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]

If the supplier and the place of supply are located in different States, then IGST is payable.

[YAGAY and SUN]

FAITH hands over GST representation to Ministry of Finance Hospitality industry's apex body Federation of Associations in Indian Tourism and Hospitality or FAITH has handed over its GST representation to the Ministry of Finance in charge for recommending rates to the GST council.

[YAGAY and SUN]

Rupee unlikely to breach 70/$ in 2017; bet on GST related sectors: Lalit Nambiar

Domestic liquidity flows into the equity market seemed to have bolstered valuations given that all other asset classes including reality, gold, fixed deposits all look relative unattractively placed.

[YAGAY and SUN]

Service contracts set to be renegotiated under GST

[YAGAY and SUN]

Some of the service contracts are set to be renegotiated under the goods and services tax (GST) framework as it levies different tax rates in some peculiar situations, said industry trackers.

[YAGAY and SUN]

Expect an atmosphere of stability once GST is implemented: Godfrey Philips

[YAGAY and SUN]

In an exclusive interview to CNBC-TV18’s Latha Venkatesh, Anuj Singhal, and Sonia Shenoy, KK Modi, President & MD at Godfrey Philips India spoke about outlook going forward for the cigarette industry and the impact of GST on the industry.

[YAGAY and SUN]

Even as the GST Council granted approval to all five draft laws, industry experts feel clarity is required on several fronts ahead of the proposed July 1 rollout.

[YAGAY and SUN]

Are 3 months enough for industry to prepare for GST, ask experts.

[YAGAY and SUN]

Blue Star stalls ₹ 220-crore investment in J&K over GST query

[YAGAY and SUN]

Blue Star’s Mukundan Menon says the firm has put on hold its investment as J&K has not clarified whether relief in excise duty is going to continue after GST implementation

[Ganeshan Kalyani]

Goods and Services Tax is India’s biggest reform in India’s indirect tax structure.

[Ganeshan Kalyani]

UTGST Bill provides for levy of GST on intra-UT supply of goods and services in the Union Territories without legislature.

[Ganeshan Kalyani]

The Compensation Bill provides for compensation to the states for loss of revenue due to GST for a period of five years.

[Ganeshan Kalyani]

The introduction of GST bill will help in simplifying administration as it removes multiple taxation systems at every stage of trade model.

[Ganeshan Kalyani]

With the Union and the States gearing up to introduce GST Bills in their respect Houses, the Union of India has approval the proposal to rename CBEC as Central Board of Indirect Taxes & Customs (CBIC). In this regard the Central Board of Revenue Act, 1963 would be amended to approve the new name for the CBEC.

[Ganeshan Kalyani]

The Union Finance Minister, Mr Arun Jaitley, has approved a restructuring plan for the CBEC. The Board in its new avataar will have 21 Zones, 101 GST Tax payer Services Commissionerates comprising 15 sub-Commissionerates, 768 Divisions, 3969 Ranges, 49 Audit Commissionerates and 50 Appeals Commissionerates. This will ensure rendering of taxpayer services to all the taxpayers through an indirect tax administration structure, having pan-India presence.

[Ganeshan Kalyani]

For a robust IT Network, the Directorate General of Systems under CBEC is being strengthened. The Directorate General Tax Payer Services is being expanded for greater out- reach for facilitating smooth transition for the taxpayers to the GST environment. The existing training establishment, to be renamed as National Academy of Customs, Indirect Taxes and Narcotics will have an all India presence, to enable capacity building to the employees of the indirect tax administration of the Centre as well as of the State Governments and to members of Trade and Industry. The renamed Directorate General of Goods & Service Tax Intelligence is also being strengthened and expanded to become an important wing of the Government in its fight against Tax Evasion and Black Money.

[Ganeshan Kalyani]

The GST Council has set up Working Groups to address peculiar problems of some of the sectors for their hassle-free transition into the new tax regime.

[Ganeshan Kalyani]

The Working Groups have been directed to take a quick look at the key issues and suggest ways and means to overcome the key concerns. They may interact with concerned administrative ministries and key Industry bodies/associations, professionals and other suitable persons.

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.