Goods and GST Bill passed

[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.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

Seemless credit is aimed under GST, So credit would be eligible but output final product should be taxable.

[Ganeshan Kalyani]

Number of returns are 37 to be filed by General assessee.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

Current wing of Directorate General of Central Excise intelligence (DGCEI) will be replaced by Directorate General of GST Intelligence.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

To combat between centre and state government will set up Directorate General of Dispute Resolution.

[Ganeshan Kalyani]

Under GST, reverse charge is applicable on goods and service as well. The type of service and goods liable for reverse shall be notified.

[Ganeshan Kalyani]

Composition dealers cannot avail input credit.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

Services will be required to be classified as per Services Accounting Code.

[Ganeshan Kalyani]

Maharashtra will have 20 GST Commissionerate, The highest among all states.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

Under GST, inter-State transactions would be made much easier in terms of applicable taxes and documents required for transportation.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

the consultant will be imparting training on provisions of the GST Act/Rules and processes to officers of the department.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

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.

[Ganeshan Kalyani]

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

AI Summary

Goods and Services Tax consolidation creates a dual GST framework with GST Council oversight and a shared IT platform for compliance.
Goods and Services Tax establishes a destination based, dual tax framework subsuming central and state indirect levies, administered through a GST Council and implemented via a shared IT platform (GSTN). The model law sets out registration and return regimes, HSN/SAC classification by turnover bands, input tax credit carry forward, composition and reverse charge rules, refund and valuation procedures, compensation to states during transition, and institutional arrangements for cross empowerment, adjudication and dispute resolution.