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.

[YAGAY and SUN]

Asian Paints CEO sees limited impact of GST-led disruption According to Asian Paints CEO KBS Anand, Goods won't create a disruption which will last for more than a quarter. He added that GST will enable the organised sector to perform better depending upon tax rates on paints.

[YAGAY and SUN]

No sign of restructuring Telangana commercial taxes department before GST.

[YAGAY and SUN]

ST to reduce documentation for logistics firms: CBRE

[YAGAY and SUN]

Road to GST: Public will benefit from anti-profiteering clause, say experts

MS Mani, Senior Director, Deloitte, said the clause will also help curb inflationary pressures on the economy when GST is implemented.

[YAGAY and SUN]

GST adoption could raise India's GDP to over 8%: IMF

[YAGAY and SUN]

Manufacturers seek zero GST on low price biscuits. Biscuit manufacturers have sought 'nil' tax on low price biscuits under the proposed Goods and Services Tax (GST).

[YAGAY and SUN]

Service tax department doles out advice on migration to GST.

[YAGAY and SUN]

Parliament session: GST must be put in fast-forward mode

After a lull of almost a month, the GST Council met last week for the tenth time since its first meeting in September 2016.

[YAGAY and SUN]

GST: Health groups seek higher taxes for tobacco

[YAGAY and SUN]

Control over territorial waters, inter-state transfers key to GST Bills

The council has sought the views of a law committee on the matter.

[Ganeshan Kalyani]

Under existing VAT/CST Law, inter-state stock transfers does not has any tax liability. Also in case of intra-state stock transfer there is no VAT liability.

Under Goods and Services Tax (GST) regime, the taxability is on the supply of goods and or Service even if without consideration. Thus, stock transfer would become taxable under GST.

[YAGAY and SUN]

Finance Ministry launches app to provide updates to taxpayers on GST. The GST mobile app launched by the ministry can be downloaded for free on Android platforms. The iOS version will be made available shortly, an official statement said.

[YAGAY and SUN]

1. तीन सदस्यीय होगा जीएसटी अपीलीय ट्रिब्यूनल.

[YAGAY and SUN]

Setback to GST? States want e-permit to be flashed at borders.

[YAGAY and SUN]

the Drawback Division under Central Board of Excise & Customs (Ministry of Finance, Department of Revenue) vide its letter dated 23-02-2017 has sought Suggestions on All Industry Rates (AIRs) of duty drawback under the GST framework and such considered suggestions should be provided by 15.3.2017. These may also be sent by email to [email protected]

[YAGAY and SUN]

Government launches GST app to facilitate smooth transition to new tax regime

The CBEC GST app will help taxpayers migrate to GST, provide toll free numbers and videos and reading material on GST and put up draft laws and rules.

[YAGAY and SUN]

The GST: so far so good, but not good enough

The proposal departs from the expert view that an ideal GST should have a few exempted commodities and a single rate for all commodities

[YAGAY and SUN]

GST: Here’s why legal terms must reflect ‘fundamentals’ agreed by GST Council

In India, the goods & services tax (GST) cannot be activated without the efforts and recommendations of the GST Council.

[Ganeshan Kalyani]

The GST Council, led by FM Arun Jaitley, in its last meeting on January 16 arrived on the consensus that 90 per cent of tax assessees below ₹ 1.5 crore annual turnover will be assessed by states and the remaining 10 per cent by the Centre. For taxpayers with over ₹ 1.5 crore turnover, the split was 50:50 between the Centre and states.

[Ganeshan Kalyani]

GST Council led by FM Arun Jaitley met for the 10th time in Udaipur today to finalise compensation and GST Laws. This is the first GST Council meeting held outside Delhi.

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.