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]

http://blogs.timesofindia.indiatimes.com/toi-edit-page/hasten-slowly-on-gst-indian-politics-is-a-very-fractious-setting-for-the-pooled-sovereignty-that-gst-requires/

[YAGAY and SUN]

GST game changer for manufacturing, ease of doing business: DIPP Secretary Ramesh Abhishek

[YAGAY and SUN]

http://indianexpress.com/article/business/business-others/manufacturing-sector-gst-vat-cst-taxation-profitability-realigning-operations-3028054/

[YAGAY and SUN]

http://economictimes.indiatimes.com/wealth/personal-finance-news/gst-to-help-make-economic-commercial-transactions-more-efficient/articleshow/54288446.cms

[YAGAY and SUN]

http://www.moneycontrol.com/news/sme/gst-bill-what-isstore-for-manufacturing-smes_7426801.html

[YAGAY and SUN]

http://www.tribuneindia.com/news/uttarakhand/uttarakhand-to-gain-from-gst-govt-should-plan-to-promote-service-sector/285870.html

[YAGAY and SUN]

http://www.legallyindia.com/blogs/impact-of-gst-on-the-aviation-sector

[YAGAY and SUN]

https://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=10&cad=rja&uact=8&ved=0ahUKEwjOxKD6uJTPAhWRNpQKHRGDDzkQqQIIQSgAMAk&url=http%3A%2F%2Findianexpress.com%2Farticle%2Fbusiness%2Feconomy%2Fsolar-power-equipment-manufactures-express-concern-over-gst-3007881%2F&usg=AFQjCNFkR0X66VutvOrJPDP0qPcWCJkSTA

[Ganeshan Kalyani]

Thanks Yagay and Sun for sharing the link. But the onlookers can access these links by visiting the respective website. So why we need to paste link This is my view.

[Ganeshan Kalyani]

The winter session of the Parliament is likely to be advanced to second week of November. Thanks.

[YAGAY and SUN]

Dear Kalyani,

We never make comments what others' are doing/replying/sharing on TMI. It has been observed that in recent past you have shared negative comment on us. It is a humble request please do not repeat in future as we are all professional and should respect each other. View/inputs/comments can be different but it is a very good platform to share knowledge to do something for others who need tips/inputs on tax matters.

Thanks & Best Regards,

YAGAY & SUN

(Management, Business and Tax Consultants)

[YAGAY and SUN]

Government is working overtime on GST: Cabinet Secretary P.K. Sinha

Terming GST reform as a “game changer”, Cabinet Secretary P.K. Sinha today said the government is working “overtime” to implement the indirect tax regime from April 1 next year.

The Constitution (122nd Amendment) Bill, 2016, for introduction of the GST in the country was accorded assent by the President on September 8 and the same has been notified as the Constitution (101st Amendment) Act, 2016.

“GST is the biggest game changer. But it is also a challenge. We are working overtime to make it happen from April 1, 2017,” Mr. Sinha said at the Chief Secretaries’ Conclave organised by industry chamber PHDCCI here.

Government wants to implement the tax reform from April 1 next year so as to ensure a smooth rollover to the changed tax structure from the beginning of the new fiscal and to avoid mid-year alterations.

Mr. Sinha assured the gathering that the GST and other path breaking reforms that the government has committed to its people will be implemented as promised.

“A silent revolution is happening and despite teething problems, India would move on to accomplish the objectives and targets set in by the government in all sectors of economic activities with increased participations of all stakeholders to further improve the spirit of governance,” he said.

The infrastructure sector - roads, civil aviation, energy, conventional and non-convention, power, petroleum and railways - have improved their performance as per targets, he said adding the civil aviation sector has begun to grow at the rate of 20 per cent, posing a serious challenge to railways in terms of traffic.

Speaking at another session in the conclave, CEO of the Niti Aayog Amitabh Kant said: “We are trying to build a spirit of competition on ease of doing business among states.”

States are now competing among themselves to attract investors and this is a positive sign, he added.

He said the government is focused on innovation and trying to make India an easy simple place to do business.

The government has taken various steps to facilitate further improvement, including bringing in the bankruptcy law, e-biz platform for a single channel of approvals and a national company law tribunal, he added.

[Ganeshan Kalyani]

An app to link check posts under State Governments as well as the Centres is in the works, the Government has said. The Government has identified 80 inter-state check points pan-India to be augmented for smooth flow of goods, ''an official said''. The official also said that an estimated ₹ 50 Crores is likely to be spent on each such check post. Thanks.

[Ganeshan Kalyani]

Tea Traders have appealed to the Centre to exempt tea from levy of the proposed Goods and Service Tax (GST) and remove it from the list of taxable items under the GST Act. If total exemption was not possible , at least tea should be exempted from GST at first point sale made in the public tea auction centres, licensed by Tea Board of India, Tea Trader Association of Coimbatore Chairman U V Saraf Said.

[Ganeshan Kalyani]

A few section of Industries has started its own preparedness for GST. However, several industries / business assesses shall have to struggle to settle down post GST. At least 'as is' preparation has been started by industries. Thanks.

[Ganeshan Kalyani]

Airlines have asked the Government to set GST rate at not more than 15% and also, retain existing tax exemptions to avoid fare hikes.

[YAGAY and SUN]

GST Council to hold first meeting tomorrow i.e. 22nd September 2016.

[YAGAY and SUN]

With the CPI(M)-led LDF government in Kerala yet to ratify the GST constitutional amendment bill, state Finance Minister T M Thomas Isaac today protested against the procedures adopted for the conduct of the GST council meeting to be held on September 22 and 23.

Read more at:
http://economictimes.indiatimes.com/articleshow/54444267.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

[YAGAY and SUN]

268-page GST FAQs out; e-tailers, aggregators to register

Frequently Asked questions (FAq) on GST

[Ganeshan Kalyani]

FAQS ON GST is published in CBEC on 21.09.2016

Frequently Asked questions (FAq) on GST

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.