Goods and Services Tax – GST – By: – Bimal jain – Dated:- 22-2-2017 Last Replied Date:- 1-3-2017 – Key takeaways of 10th GST Council meeting: GST Compensation Bill gets nod; IGST, CGST and SGST Laws will be taken up in next meeting on March 4-5 GST Compensation Bill gets the formal nod Prospects of Goods and Services Tax ( GST ) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10th meeting, held on February 18, 2017 at Udaipur. The GST Compensation Bill seeks to stipulate the manner in which States will be compensated in the event of a loss arising in the first five years, due to the implementation of GST. The GST compensation law, that if a state has a loss, then for the first five years they will be compensated, the legally vetted draft has been formally approved by the GST Council…It will go before the Cabinet, which will give its approval and we will seek to place it before Parlia
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gal committee has received its clarifications from the Council….The legal committee will incorporate these changes and on March 4-5, the GST Council will meet again in Delhi and approve these laws. , Mr. Jaitley said. Fitment of items under GST rate slabs to be done after passage of laws The decision on categorisation of goods in tax slabs (5%/12%/18%/28% and 28% with Cess) is not part of the law and will be worked out by the GST Council after the enabling laws are passed. Mr. Jaitley said that they would require one more major meeting of the Council to give its approval to the specific items in each of the slabs. No discussion on anti-profiteering Mr. Jaitley said that the issue of anti-profiteering did not come up for discussion during the meeting. No additional powers to CAG The Finance Minister added that the GST Council has decided against giving additional powers to the Comptroller and Auditor General of India (CAG) under the Indirect tax act. CAG is already empowered unde
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sessees below the annual turnover threshold of ₹ 1.5 crore between States and Centre, respectively, and an equal division of assessees for a turnover of above ₹ 1.5 crore, after consultation with the Centre. Also, it had said that the GST Council had approved equal division of new registrants. Our Comments: Indeed, the approval to the Draft Compensation Bill, is a positive development, on way to GST implementation, as it was one of the contentious issues. Another good signal was that the political differences over demonetisation that hampered negotiations seem out of the way. All eyes will now be on next meeting of the GST Council on March 4-5 to see formal approval to the Draft Laws. Central laws would then be put up before the Parliament in the second leg of the Budget session, starting on March 9, 2017. Focus shall also remain on the fitment of items in GST rate slabs which will play the major role in preparation of the Industry. Hope the information will assist you in y
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