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]

A registered person may obtain an Invoice Reference Number from the common portal by uploading, on the said portal, a tax invoice issued by him in FORM GST INV-1, and produce the same for verification by the proper officer in lieu of the tax invoice and such number shall be valid for a period of thirty days from the date of uploading.

[Ganeshan Kalyani]

The Commissioner may, by notification, require a class of transporters to obtain a unique RFID and get the said device embedded on to the conveyance and map the e-way bill to the RFID prior to the movement of goods.

[Ganeshan Kalyani]

The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intra-State movement of goods.

[Ganeshan Kalyani]

The Commissioner shall get RFID readers installed at places where verification of movement of goods is required to be carried out and verification of movement of vehicles shall be done through such RFID readers where the e-way bill has been mapped with RFID.

[Ganeshan Kalyani]

Physical verification of conveyances shall be carried out by the proper officer as authorized by the Commissioner or an officer empowered by him in this behalf: Provided that on receipt of specific information of evasion of tax, physical verification of a specific conveyance can also be carried out by any officer after obtaining necessary approval of the Commissioner or an officer authorized by him in this behalf.

[Ganeshan Kalyani]

Where a vehicle has been intercepted and detained for a period exceeding thirty minutes, the transporter may upload the said information in FORM GST INS- 04 on the common portal.

[Ganeshan Kalyani]

Sharing an article. Pls click on the link below.

http://www.gstindia.com/gst-rules-one-leg-still-stuck-in-old-taxes/

[Ganeshan Kalyani]

Goods and Services Tax (GST) is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.

[Ganeshan Kalyani]

Alcohol for human consumption is kept out of GST. Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have temporarily been kept out and GST Council shall decide the date from which they shall be included in GST. Electricity has also been kept out of GST.

[Ganeshan Kalyani]

Prime Minister Narendra Modi today said the states should make legislative arrangements "without delay" for GST rollout from July 1.

[Ganeshan Kalyani]

"The Prime Minister reiterated that the legislative arrangements at the state-level for GST should be put in place without delay," an official statement said. The consensus on Goods and Services Tax (GST) reflects the spirit of 'one nation, one aspiration, one determination', Modi earlier said in his opening remarks at the meeting.

The GST, which will subsume central excise, service tax, Value Added Tax (VAT) and other local levies, is scheduled to be rolled out from July 1.

[Ganeshan Kalyani]

Parliament has already passed the supporting GST bills and the states are also required to pass their separate legislations for smooth implementation of the new tax regime.

[Ganeshan Kalyani]

The proposed rules for movement of goods in the goods and services tax (GST) regime, which requires the transporters to generate e-way bills on the GST portal, would involve substantial costs in installing radio frequency identification devices (RFIDs) at several posts. Experts say that there is no clarity on who will foot the bill for the infrastructure.

[Ganeshan Kalyani]

The proposed system requires a transporter to generate a new e-way bill when the goods are transferred from one conveyance to another. Experts said that it is expected these rules would push the business towards greater transparency and would flush out businesses that are operating beyond the tax net. Further, the requirement for officials to record the summary of inspection within 24 hours would deter unscrupulous inspectors, Nangia said.

[Ganeshan Kalyani]

States of Tamil Nadu and Himachal Pradesh have shown keen interest in passing SGST Bill very soon. However, Odisha has some reservations over calculation of compensation to the states for loss of revenue..

[Ganeshan Kalyani]

Tamil Nadu Chief Minister Edappadi K Palaniswami said that his government would soon place the S-GST bill in the assembly for consideration and passage. “A historic reform of indirect taxes in India has been achieved with the passage of the Central GST (C-GST), Integrated GST (I-GST) and GST Compensation Acts in Parliament. The Tamil Nadu GST bill will be placed before the state legislative assembly shortly,” Palaniswami said.

[Ganeshan Kalyani]

Himachal Pradesh Chief Minister Virbhadra Singh said that steps were being taken to pass the HPGST law. Further, to address problems of taxpayers, steps such as setting up of helpdesk, organizing workshop are being taken.

[Ganeshan Kalyani]

Weighing the concerns over compensation loss Odisha Chief Minister Naveen Patnaik said “Odisha has actively participated in the deliberations of the GST Council. We are on course to enact necessary State GST legislation.”

[Ganeshan Kalyani]

Fourteen state legislatures will approve their respective State Goods and Services Tax (SGST) laws by mid-May, according to Revenue Secretary Hasmukh Adhia.

[Ganeshan Kalyani]

Addressing a GST Conclave here on Tuesday, he said all states were expected to pass their SGST laws by May-end to ensure that the GST regime was rolled out by July.

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.