Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 21-10-2016 Last Replied Date:- 31-10-2016 – The three day meeting of GST Council scheduled from 18th to 20th October, 2016 ended in two days only with a resolve to meet again on 3-4 November and then on 9-10 November, 2016 to discuss rate stricture and draft GST law respectively. The winter session of Parliament has already been convened from 16th November, 2016. As reported in media, there is no major breakthrough in two days meeting except that all agree for the compensation to be made or received but how ? The answer to that 'how' is the pocket of milking cow, i.e., the ultimate tax payer or customer. India is already adopting a GST Model which is distorted because of the federal structure we have. More than that it is because of the stand taken by State Governments to retain taxing powers. Instead of unified single tax, we will have three taxes – CGST, IGST and SGST administered by different Governments noth
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nderstood and is not convincing. All these leaders ought to stop playing this game and come out with a conceptually clear white paper on GST indicating their intentions. Let the GST be deferred for some time till clarity is there and everyone understands what GST will be imposed on Indian public. The GST Council and the Government can not make fool of taxpayers any more in the garb of compensation to states and GST. It is now increasingly becoming clear that Government as well as GST Council is not concerned about citizens and tax payers when it comes to GST. It seems that they are not taking this seriously and one point agenda of the so called reform is to increase the tax base and tax revenue. GST Council is deliberating on four rate GST structure: lower slab of 6 % on about 50% consumer basket – including food items two stand rates of 12 and 18% 26% on white goods and luxury items Apart from this, there will be three more rates : for jewellery items for demerit goods (alcohol, tobac
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trade bodies doing ? Simply holding Seminars would not do. Educate yourself, understand and make Government understand what India wants and expects. GST must facilitate growth and development of businesses and the country. – Reply By Ganeshan Kalyani – The Reply = There is need of simple taxing mechanism. Already the compliance part has raised a concern amongst the dealer. A dedicated tax executive will need to be recruited by big corporates where the transactions are voluminous. Over that if the ordered to cater to different taxing authority it will add to the proposed increased compliance. There was no talk on exempted goods in the meeting, in my knowledge, which again raised a query in dealers mind. What will be impact of the goods that are not taxed now. More clarity is expected on these aspects . – Reply By bhart b sharma – The Reply = a new tax is already bringing 'fear of unknown' in the minds of all stakeholders – even large corporate houses. in such scenario, mitigatin
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