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]

Revised Model IGST Law provides that any service provided directly in relation to an immovable property including services provided by architects, interior decorators, surveyors, engineers and other related experts or estate agents, any service provided by way of grant of rights to use immovable property or for carrying out or coordination of construction shall be the location at which the immovable property is situated.

[YAGAY and SUN]

Government to Soon Introduce 5 Bills for Implementation of GST

"The Government will bring before Parliament four GST legislations and there will be a fifth legislation as Excise and Customs Acts will have to be amended. We will bring these legislations together to Parliament in the next few days," Arun Jaitley said.

[YAGAY and SUN]

Jaitley hopes GST roll out from July 1 to make goods cheaper

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[YAGAY and SUN]

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[YAGAY and SUN]

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[YAGAY and SUN]

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[YAGAY and SUN]

Officers can explain benefit of GST to people: IRS association

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Expect positive benefits of GST to show up in Q4: Aditi Nayar, ICRA

[YAGAY and SUN]

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[YAGAY and SUN]

GST coming soon, but don’t expect quick benefits; rich valuation to stall stocks.

[YAGAY and SUN]

GST debate now continues on categorisation of products.

[YAGAY and SUN]

GST: Modi govt can't levy taxes if Parliament doesn't pass 4 Bills till Sept 15.

[YAGAY and SUN]

If the GST fails to roll out by September 15, the government will not be able to levy indirect taxes. With GST Constitution Amendment Act, the old tax regimes will cease to be effective on September 16.

[YAGAY and SUN]

Why can't politicians leave the GST alone?

[YAGAY and SUN]

CBEC to be Renamed CBIC Under GST Regime.

[YAGAY and SUN]

GST good for Titan, structural increase in market share likely

[Ganeshan Kalyani]

If the supplier of goods or services and place of supply of goods or services are located in same State, then CGST and SGST is payable.

[YAGAY and SUN]

Cabinet clears abolition of cesses for GST rollout, government to incur ₹ 65,000-crore loss

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.