Goods and Services Tax – GST – By: – Bimal jain – Dated:- 26-12-2015 – GST has been missing several deadlines in the past. Perhaps, the only major reform both India and the World were looking at from the Parliament s winter session was the passage of the 122nd Constitutional Amendment Bill, 2014 ( 122nd CAB or GST Bill ), which promised to bring in the biggest indirect tax-reforms in the Country ever happened. The Lok Sabha and the Rajya Sabha have been adjourned sine die on December 23, 2015, marking yet another washout due to frequent disruptions by the opposition. The 20-day session was little productive as compared to the monsoon session, which was a virtual washout following the ruckus created by opposition pressing for ouster of external affairs minister Sushma Swaraj, Rajasthan CM Vasundhara Raje and Madhya Pradesh CM Shivraj Singh Chouhan over various allegations. But the moot question which remains unanswered is So what changed from Monsoon to Winter – virtually nothing . The
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ee on Business Processes for GST on Registration; Draft Report of the Joint Committee on Business Processes for GST Payment Process; Draft Report of the Joint Committee on Business Processes for GST on GST Return This initiative was immensely appreciated by the Trade. Further, the Committee headed by the Chief Economic Adviser, Dr. Arvind Subramanian, had given its recommendations to the Finance Minister in early first week of December, followed by Detailed Report recently released on December 9, 2015, recommending a four-tier rate structure wherein some essential items will be taxed at 12%, gold and precious metals at 2-6%, some so-called sin or demerit goods like luxury cars and tobacco products at 40% and most goods and all services at 17-18%. These rates were derived from a RNR of 15%-15.5%. Furthermore, on December 21, 2015, Shri. Prakash Kumar, CEO of the Goods and Services Tax Network (GSTN), has assured that Infosys, which a few months ago won a landmark ₹ 1,380-crore con
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Minister Arun Jaitley hinted at accepting Congress stand on scrapping of 1% additional tax but said that their demand for incorporating the GST rate in the Constitution Bill was not agreeable. What lies ahead? Clearly, the time is running out for the Modi Government to make major reforms happen in the economy. The promised reforms agenda of the Modi Government is yet to take place in a major way. The Government is mulling waiting till the budget session of the Parliament to secure passage for the GST Bill. The Government is expecting improved numbers in the Rajya Sabha in April 2016 since a number of Congress members are retiring in March and April next year. The Budget session starts in February-end and continues until the first week of May. Our Comments: The delay in the passage of the GST bill has put a question mark on the planned roll out of the GST era by the appointed date of April 1, 2016, which now seems to be cumbersome task for the Government to meet a self-imposed deadline
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