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]

Central taxes such as, Central Excise duty, Additional Excise duty, Service tax, Additional Custom duty and Special Additional duty, Central Sales tax as well as state-level taxes such as, VAT or sales tax, Entertainment tax, Entry tax, Purchase tax, Luxury tax and Octroi will subsume in GST.

[Ganeshan Kalyani]

Petroleum and petroleum products will be subject to GST on a date to be notified by the GST Council. Alcohol for human consumption will be out of GST; states will continue to levy taxes on alcohol. Tobacco products will be subjected to separate Excise Duty by the Centre over and above GST.

[Ganeshan Kalyani]

A four-tier structure for Goods and Services Tax (GST) comprising a lower rate of 5 per cent, two standard rates of 12 per cent and 18 per cent, and a higher rate of 28 per cent with an additional cess for luxury and demerit goods were proposed in the third meeting of the GST Council .

[Ganeshan Kalyani]

Luxury items like high-end cars and demerit goods like tobacco, cigarettes, pan masala and aerated drinks, comprising about 25 per cent of the taxable base, would attract an additional cess over and above the higher rate of 28 per cent, Revenue Secretary Hasmukh Adhia told reporters.

[Ganeshan Kalyani]

With most services likely to attract a tax of 18 percent under GST, finance minister Arun Jaitley will likely raise the existing service tax rate in the budget for 2017-18 to align it closer the GST rate.

[YAGAY and SUN]

Vijay Kelkar backs single GST rate, says it's easier to roll out

[YAGAY and SUN]

Many issues need to be resolved to make ideal GST: Amit Mitra

[YAGAY and SUN]

Arun Jaitley may hike service tax to 16-18 per cent in Budget

[YAGAY and SUN]

Vijay Kelkar says single GST rate easy to administer.

[YAGAY and SUN]

FM assures taxmen says GST will increase new professional opportunities.

[YAGAY and SUN]

GST: CBEC officials oppose ceding taxpayer base to states

Over 50,000 officers are planning to protest on 30 January against the decision which they estimate will leave as many as 40% of CBEC employees without work

[YAGAY and SUN]

JAM, GST and DeMon make for gain with short-term pain: Arvind Narayanan, DBS Bank

[YAGAY and SUN]

Keep healthcare out of GST purview: Assocham

[YAGAY and SUN]

GST tableau in Republic Day parade.

[YAGAY and SUN]

GST to ease loan access for millions of firms: Nandan Nilekani

[YAGAY and SUN]

Entrust implementation of GST to IRS officials’

The implementation of Goods and Services Tax (GST) should be entrusted to IRS officials to make them play a greater role in enhancing tax collections, said MP P. Ravindra Babu, who is also a former IRS officer.

Participating as a chief guest at the International Customs Day celebrations – 2017 held at the Custom House, here on Friday, Dr. Ravindra Babu recalled how he had raised the GST issue in Parliament. Referring to the IRS officers and other Customs and Central Excise officials, present at the meeting, as ‘colleagues’, he called upon them to take up the issue collectively to the Centre by involving the trade.

On the issue of delays in the promotion of Customs officers, the MP said the CAT judgment on the applicability of reservations was referred to the Supreme Court and the latter suggested an amendment of the Constitution in this regard. The Amendment Bill was passed by the Rajya Sabha but unfortunately before it could be passed by the Lok Sabha, it was dissolved and after 2014 elections no one took up the cause.

Dr. Ravindra Babu, a medical student of Andhra Medical College, called upon his ‘IRS colleagues’ to organise all India meets and regional meets and come to Delhi with a memorandum for submission to the Prime Minister. He also favoured improvement of the infrastructure of the Customs Department and assured of his help in bringing it to the notice of the Centre.

Commissioner of Customs B. Hareram underlined the importance of ‘Data analysis’ in Custom clearances and other port-related services and activities. He spoke about the expansion of port and other allied activities, congestion at ports, establishment of Container Freight Stations and various aspects of customs, tariff and non-tariff barriers.

Chief Operating Officer of VCTPL Sushil Mulchandani spoke on data sharing and appreciated the proactive role played by the Custom officials in trade facilitation. Officer-on-Special Duty (AP Bhavan, New Delhi) M. Rama Rao spoke. Assistant Commissioner of Customs S.K. Dutta was present.

[YAGAY and SUN]

GST: striking a balance

Various products such as food grains, essential medicines, fruits, vegetables and others may fall under the bracket of nil tax.

[YAGAY and SUN]

From GST To Demonetisation And More, Here Are Five Risks That Can Hamper India’s Economic Growth.

1. Protectionist Trade Polices.

2. Global Growth Faltering .

3. Brexit and its Implications.

4. Effect of Demonetisation

5. Disruption on GST

[YAGAY and SUN]

Customs and excise officials upset with GST administration deal with states

[YAGAY and SUN]

GST: Centre, States reach consensus over dual control, rollout likely from July 1

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.