Goods and Service Tax – GST – By: – Deepak Aggarwal – Dated:- 19-12-2014 Last Replied Date:- 22-12-2014 – GST-2016 Latest development Union Cabinet gave its assent on Wednesday to the constitutional amendment bill. GST on April 1, 2016, replacing a range of indirect taxes levied by the Centre, states and local bodies with one unifying levy. The bill all set to be presented in the current session of Parliament; it would be seen as enormously positive towards GST implementation on April 1, 2016. The bill will have to be ratified by a two-thirds majority. The government is hoping for parliamentary approval in the budget session. The constitution has to be amended to allow states to tax services and the Centre to tax goods at the retail le
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revenue sources for states, are not likely to be covered by GST. Finance minister held a series of meetings over the past few days with state finance ministers to address their concerns including compensation. He had also announced compensation of ₹ 11,000 crore to make up for the cut in the central sales tax (CST) rate to 2% from 4% and assured an additional sum in the coming budget. The issue of CST compensation had been a key irritant. – Reply By THAMBUSAMY SEKAR – The Reply = Dear Deepak,Whether statutory forms viz. C / F / H will play role in GST-2016 ? can you brief about it ? With Warm Regards,Nirmal NithishPondicherry. – Reply By Deepak Aggarwal – The Reply = Dear Sir,As such there is no clarity about to use form C /
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