister has said that the tax incidence on goods will be worked out in a manner such that the GST levy will be somewhere close to the current tax rate i.e. Excise plus VAT.

[Ganeshan Kalyani]

Government plans to table GST Bills as money bills; won't need nod from Rajya Sabha.

[Ganeshan Kalyani]

GSTN is a not for profit organisation created for special purpose.

[Ganeshan Kalyani]

GST will result better tax conplaince under GST due to better network .

[Ganeshan Kalyani]

Complaince cost under GST is going to increase.

[Ganeshan Kalyani]

The list of goods covered under the proposed tax structure is expected by the dealers to analyse the impact of increase/ decrease in the business expense income etc due to GST to introduction of GST , is a matter of concern .

[Ganeshan Kalyani]

Tax payer having multiple business in one state may register one business entity first. For the remaining business within the State the tax payer need to get in touch with the respective Jurisdictional Authority.

[Ganeshan Kalyani]

There will be no paper based enrolment. All migration will take place online.

[Ganeshan Kalyani]

Existing ISD registrations are required to file fresh application in the GST Common Portal for the State in which the tax payer desire to seek registration. Also, tax payer needs to inform its Central Jurisdictional Authority.

[Ganeshan Kalyani]

Government has launched the existing registration migration project under GST. Existing tax payer registered under VAT/ ST/ Excise have to migrate their registration as per allotted dates.

[Ganeshan Kalyani]

The Lok Sabha had already listed the Central GST Bill; the Integrated GST; and GST (Compensation for Loss of Revenue) for introduction, consideration and passing in current session of Parliament.

[Ganeshan Kalyani]

Government releases Revised Model GST Draft Law.

[Ganeshan Kalyani]

http://www.cbec.gov.in/htdocs-cbec/gst/revised-gst-laws

[Ganeshan Kalyani]

Pls find below the link to access the draft model GST law revised .

http://www.cbec.gov.in/htdocs-cbec/gst/revised-gst-laws

Thanks.

[Ganeshan Kalyani]

States will receive provisional compensation from Centre for loss of revenue from implementation of GST every quarter but the final annual number would be decided after an audit carried out by CAG.

 

[Ganeshan Kalyani]

Supplies made to SEZ units to be treated as zero rated supplies under GST.

[Ganeshan Kalyani]

The government is keen to ensure that the three legislations are approved in the ongoing winter session of parliament to meet the deadline of rolling out GST by April 1.

[Ganeshan Kalyani]

Taxpayers has to visit GSTN site and get provisional registration within the given time limit. Further those who are not registered within the time limit can get registered till 31st January 2017.

[Ganeshan Kalyani]

The provisional GSTIN issued is 15 digits PAN based number. The first two digits represent the State Code. The next 10 digits represent the PAN of the tax payer. The thirteenth digit represents the entity number of the same PAN holder in a state. The Fourteenth digit represents the alphabet ‘Z’ by default and the last digit represents – check sum digit.

[Ganeshan Kalyani]

The draft law would be taken up for consideration by the GST Council headed by Finance Minister and comprising all States representative at rhe next meeting in December .

[Ganeshan Kalyani]

Centre to pay ₹ 500 Crores a year to GSTN as service charge. GSTN is a not for profit organisation created as a special purpose vehicle to implement technology to run GST .

[Ganeshan Kalyani]

Government is making all efforts to implement GST by 01.04.2017. However, Union Finance Minister said that GST has to be implemented latest by September 16, 2017.

[Ganeshan Kalyani]

Union Finance Minister was speaking at the "Make in Odisha" conclave. He says GST will be a game changer. It is an efficient tax system . It will certainty help the consuming States.

[Ganeshan Kalyani]

GST provisional registrations are started only for those who are already registered with Sales Tax Department. The registrations has not been started for those taxpayers who provide only services.

[Ganeshan Kalyani]

The government is not in favour of restricting the administration of businesses up to ₹ 1.5 crore to state tax authorities. Both states and centre will administer taxpayers above ₹ 1.5 crore, according to a proposal by states.