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.

[KASTURI SETHI]

Still the situation is fluid. The possibility of further postponement to 1.9.2017 cannot be ruled out.

[Ganeshan Kalyani]

Chairman of the Empowered Committee of Ministers on GST, Amit Mitra, today said "many issues needed to be resolved to make an ideal Goods and Services Tax".

[Ganeshan Kalyani]

Sri Kastiei Sir, i agree with your views Sir

[YAGAY and SUN]

GST protest: 70,000 tax officers to wear black bands to work tomorrow.

[YAGAY and SUN]

IRS officers protest against GST council's decisions

[YAGAY and SUN]

Tech players brace for GST impact, want manufacturing norms to ease.

[YAGAY and SUN]

Solar players expect tax incentives in budget, uncertainty over GST remains.

[YAGAY and SUN]

Budget 2017: Lower tax rates, definitive GST plan and other expectations post demonetisation

Considering this rough run-up, there are high expectations of the government announcing various “feel-good” factors in the Budget 2017.

[YAGAY and SUN]

New Delhi-based Marg Compusoft to set up 14 GST help desks in Hyderabad.

[YAGAY and SUN]

REAL ESTATE SECTOR NEEDS STRATEGIC PUSH; MORE CLARITY ON FINAL GST RATE.

[Ganeshan Kalyani]

FM says that all steps necessary for preparedness to move to GST are as per target including IT system, and that the CBEC is working extensively to reach out to trade and industry from 1st April providing positive trigger towards readiness to GST.

[Ganeshan Kalyani]

GST council is going to meet on 18th February.

[Ganeshan Kalyani]

The rate of GST product wise is expected to analyse the impact on there working capital and on business.

[Ganeshan Kalyani]

Compliances are going to be a big concern for big industries having huge transaction and having many branches. It is also going to be a big concern for service industries. Untill now they have single centralized registration for service tax. Under GST they would require to enrol in every state where they have operation.

[Ganeshan Kalyani]

FM said that no major changes in current indirect tax regime of central excise, customs and service tax is made as anyway these taxes is going to subsume in GST.

[YAGAY and SUN]

Draft GST laws due in second half of Budget session: FM Jaitley

[YAGAY and SUN]

Allied GST laws coming up.

[YAGAY and SUN]

India should start with a uniform low rate GST.

[YAGAY and SUN]

Union Budget: Encouraging to see govt committed to GST in 2017

It was great to see that Arun Jaitley preferred to avoid making changes in the current excise and service tax regime since GST is around the corner

[YAGAY and SUN]

‘With GST roll-out, we are cautious of indirect tax forecast for FY18. - Revenue Secretary

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.