Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 11-3-2016 – Steps Involved in GST Introduction Following steps are needed on political, administrative and technological fronts for smooth implementation of GST: Constitutional amendments (pending in Parliament (Rajya Sabha); Standing Committee Report submitted; draws opposition from Congress) Drafting of GST law (process started) Strong political commitment (looks a distant reality in present political set up). Arriving at common / general consensus on major issues including political agreement (efforts are on through Empowered Committee / negotiations ) Setting up a high level committee for monitoring the project of GST (Empowered committee is in place). Preparing a blueprint/road map for GST (to be made public) Creating a conducive environment for GST (slow efforts) Centre-States coordination (efforts on, onus on Empowered Committee) Consolidation of Central Excise, Service Tax and VAT on imports/exports Identificati
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
nces decision to introduce VAT in India. Formation of Empowered Committee on VAT 2002 Task Force on Indirect Taxes report headed by Kelkar CENVAT introduced on all commodities at central level 2003 VAT introduced in first Indian State of Haryana 2005 VAT in 24 States/UTs including Punjab, Chandigarh, HP, J&K and Delhi. 2006 VAT implemented in 5 more States including Rajasthan. 2007 FM announces GST introduction in India from April 01, 2010. Parthasarathi Shome submits a study paper on GST. Empowered Committee of State Finance Ministers constitutes the Joint Working Group. VAT implemented in Tamil Nadu & Puducherry. Central Sales Tax (CST) phase out starts, CST cut to 3%. Joint Working Group set up for proposing GST roadmap and structure. 2008 VAT introduced in the last Indian State of UP from January 01, 2008. EC finalises its views on a broad GST structure with consensus on Dual GST (Central & State GST), separate legislation, levy and administration. CST reduced to 2% 200
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
xes proposed to be subsumed under GST, whether collected by States or local bodies. Petroleum and petroleum products to be subsumed in GST, with nominal or zero-rated tax. GST compensation to States pegged at around ₹ 11,000 crore. Centre to provide three year compensation on the revenue loss incurred by States after GST roll-out. December : GST Constitutional Amendment Bill moved in Lok Sabha 2015 06.05.2015 Lok Sabha passes GST Bill 12.05.2015 Bill on GST not passed by Rajya Sabha ; referred to Select Committee 17.06.2015 Committees Constituted to recommend tax rates and to monitor progress of IT preparedness / mechanism of GST / drafting of rules. 22.07.2015 Select Committee of Rajya Sabha tabled its report on GST Bill 29.07.2015 Union Cabinet approves Select Committee recommendations 11.10.2015 Discussion papers to on business processes on registration, payment, returns and refunds under GST made public 03.12.2015 Committee on Tax rates submits reports ? Revised draft to be p
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =