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

Issue Id: - 110747
Dated: 3-8-2016
By:- Ganeshan Kalyani

Goods and GST Bill passed


  • Contents

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 451 to 475 of 1401 Records

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451 Dated: 24-12-2016
By:- Ganeshan Kalyani


V Manickam, Secretary General, Life Insurance Council, the umbrella body for all life insurers, said that the industry had sought a zero rate for insurance, which the government rejected.


452 Dated: 24-12-2016
By:- Ganeshan Kalyani

Roopam Asthana, CEO, Liberty Videocon General Insurance said that the 10 percent discount that is being offered for digital premium payments for PSU general insurers should also be extended to other insurers. Source : money control


453 Dated: 24-12-2016
By:- Ganeshan Kalyani

MS Mani, Indirect tax expert at Deloitte said that clearing CGST is a positive step in the GST process. Demonetisation and GST both are directed towards pushing unorganized sectors into organised, Mani added.


454 Dated: 24-12-2016
By:- Ganeshan Kalyani

"We have cleared the Model GST Law, and all the procedural parts…it was discussed line by line…some contentious issues were kept on the side, primarily the issue of cross empowerment, and some issues of IGST,” Jammu and Kashmir Finance Minister Haseeb Drabu said.


455 Dated: 24-12-2016
By:- Ganeshan Kalyani

The collections from the proposed cess on luxury or demerit supplies over and above the higher tax slab are estimated to be around ₹ 50,000 crore, out of which around ₹ 26,000 crore will be collected through clean environment cess, Adhia said, adding that the cess collections will be exclusively used by the Centre to compensate states.


456 Dated: 25-12-2016
By:- Ganeshan Kalyani

The centre, on the other hand, is keen on equal division of all assesses between the two authorities to ensure single interface with any one authority in line with constitutional amendment. It has mooted the idea of crossempowerment wherein both authorities can work in tandem on key functions of audit and registration of new assesses


457 Dated: 27-12-2016
By:- Ganeshan Kalyani

“Associated Chambers of Commerce and Industry of India has suggested removal of a provision in the revised Model GST Law dealing with anti-profiteering since it is open to misuse and subjective interpretation,” Assocham said in a statement here on Friday.

In the revised Model GST Law, the central government has been given powers to constitute an authority to examine whether input tax credits availed of by any registered taxable person, or the benefit of a reduction in the tax rate, has resulted in a commensurate reduction in the price of the goods or services supplied.

Also, the authority would have powers to impose penalties where the prices of goods or services supplied are not reduced. “While the intent of such a proposal cannot be questioned, the industry believes that it will be very difficult to implement and the costs of compliance and administration will significantly outweigh the risks that some businesses will seek to ‘profiteer’ from the change in indirect tax systems,” the statement added.


458 Dated: 27-12-2016
By:- Ganeshan Kalyani

National Academy of Customs, Excise and Narcotics (NACEN) was given the humongous task of training government officers on Goods and Service Tax (GST). As per the latest data of NACEN , 44,259 field officers have been trained.


459 Dated: 28-12-2016
By:- Ganeshan Kalyani

Telecom operators have made fresh representations to the finance ministry seeking a uniform rate across states with a cap of 15 per cent in the proposed goods and services tax (GST) regime.


460 Dated: 28-12-2016
By:- Ganeshan Kalyani

"Telecom is an infrastructure service designated as an essential service under the Essential Services Maintenance Act, 1968, and is availed by masses," said Rajan Mathews, director- general of the Cellular Operators Association of India (COAI).


461 Dated: 29-12-2016
By:- Ganeshan Kalyani

FM impressed upon the gathering the importance of coordination between the Central and the State administration in smooth transition from the old to new Indirect tax regime so that the taxpayer of the country does not suffer.


462 Dated: 29-12-2016
By:- Ganeshan Kalyani

FM Arun Jaitley after inaugurating Professional Training Course of 68th Batch of IRS (C&CE) Officers spoke on change in mindset of tax payers. He also expressed faith in the probationers to be able to carry out the onerous task of smooth rolling out and administering the new indirect tax administration system i.e. Goods and Services Tax (GST).


463 Dated: 1-1-2017
By:- Ganeshan Kalyani

While the entire enrolment process is online driven, users are facing various challenges in conversion. Sales tax bar association (Delhi) has written to Delhi VAT Commissioner highlighting problems faced by dealers.


464 Dated: 1-1-2017
By:- Ganeshan Kalyani

Union Minister for Parliamentary Affairs H N Ananth Kumar today expressed hope about the roll out of the Goods and Services Tax (GST) regime from coming April, saying the government is pushing ahead with the agenda.


465 Dated: 1-1-2017
By:- Ganeshan Kalyani

The next GST Council meeting is scheduled for January 3 and 4 to decide on the contentious issue of dual control over assesses and the legislation on IGST.


466 Dated: 1-1-2017
By:- Ganeshan Kalyani

Stating that Tally has constantly been making efforts to equip small businesses and traders with the right information to train and prepare themselves for the tax reform, the company said it recently qualified as a GST Suvidha Provider (GSP) by the GSTN Network.


467 Dated: 3-1-2017
By:- Ganeshan Kalyani

In GST Council meeting beginning today – GST Council is expected to form consensus on Dual Control administration and discuss IGST Law. Thereafter, present the laws before parliament in budget session.


468 Dated: 4-1-2017
By:- Ganeshan Kalyani

Not even a single assessee registered in J&K has converted to GST. The reason being state government has not participated in this grand transition to GST plan.

Currently, J&K is outside the purview of Service Tax. J&K is the only state in the country with powers to tax services and it want to be part of GST without compromising its constitutional position on taxing services.


469 Dated: 5-1-2017
By:- Ganeshan Kalyani

470 Dated: 5-1-2017
By:- Ganeshan Kalyani

Commerce and Industry Minister Nirmala Sitharaman said refund of taxes takes about six to eight months and hence it is necessary to "give an ab-intio exemption".


471 Dated: 6-1-2017
By:- Ganeshan Kalyani

Concept of centralised registration did not find space under the Model GST Law. This meant that every service provider who has single/ centralised registration will have to de-centralise and register in multiple states. Implying, multi fold increase in compliance. Mutiple assessments, audits, litigation etc.


472 Dated: 6-1-2017
By:- Ganeshan Kalyani

Most of the service providers have centralised registration. They may be providing services from multiple state in India but have taken single registration. This make life much easier as far as compliance, tax payments, credit management, audits, litigation is concerned. But under GST concept of single/ centralised registration was taken off as things are placed state specific. This has caused nightmare for certain industries which are spread across India by virtue of their business e.g. Telecom operators like Airtel, Vodafone and Banks like ICICI, HDFC.


473 Dated: 6-1-2017
By:- Ganeshan Kalyani

The gst enrolment process kicked off on 8th November 2016. As per the figures released in GSTN in only 7 states/UT more than 50% assessees have enroled under GST.

Following States are ahead in GST enrolment with maximum number assesses. These are:

1. Gujarat – 78.52%
2. Madhya Pradesh – 77.68%
3. Chhattisgarh – 74.66%
4. Rajasthan – 67.7%
5. West Bengal – 56.94%
6. Jharkhand – 56.47%
7. Chandigarh – 53.93%
8. Bihar – 48.8%
9. Goa – 46.69%
10. Delhi – 45.78%


474 Dated: 9-1-2017
By:- Ganeshan Kalyani

The government will present the Union Budget 2017-18 on February 1 for the financial year starting on April 1, a senior government official said.


475 Dated: 10-1-2017
By:- Ganeshan Kalyani

The Budget 2017-18 would be presented on February 1. The Part B of the Budget speech, which contains tax proposal, could carry half-yearly estimates of service, central excise duty and collections from other indirect taxes (excluding customs) that the Centre expects to earn between April to September, instead of full-year projections.


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