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]

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All India Gems and Jewellery Trade Federation made representation for GST @1.25 % .

 

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Consumers Electronics Manufacturers Association made representation for 18% GST rate.

 

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The Government has listed GST related bills to be tabled in upcoming winter session. These are: The Central Goods and Service Tax Bill, Integrated Goods and Services tax bills and GST (Compensation for loss of revenue).

[Ganeshan Kalyani]

The GST Council at its meeting on November 4 failed to reach a consensus on which category of assessees would be governed by the Centre and which by states.

Majority of states want a dual control structure. Below ₹ 1.5 crore turnover, states should tax, above ₹ 1.5 crore, it can be vertical division,” Issac said.

 

[Ganeshan Kalyani]

Dr Jitendra Singh said that the State of Jammu & Kashmir and the business community will have to come out of the mindset of being ‘subsidy seekers’ and instead aiming at becoming ‘subsidy givers’.

 

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Rahul Gupta, chairman of the Export Promotion Council for EOUs and SEZs (EPCES), said the definition of exports in the model GST law need to synchronize with the SEZ Act to avoid any confusion or dispute.

[Ganeshan Kalyani]

“We are making all efforts to introduce GST from April 1, 2017. GST has to be implemented latest by September 16, 2017, and if it is not implemented by then, states will not be able to collect their share of taxes, and hence, there is not enough scope to further delay the decision,” Jaitley said at an economic editors’ conference here.

 

[Ganeshan Kalyani]

The Centre has circulated the draft goods and services tax (GST) Bills with the states......

[Ganeshan Kalyani]

GSTN had received over 300 applications from private firms who were seeking to become GST Suvidha Providers(GSPs). In order to give tax payers more choice to file their returns once the tax reform is rolled out from April 1, 2017, GSTN invited private companies to build "innovative" third-party interfaces.

[Ganeshan Kalyani]

Pindichery and Goa commercial tax department published circular requesting the dealer to collect their login credentials from the department and do the registration process in GSTN .

[Ganeshan Kalyani]

Maharashtra Value Added Tax Department and Gujarat Commercial Tax department has published guidelines to register in GSTN .

[Ganeshan Kalyani]

The Gujarat government announced the commencement of GST enrolment drive, under which existing tax payers registered under various state and central tax regimes, such as VAT, need to apply online to get the Goods and Service Tax Network (GSTN) number.

 

[Ganeshan Kalyani]

The Winter session has begun. but the parliament is unlikely to discuss on GST and the matter about currency demonitixation is largely spoken .

 

[Ganeshan Kalyani]

Government organizes a Seminar to familiarize the Senior Officers of different Departments of Government of India with important features of the GST.

The Cabinet Secretary Shri Pradeep Kumar Sinha will be chairing an interactive seminar on Goods and Services Tax (GST) tomorrow.

The seminar is being organized for senior officers of the different Departments of the Government of India to familiarize them on the important features of GST.The Seminar is being organised by the GST Council in national capital.

[Ganeshan Kalyani]

The Central Government has circulated the draft of the three GST related Bills -the Central Goods and Services Tax Bill, the Integrated Goods and Services Tax Bill, the Goods and Services Tax (Compensation for Loss of Revenue) Bill – to the State Governments.

States have been given seven days to send their suggestions/ comments. These three Bills are slated to be discussed by the GST Council on 24th and 25th November, 2016.

[Ganeshan Kalyani]

CBEC has released the translation in regional languages of the FAQs on GST earlier published in English.

[Ganeshan Kalyani]

Several States have initiated the facilitation for migration of existing assessees registered under the VAT Act of the respective States.

[Ganeshan Kalyani]

Since GST would be replacing the service tax, services would become costlier given that the current service tax rate is 15 and the expected GST rate on most services would be taxed at a standard rate of 18 percent.

[Ganeshan Kalyani]

The central government would compensate GST related revenue loss to the states for the first five years.

[Ganeshan Kalyani]

GST is a destination-based tax levied on supply of goods and services simultaneously by both the central and state governments.

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.