Goods and GST Bill passed
Query (Issue) Started By: – Ganeshan Kalyani Dated:- 3-8-2016 Last Reply Date:- 26-7-2017 Goods and Services Tax – GST
Got 1401 Replies
GST
Dear All,
GST Bill is passed in Rajya Sabha on 03. 08.2016.
A panel under chief economic adviser Arvind Subramanian has recommended a revenue-neutral rate of 15-15.5%, with a standard rate of 17-18% be levied on most goods and all services.
But, there has been no agreement yet on rates of various goods and services, which remains a tricky issue. According to the Bill, passed in the Lok Sabha in May 2015, the rates were to be decided by a GST council headed by the central finance minister with state finance ministers as members.
Let us wait.
Thanks.
Reply By Ganeshan Kalyani:
The Reply:
Sir, I would like to represt below update on GST rate.
All states were of the view that the tax rates put forward by the chief economic adviser are not acceptable. There was no consensus on what should be the rate. It ca
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on all inter-state supply of goods;
* Full compensation to the States for first five years towards the losses if any, incurred by the States due to implementation of GST.
* Establishing a mechanism for adjudicating any dispute between Centre and States or between the States, arising out of the recommendations of GST Council.
Thanks.
Reply By Ganeshan Kalyani:
The Reply:
Sir,
The Government may take up the Bill for Goods and Services Tax Law possibly in the winter session of the Parliament. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
Sir, the GST Bill is already passed by both the house. Now the bill is required to be ratified by States. I'm this regard three States has already passed it. Assam was the first to ratified followed by Bihar and today Jharkhand has ratified the GST Bill. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
Sir,
The GST rate is discussed to be @22%. The Chief Economic Advisor has suggested for 18%. The rate across country has gst rate ranging
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elhi, Madhya Pradesh, Haryana, Goa, Maharashtra, Rajasthan etc are likely to follow suit.
Reply By Ganeshan Kalyani:
The Reply:
Sir, Nagaland also ratified GST Bill.
Reply By Ganeshan Kalyani:
The Reply:
Sir, 13 states have approved the GST Bill. These states include :
* Assam,
* Bihar,
* Jharkhand,
* Himachal Pradesh,
* Chhattisgarh,
* Gujarat,
* Madhya Pradesh,
* Delhi,
* Nagaland,
* Mahrashtra,
* Haryana,
* Mizoram and
* Telangana.
Thanks.
Reply By Ganeshan Kalyani:
The Reply:
States that ratified GST Bill.
1. Assam (12.08.2016)
2. Bihar (16.08.2016)
3. Jharkhand (17.08.2016)
4. Himachal Pradesh (22.08.2016)
5. Chhattisgarh (22.08.2016)
6. Gujarat (23.08.2016)
7. Madhya Pradesh (24.08.2016)
8. Delhi (24.08.2016)
9. Nagaland (26.08.2016)
10. Maharashtra (29.08.2016)
11. Haryana (29.08.2016)
12. Telangana (30.08.2016)
13. Mizoram (30.08.2016)
14. Sikkim (30.08.2016)
15. Goa (31.08.2016)
16. Orissa (01.09 2016)
Thanks.
Reply By Ganeshan Kalyani:
The
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an what the Central and States are collecting in present regime. The GST Council is going to do this exercise. Let's wait and see. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
The return, payment and other details of GST is proposed to be maintained in Goods and Service Tax Network (GSTN). GSTN is a company. Thanks
Reply By Ganeshan Kalyani:
The Reply:
GST Bill I.e. Constitutional Amendment Bill received assent from Hon'ble President Shri Pranab Mukherjee today. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
Sir, so many taxes are there in our country. One is not aware of all the taxes. So, many issues creep up because of ignorance of law. Hopefully most of the issues will be resolved with the implementation of GST.
The more important is training to the tax officers and the dealer as well as both have to work with each other. The training is needed in implementation level. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
The Bill received assent of the President, Now
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will be required for some years at least to handle the pending cases. The legacy commissionerate will look into that,” said an official.
Source : Business Standard.
Reply By Ganeshan Kalyani:
The Reply:
The Union Cabinet today approved the setting up of a GST Council, which will decide the rate of tax under the new Goods and Services Tax (GST) regime.
The GST Council will consist of Union Finance Minister, Minister of State in charge of Revenue Department and State Finance Minister. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
The CGST and IGST will be drafted on the basis of the model GST law. The states will draft their respective State GST (SGST) laws with minor variation incorporating state-based exemptions.
Reply By Ganeshan Kalyani:
The Reply:
The first take of GST Council would be to decide the GST rate. The Chief Economic Advisor has suggested for 18%. But States insist for 20% and above. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
Sir, the discussion is going o
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lakh taxpayers onto its system. This will facilitate the smooth implementation of the GST regime. “The first part of our software will be ready by end October. Existing taxpayers of value added tax, service tax and central excise will be migrated to GSTN,” said Navin Kumar, Chairman, GSTN.
Reply By YAGAY AND SUN:
The Reply: GST Council is fighting against time
The government plans to bring in GST from 1 April 2017 and supporting legislation in the winter session, leaving only around two months for the council to finalize all issues
Reply By YAGAY AND SUN:
The Reply: India's Reincarnation As A Unified Marketplace Of 1.2 Billion Participants http://seekingalpha.com/article/4006469-indias-reincarnation-unified-marketplace-1_2-billion-participants
Earlier in August, as U.S. investors were preoccupied with domestic news on the elections and markets, an interesting development happened halfway around the globe. India's legislature, after a notoriously long process, approved one of
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n developing countries, indirect taxes make up a greater portion of total taxes. In the U.S., taxes on goods and services are 5%1 of total tax collection, while in India they account for over 30%.2
India's GST is a bold attempt to streamline these indirect taxes and increase tax compliance. Taxes in India are split into an array of federal and state taxes. Not only does every state have its own rate, but each could also levy extra taxes depending on the category of sale (e.g., luxury taxes on high-end hotels, entertainment taxes on movies).
GST aims to subsume these taxes under two distinct categories of central and state tax, as shown in the chart below.
Taxes Subsumed by GST State and Central Taxes
Reply By YAGAY AND SUN:
The Reply:
Chasing the GST deadline: Early movers can capitalise on options and benefit most
Under the GST regime, the credit eligibility of a company will largely depend upon suppliers' GST compliances. Therefore, companies would prefer to engage with sup
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journey as nine-tenth of its details are yet to come. "We have merely passed an empowering and enabling legislation. We have not passed an enforceable tax regime. So unless things are decided, there should not be any interface by me from this podium, by pre-empting the decision of that council by a political party."But certainly there should be no self-congratulatory patting the back by the central government when nine-tenths of the details are yet to come. As we all know, both God and the Devil lies in the details. Let the process start," Congress spokesperson Abhishek Singhvi told reporters. He said there has been a lot of self-congratulatory patting in the back by the Centre, which is failing to realise that "we are at the beginning of the GST journey, not at the end."
Mr Singhvi said almost everything is open and yet to be decided by the GST Council.
He said which article is to be exempted and which one to be taxed and what is the minimum rate and what i
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“very stiff”. This is probably the understatement of the year. Even if Prime Minister Narendra Modi were to agree to relax the deadline, it would still remain “stiff”.
Reply By Ganeshan Kalyani:
The Reply:
The mechanics of implementation -getting the GST Network up and running, training tax officials to handle the new system, and nudging companies to install the necessary software and hardware at their ends – will be hard enough.
Reply By Ganeshan Kalyani:
The Reply:
Currently, it has been assumed that there will be only three basic rates – a standard rate, a merit rate and a luxury rate. Then there will be zero-rated essentials.
Reply By Ganeshan Kalyani:
The Reply:
“Industry bodies have been asking for more time. They want it to be delayed by a quarter or two. They would like to see the fine print and then prepare for the GST regime,” said Mahesh Jaising, partner, BMR & Associates LLP.
Reply By Ganeshan Kalyani:
The Reply:
The GST Council will make recommendations on matte
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o look at it seriously as it will add to the prices of the commodity. This is something, which the state council or the GST council needs to address. It certainly is a concern for the industry just like high taxation is a concern for the industry. We feel being an essential commodity, the taxation should be minimum on the essential commodities.
Source :: http://www.thehindubusinessline.com/economy/agri-business/mandi-tax-will-be-a-serious-concern-post-gst-rollout/article9103404.ece
Reply By Ganeshan Kalyani:
The Reply:
With the implementation of GST, auto manufacturers will certainly feel the ease in doing business. It's not just us saying it, but the industry. In fact, the biggest concern for most is the percentage of tax that will be levied. Dr.Pawan Goenka – Executive Director, Mahindra & Mahindra said, “The Industry is looking forward to that (GST) but more than what, it's the rate which will be of utmost importance. I mean it could be 18 per cent, 20 per cent, 22 per cent but
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cally around the same range. The pharma industry will look forward to continuation of exemption for certain life-saving drugs and Active Pharmaceutical Ingredients used in manufacture of life saving drugs.
Source: ey.com
Reply By Ganeshan Kalyani:
The Reply:
Since the rolling out of GST seems to be closer to reality with a target date of April 1, 2017, companies have already commenced working towards the transition to GST, and for the ones that have not yet started, would need to have a plan to address the challenges of crash-landing into the GST regime. Given the far-reaching impact of GST across the business organisation and its value-chain across businesses, as part of the process towards effective GST transition, companies may need to adopt a comprehensive business transformation approach. This would involve a business impact analysis, reviewing business delivery and supply-chain models, engaging with the government on issues of representation, preparing IT systems to be GST-com
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icant reduction in the overall indirect tax cost. This reduction in indirect tax cost can lead to reduction in production cost and increase in base line profits, giving headroom for reducing prices and benefiting end-users.
However, for some other goods (for e.g. textiles, edible oil, low value footwear) the rate of excise duty is nil whereas VAT in most States is 5%. Thus, the overall tax cost for these kind of goods (after factoring the non-creditable taxes) is about 8 to 9%. If these goods are kept at the standard GST rate of 18% then there would be significant increase in cost for the end customers. Even if these goods are kept at the lower GST rate of 12% there would be an increase in cost for the end customers.
GST's impact on the ordinary consumerAugust 2016
The Financial Express
By
Abhishek Jain
Tax Partner, EY India
Reply By YAGAY AND SUN:
The Reply:
http://economictimes.indiatimes.com/news/economy/policy/post-gst-modi-government-to-cushion-impact-of-hike-in-service-tax/
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actious-setting-for-the-pooled-sovereignty-that-gst-requires/
Reply By YAGAY AND SUN:
The Reply: GST game changer for manufacturing, ease of doing business: DIPP Secretary Ramesh Abhishek
Reply By YAGAY AND SUN:
The Reply:
http://indianexpress.com/article/business/business-others/manufacturing-sector-gst-vat-cst-taxation-profitability-realigning-operations-3028054/
Reply By YAGAY AND SUN:
The Reply:
http://economictimes.indiatimes.com/wealth/personal-finance-news/gst-to-help-make-economic-commercial-transactions-more-efficient/articleshow/54288446.cms
Reply By YAGAY AND SUN:
The Reply:
http://www.moneycontrol.com/news/sme/gst-bill-what-isstore-for-manufacturing-smes_7426801.html
Reply By YAGAY AND SUN:
The Reply:
http://www.tribuneindia.com/news/uttarakhand/uttarakhand-to-gain-from-gst-govt-should-plan-to-promote-service-sector/285870.html
Reply By YAGAY AND SUN:
The Reply:
http://www.legallyindia.com/blogs/impact-of-gst-on-the-aviation-sector
Reply By YAGAY AND SUN:
The Rep
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mments can be different but it is a very good platform to share knowledge to do something for others who need tips/inputs on tax matters.
Thanks & Best Regards,
YAGAY & SUN
(Management, Business and Tax Consultants)
Reply By YAGAY AND SUN:
The Reply: Government is working overtime on GST: Cabinet Secretary P.K. Sinha
Terming GST reform as a “game changer”, Cabinet Secretary P.K. Sinha today said the government is working “overtime” to implement the indirect tax regime from April 1 next year.
The Constitution (122nd Amendment) Bill, 2016, for introduction of the GST in the country was accorded assent by the President on September 8 and the same has been notified as the Constitution (101st Amendment) Act, 2016.
“GST is the biggest game changer. But it is also a challenge. We are working overtime to make it happen from April 1, 2017,” Mr. Sinha said at the Chief Secretaries' Conclave organised by industry chamber PHDCCI here.
Government wants to implement the tax reform from April
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nt said: “We are trying to build a spirit of competition on ease of doing business among states.”
States are now competing among themselves to attract investors and this is a positive sign, he added.
He said the government is focused on innovation and trying to make India an easy simple place to do business.
The government has taken various steps to facilitate further improvement, including bringing in the bankruptcy law, e-biz platform for a single channel of approvals and a national company law tribunal, he added.
Reply By Ganeshan Kalyani:
The Reply:
An app to link check posts under State Governments as well as the Centres is in the works, the Government has said. The Government has identified 80 inter-state check points pan-India to be augmented for smooth flow of goods, ''an official said''. The official also said that an estimated ₹ 50 Crores is likely to be spent on each such check post. Thanks.
Reply By Ganeshan Kalyani:
The Reply:
Tea Traders have
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I(M)-led LDF government in Kerala yet to ratify the GST constitutional amendment bill, state Finance Minister T M Thomas Isaac today protested against the procedures adopted for the conduct of the GST council meeting to be held on September 22 and 23.
Read more at:
http://economictimes.indiatimes.com/articleshow/54444267.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Reply By YAGAY AND SUN:
The Reply: 268-page GST FAQs out; e-tailers, aggregators to register
Frequently Asked questions (FAq) on GST
Reply By Ganeshan Kalyani:
The Reply:
FAQS ON GST is published in CBEC on 21.09.2016
Frequently Asked questions (FAq) on GST
Reply By YAGAY AND SUN:
The Reply: Will meet April 1 target for GST rollout: Meghwal
Reply By YAGAY AND SUN:
The Reply: Hope to resolve all pending issues on GST: Arun Jaitley
Reply By YAGAY AND SUN:
The Reply: GST: Central govt, states agree on timetable for April 1 rollout
Reply By YAGAY AND SUN:
The Reply: GST: States want to tax business
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y Ganeshan Kalyani:
The Reply:
Along with the software development, the GSTN will also ensure migration of the existing payers of value added tax (VAT), which number about 6.5 million, and about 2 million service tax payers and about 300,000-400,000 Central excise tax payers.
Reply By Ganeshan Kalyani:
The Reply: GST council meet: Centre, states agree on timetable for 1 April roll-out
Key issues like sharing of administrative control between the centre and states and compensation mechanism to be taken up by the GST council on Friday
Remya Nair
Finance minister Arun Jaitley agreed to the continuation of the empowered committee of state finance ministers-the representative body of states-for discussions on matters other than GST. Photo: Ramesh Pathania/Mint
The goods and services tax (GST) will be rolled out on 1 April, members at the first meeting of the GST council decided by consensus on Thursday.
They also charted the steps to be taken over the next few months to meet the dead
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ues,” finance minister Arun Jaitley said. “The issue of cross empowerment to address the issue of dual control and compensation and the draft compensation law will be discussed on Friday.”
The meeting also finalized the rules of business and conduct of the GST council. In the absence of a state finance minister, state government officials will be able to represent the state but won't be able to vote. Issues like tax rates, the threshold level and selection of a vice-chairman have been put off for later.
Some states, including Tamil Nadu and Uttar Pradesh, sought more voting powers arguing that their size merits more than one vote per state; this was however rejected. Jaitley also agreed to the continuation of the empowered committee of state finance ministers-the representative body of states-for discussions on matters other than GST.
Kerala finance minister Thomas Isaac said that many states, including Uttar Pradesh and Kerala, will be affected if the exemption limit is raised to &
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6.5 million, and about 2 million service tax payers and about 300,000-400,000 Central excise tax payers. This migration process is critical to the 1 April launch, since it's expected to take around four to six months, and a further period of trials, testing and soft launching before it's fully ready for nationwide operation.
Reply By Ganeshan Kalyani:
The Reply:
Training and preparation of the Central Board of Excise and Customs and state taxation departments is another critical component for making the promise of smoother tax administration a reality-to come to terms with the nitty-gritty of the new law, its implementation and spirit. The government is planning to train more than 60,000 officers by March 2017 and the states would have to undertake similar training exercises. Unprepared tax staff can affect the transition, leading to consequent litigation and loss of revenue. Reforming tax departments is not an easy task, and preparing the administration for this is yet another chall
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ober' 2016.
Reply By Ganeshan Kalyani:
The Reply:
Tax slabs also to be discussed in GST Council meeting to be held on 17 to 19 October.
Reply By Ganeshan Kalyani:
The Reply:
GST Presentation published in CBEC website. the link is given below.
http://www.cbec.gov.in/resources//htdocs-cbec/deptt_offcr/gst-dgtps-12092016.pdf
Reply By Ganeshan Kalyani:
The Reply:
Returns under GST
GSTR 1- Sales Register
GSTR 2- Purchase Register
GSTR 3- Monthly return form
GSTR 4- Quarterly return for compounding dealers
GSTR 5- Periodic return by Non-Resident Taxpayer
GSTR 6- Return for Input Service Distributor (ISD)
GSTR 7- Return for Tax Deducted at Source
GSTR 8- Annual Return
Reply By Ganeshan Kalyani:
The Reply:
Draft rule rules on registration, payment and invoice is published in CBEC today .
Reply By Ganeshan Kalyani:
The Reply:
PPT on GST is also published in CBEC webiste.
Reply By YAGAY AND SUN:
The Reply:
CBEC has released Draft Rules and Format on GST. Also sought the
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o become. In this regard, Trade Association of Information Technology (TAIT) organised a workshop for its members to appraise them on the impact of GST on the India's indirect tax structure for IT, Telecommunications and Electronics products, solutions and services.
Mr Rajeev G. Varaiya, Partner, Damania & Varaiya briefed TAIT members on the various nuances related to GST. He spoke at length about the present taxation structure in India, global adoption of GST, India's Model GST Law, GST compliance and reporting norms, taxes to be subsumed into GST and exclusions from GST. Talking about the benefits of GST and its positive impact on the IT industry he said, “The landmark GST bill passed in the Monsoon Session of Parliament is expected to simplify indirect taxation, roll out single and uniform GST rates across the country, with a transparent tax structure. It will create a seamless tax credit mechanism across the business value chain. The GST legislation will improve competitiveness of
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re-deposit in case of appeal or investigation; refund of tax paid in the case of transactions with UN bodies, CSD Canteens, para-military force canteens etc., and refund of Input Tax Credit in case of inverted tax structure. However, he did caution that the overall cost of taxation may rise if CGST, SGST and/or IGST rates are fixed at relatively higher levels. Sharing his viewpoint on the GST legislation, Mr Rushabh Shah, President, TAIT said, “Currently, total tax on software is 15% Service Tax and 5.5% VAT, adding up to 21.24% on base price. Software is taxed twice by means of Service Tax and VAT, but with the implementation of GST, this will be reduced to a single tax. As an industry body, we really hope that in the new GST regime the rate will be revenue neutral and not exceed 18%.
GST will play a key role in bringing transparency into India's indirect tax regime. It will bring uniformity and ease taxation woes of industry as a whole and the IT-ITeS sector. With modifications expe
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ast 5 days prior to the commencement of business and shall also deposit full tax liability in advance.
The government aims to implement the new indirect tax regime Goods and Services Tax (GST) from April 1, 2017, and to that effect the GST Council will hold its second meeting on September 30. The meeting would finalise rules for GST. The draft rules also provide that if a tax official fails to take action on registration application within a stipulated time frame, the application for grant of registration shall be deemed to have been approved.
As per the draft norms, the applicant seeking registration will have to submit PAN, mobile number, email address on the common portal or through a facilitation centre. The tax authorities will use PAN, one time password and Aadhaar number to verify the details of the applicant. In case all documents are in order, the tax official will approve registration in three working days from the date of submission of application.
In case there are defec
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Rate (Per Item), Discount Offered, Freight, Amount of tax (Under reverse charge), Electronic reference number etc.
These rules also prescribe that transporter need not carry any invoice if supplier provides invoice reference number to transporter.
Reply By Ganeshan Kalyani:
The Reply:
http://www.cbec.gov.in/htdocs-cbec/gst
The draft rules is published for feedback.
Reply By Ganeshan Kalyani:
The Reply:
FAQs on GST compiled by CBEC
The CBEC has published compilation of FAQs on GST covering 24 topics with over 500 questions. This is the first version based on the Model GST Law which has been released in the public domain
Click to download FAQs on GST compiled by CBEC
Reply By Ganeshan Kalyani:
The Reply:
Confederation of Commercial Tax Associations (AICCTA) met on 24-09-2016 at New Delhi and passed the following resolutions
Resolution No.1:
The All India Confederation of Commercial Tax Officers Associations condemn the retention of Assessment jurisdiction of 20.87 lakh Se
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gst/draft-rules-format
Reply By YAGAY AND SUN:
The Reply:
This is to inform you that the list of GST Draft Rules and Formats have been updated on the CBEC's website. Please click on the appended link to check, at length.
http://www.cbec.gov.in/htdocs-cbec/gst/draft-rules-format
* Draft Return Rules
* Draft Return Formats
* GSTR 9B
* ITC Mismatch Report
* Draft Refund Rules
* Draft Refund Formats
* Draft Registration Rules
* Draft Registration formats
* Draft Payment Rules
* Draft Payment formats
* Draft Invoice Rules
* Draft Invoice formats
Reply By Ganeshan Kalyani:
The Reply:
KPMG and FICCI sign MoU to launch GST awareness campaign across India.
Reply By Ganeshan Kalyani:
The Reply:
Turnover based HSN code mechanism introduced under GST.
Reply By YAGAY AND SUN:
The Reply:
Monthly returns to be mandatory under GST
Reply By YAGAY AND SUN:
The Reply:
Govt favours e-payment of GST over ₹10,000
Reply By YAGAY AND SUN:
The Reply:
Govt issues draft
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Reply By Ganeshan Kalyani:
The Reply:
The authority has been doing detailed analysis of impact of GST in marine industry
Reply By Ganeshan Kalyani:
The Reply:
Senior IAS officer Arun Goyal has been appointed as Additional Secretary in the goods and service tax council.
Reply By Ganeshan Kalyani:
The Reply:
Congress Chief ministers and finance minister are expected to press for an 18%GST cap at the meeting of 3 days gst council beginning Oct 17, and stress that a higher rate would burden the commons man.
Reply By Ganeshan Kalyani:
The Reply:
Congress rationale is that higher rate will burden the common man and will defeat the very purpose of GST to create a common market and reduce the burden of both producer and consumer.
Reply By Ganeshan Kalyani:
The Reply:
The state authorities would have jurisdictions over assesses having turnover of less than 1.5 crore
Reply By Ganeshan Kalyani:
The Reply:
Countries with booming exports such as Singapore, Malaysia and Australia h
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nue the concept of classification based on HSN but a slightly modified version will be implemented wherein turnover of the taxpayers will play a pivotal role in determine coding. However, there will be separate codes for goods and services.
Broad rule is as under:
– Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2 digit code;
– Taxpayers whose turnover is ₹ 5 crores and above shall use 4 digit code;and
– Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices.
Services will be required to be classified per the Services Accounting Code (SAC)
Reply By Ganeshan Kalyani:
The Reply:
Assurance giant KPMG and industry body FICCI have signed a Memorandum of Understanding (MoU) for a multi-city awareness campaign about the Goods and Service Tax (GST) law, its benefits, issues, and sector challenges, KPMG stated in a press release.
Experts from KPMG will be taking sessions across vari
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r a person having the same PAN.
Reply By Ganeshan Kalyani:
The Reply:
Composition scheme is applicable subject to the condition that the taxable person does not affect inter-state supplies.
Reply By Ganeshan Kalyani:
The Reply:
GSTN stands for Goods and Service Tax Network (GSTN). A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall providea shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders for implementation of GST. The functions of the GSTN would, inter-alia include: (i) facilitating registration; (ii) forwarding the returns to Central and State authorities; (iii) computation and settlement of IGST; (iv) matching of tax payment details with banking network; (v) providing various MIS reports to the Central and State Governments based on the tax payers return information; (vi) providing analysis of tax payers's profitle, and (vii) running the matching engine for matching, r
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digit code. Taxpayers whose turnover is below ₹ 1.5 Crores are not required to mention HSN Code in their invoice. Services will be classified as per the Services Accounting Code (SAC)
Reply By Ganeshan Kalyani:
The Reply:
Goods and Service Tax (GST) is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
Reply By Ganeshan Kalyani:
The Reply:
Alcohol for human consumption, Petroleum Products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel & Electricity,
Reply By Ganeshan Kalyani:
The Reply:
The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified on the recommendations of the GST Council.
Reply
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ss verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed.
Reply By Ganeshan Kalyani:
The Reply:
A person, though not liable to be registered under Schedule III, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person.
Reply By Ganeshan Kalyani:
The Reply:
The proper officer can reject an application for registration after due verification. However it is also provided in sub-section 8 of Section 19, the propoer officer shall not reject the application for registration or the Unique Identity Number without giving a notice to shown cause and without giving the person a reasonable opportunities of being heard.
Reply By Ganeshan Kalyani:
The Reply:
CBEC, Chief said that every exemption distorts the structure and on that there is a complete agreement and consensus. The lesser the exemptions the better.
Having said
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s Integration) of the Central Board of Excise and Customs (CBEC).
The total cost involved in ₹ 2256 Crore which will be incurred over a period of seven years. It will help in :
* implementation of Goods and Services Tax (GST)
* extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and
* other taxpayer friendly initiatives under Digital India and Ease of Doing Business of Central Board of Excise and Customs.
The implementation strategy for the project will be to ensure readiness of CBEC's IT systems by April, 1, 2017, when GST is to be introduced. The upgrade of the IT systems will be carried out while keeping the existing Taxpayer services running.
Source: GSTupdates.
Reply By Ganeshan Kalyani:
The Reply:
CBEC had released draft rules (along with formats) on various aspects such as Registration, Refunds, Returns, Payment of tax and Invoices for public comments likely to be finalised by Friday. The move came in which a clear intent
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ource: GST updates.
Reply By Ganeshan Kalyani:
The Reply:
The Government is working to implement GST by its set due date I.e. 01.04.2017
Reply By Ganeshan Kalyani:
The Reply:
First meeting of GST Council was constructive said Shri Arun Jaitly ji
Reply By Ganeshan Kalyani:
The Reply:
Additionaldraft rule has been publishedhttp://www.cbec.gov.in/htdocs-cbec/gst/draft-rules-format
Reply By Ganeshan Kalyani:
The Reply:
tax-vat-for-1-year-after-notification-of-gst-act/
Reply By Ganeshan Kalyani:
The Reply:
FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country.
The Union Finance Minister Shri Arun Jaitley said that the Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Services Tax (GST) in the country. He said that till 16th September, 2017, that is one year after the provisions of the Constitution (101st Amendment) Act, 2016 being brought into force, the Constitut
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er Article 279A of the Constitution. The GST Council is a joint forum of the Centre and the States. The Council will take decisions on important issues like tax rates, exemption list and threshold limits etc.
Thereafter, the Members of Consultative Committee who participated in today's Meeting sought various clarifications with regard to GST Law and gave suggestions for its better implementation. Some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime. The members said that it will be challenging task to tackle complex situation arising-out of implementation of GST law in a federal system. Some of the members suggested there is a need for launching a large scale Awareness Campaign especially for the small traders as most of them are still unaware about the complex procedures and processes under GST regime including for registration and filing of retu
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n by the Govt to meet the implementation date.
Reply By YAGAY AND SUN:
The Reply:
GST Council meet: Centre, state consensus on 5 key areas, but differ on service tax assessment.
Reply By YAGAY AND SUN:
The Reply:
GST Council falters on service tax control.
Reply By YAGAY AND SUN:
The Reply:
GST Council meeting: Waivers, draft rules okayed; differences over tax assessees
Reply By Ganeshan Kalyani:
The Reply:
Need clarity on the exemptions given in the current tax regime. Whether it would continue for the time period given . Will have to see.
Reply By Ganeshan Kalyani:
The Reply:
The area based exemption is going to be now by refund option. Where the Govt shall refund 80% and balance would be refunded after assessment it seems. The concern here is that paying the tax first would hit working capital and getting the tax paid from department is not a easy job. What will happen to existing company which got exemption because of setting up of factory in specified backward area. Have
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to accounts . But if we see seriously into the number of returns that an assessee needs to be filed then it is understood that every company has to have dedicated tax officer who shall carry out complaince under GST.
Reply By Ganeshan Kalyani:
The Reply:
The information technology also need to be made in line with GST. The reports required for filing of return should come from the system only. Such arrangement would help the dealers to comply with ease and without error.
Reply By Ganeshan Kalyani:
The Reply:
Now the time has come to gear up for GST. That is we need to attend training , seminars etc. The tax officer in a corporate need to know the GST tax provison. There is nothing difficult for govt. They may issue notification mentioning the implementation date is with effect from 01.04.2017. The time is very shot.
Reply By Ganeshan Kalyani:
The Reply:
RBI in support of 18% GST rate, says no material impact on inflation.
Reply By Ganeshan Kalyani:
The Reply:
HSN need to be m
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y the council.
Reply By Ganeshan Kalyani:
The Reply:
As per draft rule, the input credit outstanding as of 31.03.2017 shall be allowed to carry over in GST by automatically carry forwarding from last return under current tax regime. Hence the last return under current regime is crucial. Otherwise input credit would be available.
Reply By Ganeshan Kalyani:
The Reply:
Filing of revised return of last month under current tax regime should be given. Otherwise if mistake happens in the original return then dealer would loose the closing credit.
Reply By Ganeshan Kalyani:
The Reply:
Seemless credit is aimed under GST, So credit would be eligible but output final product should be taxable.
Reply By Ganeshan Kalyani:
The Reply:
Number of returns are 37 to be filed by General assessee.
Reply By Ganeshan Kalyani:
The Reply:
In GST, government plans to change entire structure of tax administration by setting up of GST Commissionerate within CBEC that will administer the new tax regime
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ayers whose turnover is above 5 Crores shall use 4 digits code. Taxpayers whose turnover is below 1.5 Crores shall not mention HSN code in the invoices.
Reply By Ganeshan Kalyani:
The Reply:
Services will be required to be classified as per Services Accounting Code.
Reply By Ganeshan Kalyani:
The Reply:
Maharashtra will have 20 GST Commissionerate, The highest among all states.
Reply By Ganeshan Kalyani:
The Reply:
As per the latest data (up to September 23) of NACEN, 3,074 field officers have been trained as against the target of 60,000.
Reply By Ganeshan Kalyani:
The Reply:
In its first meeting on September 23, the GST Council, which is headed by finance minister Arun Jaitley, had decided to allow states to have administrative control over Value Added Tax (VAT) assessees with annual turnover of less than ₹ 1.5 crore and for turnover of over ₹ 1.5 crore, a system of cross empowerment between states and Centre was agreed by the Council.
Reply By Ganeshan Kalyani:
T
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come into effect on April 1, 2017, leading to a unified domestic market.
Reply By Ganeshan Kalyani:
The Reply:
Drawing attention to reviews by some experts on the GST, Ms. Sitharaman said the new tax regime was expected to boost GDP growth by 1-1.50 per cent. At present, the GDP was at 7.5 and the Centre was keen to take it up to at least eight per cent. And, with the GST coming into effect, the GDP could cross nine per cent
Reply By Ganeshan Kalyani:
The Reply:
Goods and Service Tax (GST) is a destination based consumption tax which is a levy of tax on all goods and services with the objective of expanding the tax base through wide coverage of economic activities , mitigating the cascading effect , reduction of exemptions , enable better compliances etc. thereby resulting into formation of common national market for goods and services .
Reply By Ganeshan Kalyani:
The Reply:
Goods and Service Tax (GST) is being considered as the biggest ever tax reform of Independent India where
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y By Ganeshan Kalyani:
The Reply:
Under current regime, the audit officer sends his note sheet to concern range officer and adjudication kicks off at range / divisional level.
Reply By Ganeshan Kalyani:
The Reply:
SIAM – Society of Indian Automobile Manufacturers has suggested slab structure to levy GST on Cars and Bikes. SIAM is an apex body representating vehicle and vehicle engine manufacturers in the country.
Reply By Ganeshan Kalyani:
The Reply:
The eligible Input Tax Credit shown in last return filed under current regime shall be carry forward as opening balance in first return under GST.
Reply By Ganeshan Kalyani:
The Reply:
GST IS THE BIGGEST INDIRECT TAX REFORMS SINCE 1947
Reply By Ganeshan Kalyani:
The Reply:
States have started scouting for tax consultants to advise them on technical aspects of the goods and services tax (GST), which is planned to be rolled out from April next year. With the Centre moving on to the fast track to meet the April 2017 deadline, the Pun
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es listed in the BSE. I would not be surprised in the next ten years, if more than 10,000 companies are listed in the BSE," said stock exchange's Managing Director and Chief Executive Officer Ashish Kumar Chauhan.
Source: http://profit.ndtv.com/news/market/article-under-gst-bse-listed-companies-may-go-up-to-10-000-in-ten-years-1465987
Reply By Ganeshan Kalyani:
The Reply:
GSTN was formed under the previous UPA regime to set up the information technology framework for rolling out the indirect tax regime that will replace a string of local levies. The central government holds 24.5 per cent stake in GSTN while state governments together hold another 24.5 per cent.
Reply By Ganeshan Kalyani:
The Reply:
The Commerce Ministry has suggested to its Finance Counter part that the exemptions given to exporters shall continue under the new tax regime, GST.
Reply By Ganeshan Kalyani:
The Reply:
The Commerce Ministry further said that the difference between DTA – domestic tariff a
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:
The Reply:
Lot of challenges for all assesses to transit from existing tax regime to new tax regime, GST. Right from procurement upto changes in accouting system (SAP, ERP etc.)
Reply By Ganeshan Kalyani:
The Reply:
Dual GST is proposed because of federal structure. The Centre has certain power to administrate certain work and States has got certain task to administer. Now in GST both centre and state shall have the power to tax transaction on common tax base.
Reply By Ganeshan Kalyani:
The Reply:
Existing tax payers shall get registration under GST on provisional basis . And upon submission of required documents within given time tax payers shall be given GST registration. The dealers whose turnover is below threshold limit may voluntarily get registration and take input tax credit. The threshold limit is ₹ 10 Lacs and for North Eastern States the limit is ₹ 5 Lacs. There is composition scheme under GST. Those dealers having turnover below ₹ 50 Lacs shall choo
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ntral excise officer prepared a report highlighting the area of improvement in the Model GST Law in line with the government's requirement. The said report will be submitted in coming weeks.
Reply By Ganeshan Kalyani:
The Reply:
Dealers has more than one business vertical in state can apply for separate GST registration number. Dealers having business is various states need to get registration for each states separately. The dealer upon crossing of exemption threshold limit should apply for GST number. Some time the department can suomoto issue GST registration to the taxable person who is liable to register but has not done so. The registration is to be applied for by a taxable person within 30 days from the date when the taxable turnover is crossed. The application submitted by the dealer can be rejected by the officer. But before doing so the officer is required to give opportunity to the dealer to show cause as to why the registration application should not be rejected. The r
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levied by states is called as SGST. The integrated GST is applicable in case of interstate transaction. The taxes related to supply of goods and / or supply is subsumed in GST. However products like petroleum crude, high speed diesel, motor spirit (petrol) , natural gas and aviation turbine fuel shall be out of GST.
Reply By Ganeshan Kalyani:
The Reply:
Though exemption threshold is given, those dealers who want to apply for registration voluntarily under GST may apply and in such case the dealer shall be able to take input tax credit paid on purchaser. And the dealer will be able to collect tax from customer by raising tax invoice. By registering, the dealer gets a legal status of supper.
Reply By Ganeshan Kalyani:
The Reply:
The Winter session of the Parliament is be begin from November 16, 2016.
Reply By Ganeshan Kalyani:
The Reply:
GSTN is going to launch website to facilitate existing registration to get migrated into GST.
Reply By Ganeshan Kalyani:
The Reply:
There is
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he workshop will be attended by Commissioner and other senior officials. Helpline will also be opened to assist the businessmen for registration.
Source: GST taxation. Com
Reply By Ganeshan Kalyani:
The Reply:
Citing the example of the proposed pan-India Goods and Services Tax(GST), the IMF on Friday said the country has shown that progress on reforms could attract investment and boost prospects of India's medium-term growth.
Reply By Ganeshan Kalyani:
The Reply:
Indian economy is likely to achieve 8% GDP by the fiscal end, thanks to the boost given by initiatives such as Make in India, Union minister of state for commerce and industry Nirmala Sitaraman has said. “With Jan Dhan scheme, Aadhaar, better mobile connectivity and direct benefits transfer, India is on a fast growth track,”she said.
Reply By Ganeshan Kalyani:
The Reply:
The minister talked of cab aggregator Uber's initiative 'Uber-Pitch' which allows startups to pitch their ideas to venture capitalists (VC) and investo
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Goods and Service Tax Bill, she said digitisation of all records will be one of the main drivers of GST. “Once GST comes into being, the Indian economy will be boosted by 1.5%”
Reply By Ganeshan Kalyani:
The Reply:
Registration under Goods and Service Tax (GST) regime will confer following advantages to the business:
• Legally recognized as supplier of goods or services.
• Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.
• Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.
Reply By Ganeshan Kalyani:
The Reply:
Without registration under GST, dealer cannot issue tax invoice, cannot collect tax from customer and cannot take input credit of the tax paid on purchases. Composition scheme opted dealer if purchased from unregistered dealer then he has to
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ot paid the tax on sale of material to the purchaser. Only when supplier has paid the tax the purchaser is allowed the said credit.
Reply By Ganeshan Kalyani:
The Reply:
Brazil and Canada has dual GST. Similar to that India is going to have dual GST .
Reply By Ganeshan Kalyani:
The Reply:
CGST: central taxes got subsumed in CGST. States taxes subsumed in SGST and tax on interstate transaction is taxes taxed as IGST.
Reply By Ganeshan Kalyani:
The Reply:
GST shall be implemented by all the States at the same time. This will ensure benefit of GST. In VAT states had adopted VAT in different years.
Reply By Ganeshan Kalyani:
The Reply:
GST shall increase rate in initial years and later the price would come down due to seamless credit available.
Reply By Ganeshan Kalyani:
The Reply:
Customer voice, an NGO suggested the Government to levy tax @40% on tobacco products. This is one way to minimise tobacco consumption by public as increase in tax rate means increase in cost of toba
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he State government is contemplating asking the Central government to vest with it the administrative control over all tax-payers whose turnover is less than ₹ 1.5 crore, irrespective of goods or services they deal in. The government also wants the Centre to allot the tax-payers whose turnover is above ₹ 1.5 crore in proportion to the number of VAT dealers and service tax assessees dealt at present by the State and Central government tax authorities respectively.
The third meeting of the GST Council is slated to be held in New Delhi from November 18 to 20. As a prelude to it, Finance Minister Yanamala Ramakrishnudu held a preparatory meeting here on Friday.
On the occasion, the Minister said that the Central government proposed certain options to ensure single interface under the GST. It was the unanimous decision of the Empowered Committee of State Finance Ministers that the administrative control over the tax payers be vested with the State governments. The committee al
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on Value Addition at every stage. It aims at providing seamless credit at every stage. This will reduce the cascading effect of taxes levied under different Acts.
Reply By Ganeshan Kalyani:
The Reply:
When goods or services are supplied within the state (Intra State) SGST & CGST would apply
When goods or services are supplied from one state to another (Inter State) IGST would apply
When goods or services are imported from different countries IGST (CVD/RCM) would apply
In case of Exports to different countries the tax would be Zero Rated
Reply By Ganeshan Kalyani:
The Reply:
Area-based tax exemptions will undergo a key change in the proposed goods and services tax (GST) regime-industrial units in the specified areas will need to pay the duties first and get a refund later. This is to ensure that the credit chain in the GST regime is not disturbed. The government, however, has decided not to accept the Thirteenth Finance Commission's recommendation that these exemptions be re
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ther than no payment at all,” a senior finance ministry official told FE. The official said while doing away with host of exemptions during the GST regime, the GST chain should not break so that an offset of input taxes is available to both units manufacturing the exempt goods and also to units consuming the exempt goods in subsequent manufacture or trade. Area-based exemptions also said to create economic distortion and affect the economic viability of units located in non-exempt areas. They are prone to misuse and difficult to administer, the TFC task force had said. The Finance Commission had suggested that direct investment linked cash subsidy may be given, rather than area based exemptions, if it was considered necessary to provide support to industry for balanced regional development. It suggested that excise duty exemptions given to industrial units be converted into a subsidy scheme. – www.financialexpress.com
Reply By Ganeshan Kalyani:
The Reply:
"Goods fully exempted f
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under:
6% on precious metal, gems, stones, essential food items.
12% on FMCG and non-essential food items
18% Standard GST rate (most of the goods and service would be covered in this rate)
26% some specific items including luxury cars.
40% peak rate (this was proposed by Economic advisor which is not ruled out).
Source : GST update
Reply By Ganeshan Kalyani:
The Reply:
The GST Council today met as part of a three-day meeting where it agreed upon a number of contentious issues, such as the compensation formula, and it is set to deliberate the remaining ones over the next two days.
Reply By Ganeshan Kalyani:
The Reply:
State finance ministers told CNBC-TV18 that the central government had proposed a four-tier goods and services tax (GST) structure of about 6 percent, 12 percent, 18 percent and 26 percent. Additionally, sale of precious metals such as gold should be taxed at a special rate of 4 percent, it was suggested, while most essential items that form a part of the CPI ba
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the tax and 50 percent of the items of common usage will be exempt to keep the inflation under check.
Reply By Ganeshan Kalyani:
The Reply:
A few hours after the three-day meeting of the newly-formed GST Council commenced, there are indications that there may be another round of discussion required as differences between Centre and the states persist, according to people privy to the meet, reports CNBC-TV18's Sapna Das.
Reply By Ganeshan Kalyani:
The Reply:
A panel headed by Arvind Subramanian, chief economic adviser to the finance ministry, had proposed a "sin tax" rate of 40 percent for GST on limited items such as aerated drinks, luxury cars and tobacco products.
Reply By Ganeshan Kalyani:
The Reply:
GST council next meeting to be held on November, 4 – 5 & 9 – 10
Reply By Ganeshan Kalyani:
The Reply:
Experts says that rate of 26% is a concern. It may happen that most of the goods be categorised to tax at that rate.
Reply By Ganeshan Kalyani:
The Reply:
Consensus
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Services Tax (GST), from April 1, 2017. In its meeting with states this week, the Centre has proposed a four slab GST rate structure.
The lowest rate proposed is 6 per cent, with two standard rates of 12 and 18 per cent. The peak rate, which will mostly apply to FMCG and consumer durables, will be 26 per cent.
Besides, a cess is also likely to be levied on demerit or sin goods and polluting items.
According to the Centre's estimates on impact of the 4-slab rate structure on CPI inflation, items like chicken and coconut oil which currently suffer a tax incidence of 4 per cent will be taxed at 6 per cent under the GST regime.
Similarly, the tax burden on refined oil, mustard oil and groundnut oil will go up from 5 per cent to 6 per cent.
Other kitchen staples too will be taxed at 6 per cent as against 3 per cent in case of turmeric and jeera, 5 per cent in case of dhania, black pepper and oil seeds.
TVs, air conditioners, washing machines, inverters, refrigerators, electric fans a
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four tier rate structure was designed in a way that neither the exchequer lose revenue nor does the common man's tax liability increase significantly, Finance Minister Arun Jaitley had said: “the effort will be to fit the goods in the closest tax bracket under GST”.
Reply By Ganeshan Kalyani:
The Reply:
The government is making all effort to implement GST by 01.04.2017
Reply By Ganeshan Kalyani:
The Reply:
All issues of GST will be discussed in the next GST meeting.
Reply By Ganeshan Kalyani:
The Reply:
Much awaited GST is going to a realty .
Reply By Ganeshan Kalyani:
The Reply:
Simplified tax mechanism is expected with easy compliance and transparency. Guidance and support to discharge correct tax compliance is expected in new tax regime.
Reply By SUNTHARRAJEN P S:
The Reply: Dear All,GST Council met at NewDelhi for 3 days under the chairmanship of Hon.Finance Minister and discussed mainly the rates of GST and compensation to State on the possible GST loss (1)All the state
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Ganeshan Kalyani:
The Reply:
GSTN, a not-for-profit entity incorporated in March 2013, has been set up primarily to provide IT infrastructure and services to the Central and State governments, taxpayers and other stakeholders for implementation of GST.
Reply By Ganeshan Kalyani:
The Reply:
Amalgamation of the Railways and General budgets has brought the 92-year-old practice to an end. The government proposes to advance the budget presentation date from the last week of February.
Source : gsttaxation.com
Reply By Ganeshan Kalyani:
The Reply:
Corporates need to gear up to upcoming GST.
Reply By Ganeshan Kalyani:
The Reply:
In the wake of apprehensions that the GST regime may raise inflation and affect the common man, the government may create a separate surveillance agency that will oversee pricing mechanism as goods travel from the manufacturer to consumer.
Officials at various forums have been trying to convince people that the GST regime will bring down prices of most of th
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conomies… Our recommendations would still place India at the upper end of the standard rates found across comparable countries. It is worth emphasising that the GST is intrinsically a regressive tax and the higher the rate, the greater will be the regressivity.”
The government is planning to rollout the single most powerful tax reform since independence from April 1, 2017. For that, it will need to pass two GST legislations – CGST and IGST – in the Winter session of Parliament. The GST Council will need to arrive at a consensual standard GST rate.
Reply By Ganeshan Kalyani:
The Reply:
Proposed cess is a concern raised by the association. all indirect tax and cess is going to subsume in to GST then why should there be a cess again.
With the GST rates under discussion and the expected increase of dealers getting registered under GST is high due to lower threshold limits proposed. then why a cess.
The revenue under current regime is not distributed in the manner proposed in G
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the dealer to mis classify their product in the lower tax bracket to save on tax payment . thus the rates should be such that all items are taxed in 12% and 18% rate and sin tax be 18% plus %. the link is given below for further reading .
Reply By Ganeshan Kalyani:
The Reply:
In GST council meeting today, four slab have been set at 5%, 12%, 18% & 28% for different items. These tax rate must be approved by Parliament.
Reply By Ganeshan Kalyani:
The Reply:
Finance Minister said that the Government has kept about 50% of products in the consumer basket, such as food grains, as "zero rated".
Reply By Ganeshan Kalyani:
The Reply:
The GST panel also approved Cess on tobacco, luxury products and sin items.
Reply By Ganeshan Kalyani:
The Reply:
To keep inflation in check, essential items including food, which at present constitute roughly half of the consumer inflation basket, will be taxed at a zero rate. The lowest rate of 5 per cent would apply to common use items.
Source:
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y:
GST regime is round the corner and it will create a substantial change in the Indian Economy.Now the biggest challenge is whether Manufacturers/Traders be relieved from the submission of Concessional Forms like C,F,E-I,E-II,I etc etc etc.As the CST is re introduced as IGST,whether these concessional forms will be abolished or not is a big question.Members valuable views solicited.
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Sir concessional form will not be there under GST . full tax need to be paid on interstate transaction . even for stock transfer .
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CHAPTER – XIA
JOB WORK
43A. Special procedure for removal of goods for certain purposes
(1) The Commissioner may, by special order and subject to conditions as may be specified by him, permit a registered taxable person (hereinafter referred to in this section as the “principal”) to send taxable goods, without payment of tax, to a job worker for job-work and from there subsequently send to anot
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eshan Kalyani:
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The Second day of meeting of GST Council remained inconclusive and state FM s to meet on November 20, 2016 to further discuss and sort out the differences.
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Government of Goa
Department of Commercial Taxes
Panaji-Goa
Procedure for enrollment of existing VAT Dealers on the GST System Portal
1. All registered Dealers under VAT or their Authorized Representatives should visit their respective Ward offices between 09/11/2016 to 11/11/2016 and collect sealed envelope containing their provisional ID and Password for use in completing online pre-registration under GST.
2. After Collecting provisional ID and Password , the Dealer should keep ready a) Valid email address ; b) Valid mobile number ; c) Bank Account Number ; d) Bank IFSC ; e) Scanned business Constitution documents E.g. Partnership deed, Registration Certificate of Company, etc. in PDF or JPEG format, max. size 1 MB; f) Photographs of Proprietor/Partners/Direc
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in case of any difficulties faced in completing online provisional registration, please contact Helpdesk at respective Ward Offices.
7. Please complete your Online Provisional Registration on or before 29/11/2016 and ensure your smooth migration to GST regime and secure all benefits under transitional provisions under the new GST regime.
Dipak M. Bandekar
Commissioner of Commercial Taxes
Government of Goa.
Place: Panaji Goa
Date: 02/11/2016.
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Sharing an article :
After much to-ing and fro-ing, the centre and states have agreed on the rates of the goods and service tax (GST). A five-slab structure of 0%, 5%, 12%, 18% and 28% has been finalized, with some demerit goods taxed above 28% and cess on them has been retained.
The issue of administrative control over assesses is still to be thrashed out. The rates at which individual items are to be taxed is yet to be decided, which could explain the lack of enthusiasm in the market, which is anyw
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ervice tax going up from 15% to 18%.
While the aim of multiple tax slabs is to minimize the impact on inflation and government revenues, growth could take a hit in the near term. “The perception that goods will become cheaper after the GST could prompt consumers to postpone purchases of high-value consumer goods. Therefore, if the GST is implemented from April 2017, there could be a slightly negative impact on consumer demand in the run up to its implementation (i.e., in Q1 2017),” said a Nomura report. That is apart from the adverse impact it may have on the unorganized sector.
Also, for benefits of GST to start reflecting in India's gross domestic product (GDP) it could take more than two years, the caveat being successful integration. “The bump-up in GDP on GST implementation would not be more than 0.5%,” said Madan Sabnavis, chief economist at CARE Ratings.
The multiple rates will make things complicated from a compliance perspective and could dilute some benefits of the GST sys
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Sharing an article on How India is on a verge of turning its good tax bad.
http://www.gstindia.com/gst-how-india-is-on-the-verge-of-turning-its-good-tax-bad/
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Sharing an article on tax rate . CII states that GST rate to be one or two tax slab rate.
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Sharing an article on impact of GST rate on company .
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Sharing an article –
All India Gems and Jewellery Trade Federation made representation for GST @1.25 % .
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Consumers Electronics Manufacturers Association made representation for 18% GST rate.
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The Government has listed GST related bills to be tabled in upcoming winter session. These are: The Central Goods and Service Tax Bill, Integrated Goods and Services tax bills and GST (Compensation for loss of revenue).
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017, and if it is not implemented by then, states will not be able to collect their share of taxes, and hence, there is not enough scope to further delay the decision,” Jaitley said at an economic editors' conference here.
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The Centre has circulated the draft goods and services tax (GST) Bills with the states……
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GSTN had received over 300 applications from private firms who were seeking to become GST Suvidha Providers(GSPs). In order to give tax payers more choice to file their returns once the tax reform is rolled out from April 1, 2017, GSTN invited private companies to build "innovative" third-party interfaces.
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Pindichery and Goa commercial tax department published circular requesting the dealer to collect their login credentials from the department and do the registration process in GSTN .
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Maharashtra Value Adde
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India to familiarize them on the important features of GST.The Seminar is being organised by the GST Council in national capital.
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The Central Government has circulated the draft of the three GST related Bills -the Central Goods and Services Tax Bill, the Integrated Goods and Services Tax Bill, the Goods and Services Tax (Compensation for Loss of Revenue) Bill – to the State Governments.
States have been given seven days to send their suggestions/ comments. These three Bills are slated to be discussed by the GST Council on 24th and 25th November, 2016.
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CBEC has released the translation in regional languages of the FAQs on GST earlier published in English.
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Several States have initiated the facilitation for migration of existing assessees registered under the VAT Act of the respective States.
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Since GST would be replacing the se
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ble States .
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Compliance cost for logistics companies is likely to increase since transporters whose vehicles pass through multiple states would need registration in each of these states to take input credit for expenses incurred in that state.
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“Supply of goods” without consideration are deemed as “supply” and would be subject to tax under GST regime. Thus free samples and promotional material in case of FMCG companies would attract tax and lead to higher tax outgo.
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As the entire administration of finance ministry and also trade circles are now per-occupied with facing blows of demonetization, trade circles feels it would be difficult for the government to go ahead with its GST agenda.
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Information Technology is going to play a key role in GST . Sales purchase details need to be uploaded in GSTN . The IT of an organisation shoul
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a not for profit organisation created for special purpose.
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GST will result better tax conplaince under GST due to better network .
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Complaince cost under GST is going to increase.
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The list of goods covered under the proposed tax structure is expected by the dealers to analyse the impact of increase/ decrease in the business expense income etc due to GST to introduction of GST , is a matter of concern .
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Tax payer having multiple business in one state may register one business entity first. For the remaining business within the State the tax payer need to get in touch with the respective Jurisdictional Authority.
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There will be no paper based enrolment. All migration will take place online.
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Existing ISD registrations are required to file fresh applicat
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States will receive provisional compensation from Centre for loss of revenue from implementation of GST every quarter but the final annual number would be decided after an audit carried out by CAG.
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Supplies made to SEZ units to be treated as zero rated supplies under GST.
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The government is keen to ensure that the three legislations are approved in the ongoing winter session of parliament to meet the deadline of rolling out GST by April 1.
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Taxpayers has to visit GSTN site and get provisional registration within the given time limit. Further those who are not registered within the time limit can get registered till 31st January 2017.
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The provisional GSTIN issued is 15 digits PAN based number. The first two digits represent the State Code. The next 10 digits represent the PAN of the tax payer. The th
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x system . It will certainty help the consuming States.
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GST provisional registrations are started only for those who are already registered with Sales Tax Department. The registrations has not been started for those taxpayers who provide only services.
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The government is not in favour of restricting the administration of businesses up to ₹ 1.5 crore to state tax authorities. Both states and centre will administer taxpayers above ₹ 1.5 crore, according to a proposal by states.
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Union Finance Minister today said it would meet again on December 11 and 12 to hammer out differences on which assessees will come under states' jurisdiction, and which ones will come under the Centre's.
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There are two other laws – Compensation and IGST – which will be discussed in the next meeting on December 11, 12.
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Finance Minister says, GST Council is deliberating on ways to reduce the taxation process, including assessment by tax officials.
"Today, each person gets assessed thrice, in each of the three taxations (including VAT and central excise). Now, you will only be assessed once and what one authority assesses, others will have to accept that assessment," he said.
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Whether GST will be implemented w.e.f. 01.04.2016 or by September 2016, the companies / assesses need to be prepared to welcome the change . All information technology related readiness and business strategy need to have been done . Most of the companies are doing the impact analysis of GST on their business . It is good that Government has also initiated the provisional registration process well advance leaving to space for last minute rush. Assesses have strated discussing their business by relating that if GST comes into effect what will be their impact .
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would become a continuous task and there is going to be a huge data uploaded into GSTN and mismatch is ought to happen . Overall there is really a need for deducted staff for gst in a big company .
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Return for outward supply is required to be filed by 10th and inward supply by 15th and return to be filed with combined detail by 20th. Also there would be ISD return to be filed and Wct return as well. Thus, a dedicated staff to look after these compliances is required.
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With GST every tax consultant and experts are now on sale line . This is a good start for all the tax aspirants . Taxation is a good area to expertise on .
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Some are expressing that they thought that there would be a single tax rate , say 18%. The same could have brought all types of assesses on the same line . But after learning that there are 4 tier tax rates the purpose of GST seems defeated . Now it
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anies with minimum transaction may not go for higher version accounting software. with lesser data the compliance is managible .
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As regard learning GST, conferences are also organised.
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The roll-out of the Goods and Services Tax (GST) regime is set to miss the April 1, 2017 deadline. It looks increasingly improbable that the three GST enabling Bills the Central GST, Integrated GST and State GST could be passed in the remainder of the ongoing winter session of Parliament, which concludes on December 16.
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On the chances of reduction in GST rates in future, CBEC chief explained that Centre and States at present collect ₹ 8 lakh crore from Indirect taxes, minus customs duty, and the same level of revenue has to be collected in the GST regime. Once we see how much money is collected from these taxes, we can certainly look at the rates.
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"The kacha bill and pakka bill system in our country has helped mobilize back money. GST will help put an end to this."
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CII Director-General Chandrajit Banerjee has said : "The GST should begin with an absolute limit of four rates as suggested by the Government, and over time, government should commit to converging these four rates to one or two rates."
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Tax experts said the April,1 GST rollout deadline will be missed. "It's unfortunate that there was not much headway in the Council meeting. The only silver lining was that substantial progress seems to have been made on discussions with respect to laws and broad consensus was reached for provisions up to Chapter 20 (out of total 27 chapters)," said Pratik Jain, partner and leader indirect tax, at consultancy firm PwC.
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The government was keen to introduce the GST bills in the winter ses
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nce of legislative backing , taxes could not be levied.
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The GST Council has announced that demerit goods like tobacco will be subject to the highest GST rate of 28 plus an additional cess.
Tobacco taxation as a fiscal policy is a 'win-win' situation. It not only increases revenue generation but also reduces the consumption of tobacco especially for the young and poor.
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India's GST reform is a historic opportunity to implement a system of taxation that strongly supports sustainable development across its many dimensions, including health, equity, poverty and good governance .
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The Government should ensure that all tobacco products including bidis and smokeless tobacco are taxed at the highest rate of GST and subject to additional cess to protect the most vulnerable section of the society, the poor.
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Ministry of Finan
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Jaitley suggested there is a need that each assessee is assessed only once since central taxes like excise and service tax and state levies like VAT are being subsumed into one.
“You have the pre-existing (tax) machinery of the Centre and states. (It has to be decided) how the burden of this assessment is going to be shared between the Centre and states and how we cross-empower both the Centre and states,” he said further.
Saying GST will usher in a common taxation and should lead to a federal bureaucracy, Jaitley felt that both the Centre and states should figure out sharing of the tax assessment.
Ideally, he said, it should be proper for the issues to be resolved at the beginning of financial year on April 1 for the new regime to kick in. “But then, in any case, nobody has the luxury of time,” he cautioned.
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The Goods and Services Tax (GST), FM said, can be implemented anytime between April 1 and September 16, 2017, in accordance
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nd Central, there will be one tax allowing companies to save from the existing cumulative 25-30% tax burden and reduce it to 17-18% through a single unified tax and the advantage of logistics and processing costs thereof,” said K Krishnamoorthy, Chairman, India Electronics & Semiconductor Association.
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All entities exempted from payment of indirect tax under any existing tax incentive scheme would pay tax in the GST regime and the decision to continue with any incentive scheme shall be with the concerned State or Central Government. In case any State Government or Central Government decides to continue any existing exemption/incentive scheme, it will be administered by way of a reimbursement mechanism.
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Bands of rates of goods under GST shall be 5%, 12%, 18% and 28% and in addition there would be a category of exempt goods. Further, a cess would be levied on certain goods such as luxury cars, aerated drinks,
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with bands of GST.
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The 'GST related draft laws' and 'Provisions for cross empowerment to ensure single interface under GST' are under consideration of the GST Council. 99 Sections of the Model GST Law have already been discussed by the Council and remaining Sections will be discussed in the next meeting of the Council scheduled for 22-23 December, 2016.
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Winter session of Parliament started in November 16, 2016 and ended on December 16, 2016. The GST Council is scheduled to meet again on 22-23 December, 2016.
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"GST is a transactional tax and not an income tax. Transactional tax can start in any part of the financial year and therefore, the range of timing when it has to come into force because of constitutional necessity is April 1, 2017 to September 16, 2017. Hopefully, the earlier we do, the better it is for the new taxation system," Jaitley said at the annu
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legislation. We discussed 99 sections and a few clauses need to be redrafted. We would change that during the course of time. Hopefully, in the next meeting we would be able to clear the legislation part,” Jaitley said.
Next GST Council meeting will take place on December 22-23.
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Central Board of Excise and Customs (CBEC) yesterday said that it has started the exercise of putting the goods in the four tax slabs.
“We have started the exercise of putting goods into various tax slabs. It will be shared with the (GST) Council,” CBEC Chairman Najib Shah said.
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CBEC Chief Najib Shah spoke in favour of multiple rates saying “How can you possibly have one rate for edible oil and car or for atta and computers. We cannot have one rate. We can reach one rate 20 years down the line. EU, several countries have one rate of 18/20 per cent, will that be acceptable to us? It would not be acceptable for us. We have to have
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e of which is a principal supply, shall be treated as a supply of such principal supply;
(b) a mixed supply comprising two or more supplies shall be treated as supply of that particular supply which attracts the highest rate of tax.
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Section 48 of the Revised Model GST Law provides for refund of un-utilized input tax credit to exporter of goods/ services.
Under original Model GST Law, 80% upfront refund within sixty days sanctioning clause was inserted i.e. on provisional basis subject to documents verification. This limit has been revised to 90% in the new draft.
It means that if an exporter files refund of say INR 100, tax authorities would provisionally pay INR 90 within 60 days of application. However, the verification of all the requisite documents would happen and then remaining amount will be refunded.
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With introduction of Goods and Services Tax in India, compliance for tax payers is set to go up.
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ndia Executive Director Sumit Lunker said the April 1 rollout deadline seems challenging, as the CGST and IGST laws can be passed only in the Budget Session in early February. Thereafter, states will have to pass the SGST law in their assemblies.
"After the law is passed, industry would need at least 3-4 months time to be GST ready, especially on the IT infrastructure front. Most IT companies would come out with their patches and updates after the final law is crystallised. July 1 appears to be a more feasible date for implementation," he said.
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Nangia & Co Director (Indirect Taxation) Rajat Mohan said July 1 looks like the "best case scenario" for GST implementation as by then the industry will also be able to migrate into the new taxation regime.
Source: The Economic Times.
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As far as the model GST law is concerned, PwC India Executive Director Sumit Lunker said, there is no big chall
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session and present the bills. However, in previous GST Council meetings, consensus on dual control could not be established.
However, to bring this back on track, GST Council meeting was called on December 22-23. Here's what can be expected from 2 day meeting starting tomorrow:
1. Finalisation of GST Bills
2. Achieve consensus on dual control/ administration.
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Central Board of Excise and Customs released Frequently asked Questions (FAQs) in English. Later, for benefit of trade and to achieve wide reach – FAQs are understood by people speaking different languages across country, FAQs were released in Hindi and 7 regional languages – Assamese, Bangla, Gujarati, Punjabi, Kannada, Malayalam and Telugu.
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"Neither the laws nor the schedule of the GST rates have been finalised as yet. This poses several challenges for businesses, the most critical being IT systems readiness, where changes can only start onc
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on formula wherein the centre agreed to absorb any spillover of revenue losses accruing on account of the adoption of the new tax regime
The stage is now set for a dialogue on the final agenda item: cross empowerment. The council will meet on 3-4 January to resolve this issue.
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The Centre will impose a cess on luxury items like high-end cars and demerit goods including tobacco, pan masala and aerated drinks, over and above the highest 28%. Under the structure, the clean energy cess and cess on luxury items and demerit goods would be utilised to create a ₹ 50,000 crore fund every year which will be utilised to compensate the states for first five years of GST roll out.
Source: livemint
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The base year for calculating the revenue of a state for Compensation has been decided as 2015-16.
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The GST Compensation Bill will provide a legal backing to the Centre's promise
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and states would do so for businesses having higher turnover.
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The Centre is pushing for a vertical division of the assessee-base without a turnover threshold. Under this model, both states and the union government will have oversight powers on a certain fixed proportion based on the number of assessees, rather than the turnover.
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Jaitley said that a committee is concurrently working on the “classification”exercisea comprehensive list specifying the tax rate that each good and service will attract.
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States will be compensated 100 percent loss for 5 years, the Finance Minister added.
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V Manickam, Secretary General, Life Insurance Council, the umbrella body for all life insurers, said that the industry had sought a zero rate for insurance, which the government rejected.
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Roopam Asthana, CEO, L
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377; 26,000 crore will be collected through clean environment cess, Adhia said, adding that the cess collections will be exclusively used by the Centre to compensate states.
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The centre, on the other hand, is keen on equal division of all assesses between the two authorities to ensure single interface with any one authority in line with constitutional amendment. It has mooted the idea of crossempowerment wherein both authorities can work in tandem on key functions of audit and registration of new assesses
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“Associated Chambers of Commerce and Industry of India has suggested removal of a provision in the revised Model GST Law dealing with anti-profiteering since it is open to misuse and subjective interpretation,” Assocham said in a statement here on Friday.
In the revised Model GST Law, the central government has been given powers to constitute an authority to examine whether input tax credits availed of by
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niform rate across states with a cap of 15 per cent in the proposed goods and services tax (GST) regime.
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"Telecom is an infrastructure service designated as an essential service under the Essential Services Maintenance Act, 1968, and is availed by masses," said Rajan Mathews, director- general of the Cellular Operators Association of India (COAI).
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FM impressed upon the gathering the importance of coordination between the Central and the State administration in smooth transition from the old to new Indirect tax regime so that the taxpayer of the country does not suffer.
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FM Arun Jaitley after inaugurating Professional Training Course of 68th Batch of IRS (C&CE) Officers spoke on change in mindset of tax payers. He also expressed faith in the probationers to be able to carry out the onerous task of smooth rolling out and administering the new indirect tax admin
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qualified as a GST Suvidha Provider (GSP) by the GSTN Network.
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In GST Council meeting beginning today – GST Council is expected to form consensus on Dual Control administration and discuss IGST Law. Thereafter, present the laws before parliament in budget session.
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Not even a single assessee registered in J&K has converted to GST. The reason being state government has not participated in this grand transition to GST plan.
Currently, J&K is outside the purview of Service Tax. J&K is the only state in the country with powers to tax services and it want to be part of GST without compromising its constitutional position on taxing services.
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Commerce and Industry Ministry today pressed the GST Council to keep exports out of the GST framework and levy lower taxes on labour-intensive sectors like leather, cement and plantation.
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Commer
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ead across India by virtue of their business e.g. Telecom operators like Airtel, Vodafone and Banks like ICICI, HDFC.
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The gst enrolment process kicked off on 8th November 2016. As per the figures released in GSTN in only 7 states/UT more than 50% assessees have enroled under GST.
Following States are ahead in GST enrolment with maximum number assesses. These are:
1. Gujarat – 78.52%
2. Madhya Pradesh – 77.68%
3. Chhattisgarh – 74.66%
4. Rajasthan – 67.7%
5. West Bengal – 56.94%
6. Jharkhand – 56.47%
7. Chandigarh – 53.93%
8. Bihar – 48.8%
9. Goa – 46.69%
10. Delhi – 45.78%
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The government will present the Union Budget 2017-18 on February 1 for the financial year starting on April 1, a senior government official said.
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The Budget 2017-18 would be presented on February 1. The Part B of the Budget speech, which contains tax proposal, could carry half-yearly estimates of
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Academy of Customs Excise & Narcotics (NACEN) has released video tutorials to explain registration and refunds under GST in very simple way. You can watch the video from below links:
1. Refunds under GST
2. Registration under GST
The videos explain how refunds and registration process would work under GST. Hope you find them useful!
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"There is some thinking of an increase in the service tax rate in case the GST is not implemented from April. A higher rate will help improve revenue and also bring it closer to the proposed standard rate under GST,” said a close source.
Reply By Ganeshan Kalyani:
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It is expected that Arun Jaitely would reveal revised GST rollout date during Budget.
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GST Council's next meeting on 16th January will play a very pivotal role in framing FM's budget speech. India will have to implement GST on or before September 15, 2017
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Cur
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iance procedure, it will become very very simple for the people to pay taxes,” Adhia said.
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GST taxes can be paid by way of NEFT, RTGS, cheque, and debit/credit cards etc.
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“GST is a very very simple thing to follow, it is going to be very easy for all of you. There will not be any border restriction when you move goods from one state to another. And many of the small small taxes will go away. It will be one unified tax,” Adhia said at the Vibrant Gujarat global Summit here.
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Vijay Prakash Kumar, CEO of GST Network, says, "We have already rolled out one of the modules, which is registration, and using that more than 28 lakh people have already enrolled as tax payers and remaining hopefully will be doing it this month by January 31.
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The government owns 49 per cent in it, with the central and state governments owning 24.5 per ce
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neshan Kalyani:
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The Rajasthan state government will incorporate the provisions of Goods and Service Tax (GST) in the budget even if its implementation is delayed by the Centre beyond April.
The budget will have separate heads under GST and well-laid guidelines of tax distribution. Sources claim the budget will be presented like every year in the same format but with additional features.
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“Companies will now start locating manufacturing plants on the basis of economic sense instead of choosing areas where the taxes are lowest. Companies would need to rework their strategies because there would be little to gain in terms of tax holidays. CII President Naushad Forbes said.
Reply By Ganeshan Kalyani:
The Reply:
Companies, domestic or multinationals, have been choosing small hill towns and remote parts of the country to take advantage of no-tax or low-tax regimes. The advantage will cease because as the GST model law reads today, the tax
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businesses would be divided in the ratio of 50:50 between Central Government and the States.
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The Reply:
GST is now expected to be rolled out by 1st July 2017, as opposed to the earlier date of 1st April 2017.
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The Reply:
Addressing media post conclusion of ninth GST Council meeting, FM Arun Jaitley has said that the new deadline for GST rollout is July 1.
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The Reply:
GST Council would meet again on Feb 18 to approve drafts of supplementary GST legislation.
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The Reply:
As per the revsied enrolment schedule, the due date for service taxpayers who are registered under Service Tax Act but not registered under State VAT has not been specified. “TBD” i.e. To Be Decided has been put as of now.
Reply By Ganeshan Kalyani:
The Reply:
Since the likely standard rte of GST would be 18 percent as decided by GST Council, there is all likelihood that Service Tax rate may be increased to
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ffects to the economy if there is any increase in power tariffs due to the new tax regime.
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It is estimated that the Government shall levy tax between 12 per cent and 18 per cent on services, depending on its classification based on essential and non-essential services as a move towards the final GST rate.
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The Reply:
The GST will replace multiple indirect taxes like the central excise, sales tax, VAT and service tax by a single consolidated tax. The consolidation will bring to an end the exemptions associated with various taxes for exporters. As of now, it appears that exporters will first have to pay the GST on all raw materials, inputs and other services they source domestically for their exports and later claim refunds. This would imply greater expenditures for exporters since refunds will materialise only after several months.
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Currently, consumers are paying a service charge
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se of doing business in India.
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Mr. Rakesh Bhargava, director, Taxmann, said that July 1 is more "realistic deadline" for the rollout of GST. "It's a welcome step. The government seems to have felt the pain of the industry and decided to give it ample time to make the required changes before getting GST implemented," he said.
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The Reply:
While the goods and services tax (GST) tax structure has been announced, the real estate industry is waiting with bated breath to see which tax rate is applied to the real estate and construction industry. Clarification would also be needed on the abatement scheme, and whether credit for input tax would be allowed if the composition scheme has been availed by developers.
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It is expected that the Government may further raise the rate of service tax to 16% – 17% to bridge the gap between current service tax rate and proposed G
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single market, boost revenues through better compliance and simpler procedure
Reply By Ganeshan Kalyani:
The Reply:
Since inception of the GST council last year, eight meetings have already taken place during which most of the issues between the States and Centre got resolved and the Government has now been able to reach a broader consensus on the model GST legislations and the same have been sent to the Ministry of Law for review.
Reply By Ganeshan Kalyani:
The Reply:
The GST Council has already decided on a four-slab GST rate structure. Separately, a bureaucrats' panel is working on the “classification” exercise, a comprehensive list clubbing thousands of goods and services into different rate categories.
Reply By Ganeshan Kalyani:
The Reply:
The last date for GST enrolment is 31.01.2017.
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Central taxes such as, Central Excise duty, Additional Excise duty, Service tax, Additional Custom duty and Special Additional duty, Central Sales tax
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uld attract an additional cess over and above the higher rate of 28 per cent, Revenue Secretary Hasmukh Adhia told reporters.
Reply By Ganeshan Kalyani:
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With most services likely to attract a tax of 18 percent under GST, finance minister Arun Jaitley will likely raise the existing service tax rate in the budget for 2017-18 to align it closer the GST rate.
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Vijay Kelkar backs single GST rate, says it's easier to roll out
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Many issues need to be resolved to make ideal GST: Amit Mitra
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Arun Jaitley may hike service tax to 16-18 per cent in Budget
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Vijay Kelkar says single GST rate easy to administer.
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FM assures taxmen says GST will increase new professional opportunities.
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GST: CBEC officials oppose ceding taxpayer base to states
Over 50,000 officers are
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ment. Referring to the IRS officers and other Customs and Central Excise officials, present at the meeting, as 'colleagues', he called upon them to take up the issue collectively to the Centre by involving the trade.
On the issue of delays in the promotion of Customs officers, the MP said the CAT judgment on the applicability of reservations was referred to the Supreme Court and the latter suggested an amendment of the Constitution in this regard. The Amendment Bill was passed by the Rajya Sabha but unfortunately before it could be passed by the Lok Sabha, it was dissolved and after 2014 elections no one took up the cause.
Dr. Ravindra Babu, a medical student of Andhra Medical College, called upon his 'IRS colleagues' to organise all India meets and regional meets and come to Delhi with a memorandum for submission to the Prime Minister. He also favoured improvement of the infrastructure of the Customs Department and assured of his help in bringing it to the notice of the Centre.
Com
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l Growth Faltering .
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Brexit and its Implications.
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Effect of Demonetisation
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Disruption on GST
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Customs and excise officials upset with GST administration deal with states
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GST: Centre, States reach consensus over dual control, rollout likely from July 1
Reply By KASTURI SETHI:
The Reply:
Still the situation is fluid. The possibility of further postponement to 1.9.2017 cannot be ruled out.
Reply By Ganeshan Kalyani:
The Reply:
Chairman of the Empowered Committee of Ministers on GST, Amit Mitra, today said "many issues needed to be resolved to make an ideal Goods and Services Tax".
Reply By Ganeshan Kalyani:
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Sri Kastiei Sir, i agree with your views Sir
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GST protest: 70,000 tax officers to wear black bands to work tomorrow.
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IRS officers protest against GST council's decisions
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ni:
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GST council is going to meet on 18th February.
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The rate of GST product wise is expected to analyse the impact on there working capital and on business.
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Compliances are going to be a big concern for big industries having huge transaction and having many branches. It is also going to be a big concern for service industries. Untill now they have single centralized registration for service tax. Under GST they would require to enrol in every state where they have operation.
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FM said that no major changes in current indirect tax regime of central excise, customs and service tax is made as anyway these taxes is going to subsume in GST.
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Draft GST laws due in second half of Budget session: FM Jaitley
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Allied GST laws coming up.
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India should star
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AND SUN:
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GST To Smoothen Taxation, Bring In Transparency: Experts
At an interactive awareness programme for start-ups, the experts said the government is expected to resolve the queries of entrepreneurs regarding GST.
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GST roll out next fiscal: Is the govt looking at changing the financial year?
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GST decisions under states' pressure, reverse them: IRS
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Vehicle scrap policy to go to GST Council post Cabinet nod: Gadkari
V-VMP policy to push 28 million decade-old vehicles off the roads
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Smartphone buyers beware: GST may lead to 25% hike in prices CyberMedia Research estimates that with imposition of goods and services tax (GST), the price of smartphone handsets would increase by around 25 percent.
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Many issues need to be resolved to make ideal GST: Amit Mitra
Reply By YAGAY AND SUN:
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on, deferring target for its roll-out to July 1.
"I am trying my best (on deadline of April 1). There was a broad view that July 1 appears to be a more realistic date for the implementation," Jaitley said at a press briefing after today's GST Council meet ended. "We discussed cross empowerment issue whole day but…," Jaitley said.
He, however, said there were agreements on some other issues, including an "agreement that integrated GST (law) will be mutually empowerment model". Also, "territorial waters, taxation powers will be delegated to the states", he said.
Reply By YAGAY AND SUN:
The Reply: GST Bill: Narendra Modi govt's push to pass legislation, how it will help businesses and common man
GST would be beneficial for all the stakeholders and would provide a much needed boost to the reform agenda of the government.
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Potential benefits of GST:
Smooth credit mechanism by decreasing the cascading effec
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is expected that they are likely to get a shorter window to prepare for the transition. Hence, businesses need to accord high priority on the transition in order to realise the full-scale benefits of GST.
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Time is of the essence – act now
As GST may be introduced at a short notice owing to political compulsions, the time available for businesses is less.
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Anti-profiteering provision in GST law is retrograde.
Section 4 of the Competition Act, 2002, provides for action against abuse of dominant position
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Revenue Department prepares draft recommendations for GST rates: Report
The Revenue Department has prepared draft recommendations for GST rates on services. According to the draft, GST on telecom, banking, financial services, aviation is proposed to be pegged at 18%, according to a report.
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Meeting Apple's demands for tax concessions to be dif
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n on countervailing duty on imported components, as GST does not allow for individual exemptions.
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Centre assures realty sector of revenue neutral GST rate.
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Credai, the apex body of private real estate developers, today said that it is expecting a revenue-neutral GST rate without any adverse impact on realty prices, a relief for the sector.
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Credai expects GST rate to be neutral for housing sector.
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GST to create ₹ 36,000 crore software market in MSME segment.
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The Reply:
The implementation of the Goods and Services Tax (GST) can add 1.5-2.0 percent to the country's GDP feels Adi Godrej, Chairman of Godrej Group. "Sectors lagging right now due to various reasons, including demonetisation, will pick up strongly, and the last 3 quarters of this financial year will be very good for the economy," he told
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y also continue and will clear all the pending cases of VAT in near future and after that they may cease to function."
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Realty will pick up post GST implementation, says Adi Godrej
Adi Godrej, Chairman, Godrej Group on Wednesday said that realty will pick up post implementation of Goods and services tax (GST). "GST can add 1.5-2% to GDP," he said.
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Blue Star J&K plant awaits clarity on GST compensation
Air conditioning and commercial refrigeration major, Blue Star Ltd today said it was awaiting greater clarity on Goods and Services Tax (GST) compensation for their proposed greenfield plant at Jammu before moving ahead any further constructing the factory.
Reply By Ganeshan Kalyani:
The Reply:
“We are very close to finalisation of law. The Model law will be finalised by the end of this month. Currently, Model CGST and SGST law are being vetted by the law ministry, and these will be taken before th
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ainst Draft Model Goods And Services Tax (GST) Law.
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Cong says govt delaying GST implementation Congress today accused the government of being "insensitive" towards implementing GST and said the blame for delaying the key tax reform measure for three years should be on the Modi dispensation.
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Land, real estate should be brought under GST: Delhi deputy CM
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Govt hopeful of passing GST bills in 2nd leg of Budget session Replying to a question on GST bill, Parliamentary Affairs Minister Ananth Kumar said, "That is on the plate. GST council is meeting on 18th and it will be decided after that, but we are hopeful that supporting GST bills will be passed in the next phase of the session."
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Preparing for GST: For SMEs this can be a good starting point
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Govt may rework indirect tax maths mid-way a
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conomy, says Avendus' Andrew Holland "Valuations are challenging. We are seeing early signs of pick-up from demonetisation but its not a V-shape pick-up and will not be a V-shaped recovery"
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Cos rush to merge arms for better efficiency under GST.
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Adi Godrej expects double-digit GDP growth once GST kicks in Going ahead, remonetisation will spur the company's earnings in the fourth quarter ending March 2017, Godrej Group Chairman Adi Godrej said, adding that GST rollout will fuel the company's and India's growth in FY18.
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GST Council to discuss anti-profiteering clause at February 18 meet.
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StanChart pegs GDP at 7.2% in FY18, says GST may slow down growth Analysts at Standard Chartered expect GDP growth in India to be slow at 7.2 percent for financial year 2018 as against 7.5 percent estimated by a majority of other economists
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Film industry bats for lower rate of GST; says over 5 per cent tax will hamper the growth
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Here's how CIOs can manage the complexities arising out of GST.
In an interview with ETCIO.COM, DD Mishra, Research Director, Gartner explains the various ways in which GST will impact the IT systems and how CIOs can manage the complexities arising from it.
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Retailers seek early implementation of GST Industry body Retailers Association of India has asked for early implementation of the GST, which will be a game changer for the Indian retail sector which is pegged to grow to USD 1.3 trillion by 2020, its CEO Kumar Rajagopalan said.
Reply By JAIPRAKASH RUIA:
The Reply:
In Revised Model GST Law, In definitions, at some places the " Central Excise Act, 1944 (1 of 1944)" "Central Excise Rules, 2002" referred. Why the outgoing Act and Rules are referred to keep them alive. Why the definitions are
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eply:
GST council approves law to compensate states for revenue loss.
Reply By Ganeshan Kalyani:
The Reply:
The GST Council has formally approved the compensation law and the same would now be tabled before the cabinet for their approval. With regard to revised draft of the laws the same would be vetted and presented in the next meeting of GST Council to be held on 04 and 05 March 2017.
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India should learn from other nation's GST experience: CII-Deloitte Report
Countries like Malaysia and Canada have struggled with preparation time, rate issues, tax laws
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Why delayed GST is as disruptive for economy as demonetisation
If the central government is credited for bringing this legislation, then it has to be criticised for failure to meet deadlines.
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Good news: Contentious GST issues get resolved
The council has cleared 57 matters raised so far, along with the states' com
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ond important concern is over the burden of taxation on the consumer – especially the poor.
The third, probably the primary reason for this change, is to enable the business and trading community to have a smooth run in their transactions, tax accounting and against harassment.
To that extent, this change is really part of the reforms from 1992 to make business easier and make India one market.
It is inextricably connected with opening up India for investment – especially with respect to goods and services.
In the Select Committee on the Bill, there were important dissents opposing a proposal on the one per cent additional tax to go to the states (as self-defeating) and on votes in the GST council. That was at a preliminary stage.
Eventually, what the Bill did was to rewrite the revenue empowerments of the Centre and the states in respect to indirect taxation on goods and services – requiring constitutional amendments to legislative federalism.
The new provision permits these tax
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taxes on petroleum provisions till later – to put an important part of the economy on hold. We can see this as partial concessions to ideology (prohibition) and practicality (petroleum).
But the practicalities of deferment needed rigorous working out.
But part of what is claimed for GST is as deceptive as the story of the dahi seller who dreams he will sell more and more earthen pots of dahi until the one he carries falls.
I can understand the claim of a smoother machinery of indirect taxes. But in July 2016, PM Modi claimed that this would necessarily enable poverty alleviation.
Understanding
I have doubts that the PM really understands more than a propagatory overview.
Hence, his silence of this all too important measures which he is due to address soon. The PM's primary claim is that this measure will alleviate poverty because of the widening of the tax base.
This is illusory as any student of tax distribution knows. Increasing the tax will impact the consumer. Decreasin
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e it broke the deadlock to enable Parliament's functioning.
The second cheer because GST is an important change to simplify the tax structure.
On the third cheer, judgment is reserved until we find out how it works.
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4-tier GST rate may lead to classification disputes'
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Delhi Government extends deadline for registering on GST portal.
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With GST all set to be rolled out, there are some concerns that remain for India Inc says Pratik Jain of PWC.
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Manish Sisodia on GST: It will be another economic disaster after note ban if it doesn't address traders'concerns
Manish Sisodia on Tuesday hit out at the Centre saying that if GST talks don't address traders' concerns then it will be yet another economic disaster after note ban.
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Asian Paints CEO sees limited impact of GST-led disruption According to
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ply:
Service tax department doles out advice on migration to GST.
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Parliament session: GST must be put in fast-forward mode
After a lull of almost a month, the GST Council met last week for the tenth time since its first meeting in September 2016.
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GST: Health groups seek higher taxes for tobacco
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Control over territorial waters, inter-state transfers key to GST Bills
The council has sought the views of a law committee on the matter.
Reply By Ganeshan Kalyani:
The Reply:
Under existing VAT/CST Law, inter-state stock transfers does not has any tax liability. Also in case of intra-state stock transfer there is no VAT liability.
Under Goods and Services Tax (GST) regime, the taxability is on the supply of goods and or Service even if without consideration. Thus, stock transfer would become taxable under GST.
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The Reply:
Finance Ministry launches app t
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y By YAGAY AND SUN:
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Government launches GST app to facilitate smooth transition to new tax regime
The CBEC GST app will help taxpayers migrate to GST, provide toll free numbers and videos and reading material on GST and put up draft laws and rules.
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The GST: so far so good, but not good enough
The proposal departs from the expert view that an ideal GST should have a few exempted commodities and a single rate for all commodities
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GST: Here's why legal terms must reflect 'fundamentals' agreed by GST Council
In India, the goods & services tax (GST) cannot be activated without the efforts and recommendations of the GST Council.
Reply By Ganeshan Kalyani:
The Reply:
The GST Council, led by FM Arun Jaitley, in its last meeting on January 16 arrived on the consensus that 90 per cent of tax assessees below ₹ 1.5 crore annual turnover will be assessed by states and the remaining 10 per cent by the Cen
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h Basis Customs Duty (“BCD”) on import of goods and IGST on import of services. It is likely that under GST, rate of Duty Drawback could be limited to the amount of BCD paid on imported inputs used for exported goods/services.
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The Reply:
The much-touted Good and Services Tax (GST) will be rolled out on July 1, 2017 and is likely to bring in a uniform experience to the existing Herculean system. But, Gaurav Dua, Head-Research of Sharekhan feels that India's biggest tax reform may disrupt earnings growth of companies for a few quarters.
Reply By Ganeshan Kalyani:
The Reply:
Mr Gaurav Dua further said, "Generally, on average, companies keep an inventory of 4-5 months that they would prefer to bring down once GST is implemented. This could cause some temporary disruption in financial performance of Indian companies."
Reply By Ganeshan Kalyani:
The Reply:
The Association of Indian Revenue Services (IRS) officers of Customs and Central Excise ha
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ent. That means, at present, they have to file 3 Service Tax returns in one year. In GST era, they will have to file 61 returns per state, per year, after taking registration in each state in which they have presence. So, a major Bank like SBI, which has branches in all 35 states and Union Territories, will end up filing over 2,000 returns annually. This does not seem to be in the spirit of ease of doing business, as it will lead to severe rise in compliance costs,” it said.
Reply By Ganeshan Kalyani:
The Reply:
Eleventh meeting of GST Council – GST Council clears CGST and IGST law
In a constructive meeting of the GST Council, various important aspects have been finalised. These have been summarised below:
(i) Approval of CGST and IGST laws
The CGST and IGST laws have been formally approved by the GST Council today.
The laws would now be vetted from a legal perspective again to incorporate minor changes (from a legal wording perspective) post which the same would be tabled befo
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ould be a State wise single registration for the taxpayer. Most of the compliances would be automated, and there would be minimal physical interface between the taxpayer and Government officials
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All goods and services used in the course or furtherance of business eligible for input tax credit eligible on all goods and services except for a few restrictions specified in the law
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Concept of Input service distributor (ISD) to continue to allow the flow of credit of input services. In the draft model GST law it was mentioned for both goods and services.
Reply By Ganeshan Kalyani:
The Reply:
Pending minor legal drafting, the Government seems set to pass the laws in the second half of Budget session of Parliament which begins from 9 March 2017. The implementation of GST from 1 July 2017 seems like a reality now.
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The next meeting of GST Council is scheduled on 16th March 2
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priced biscuits are exempted from central excise but attract value added tax in states. The association wants this distinction to continue under the GST, which is to be implemented from July 1.
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Experts point out that GST being levied on branch transactions could be cumbersome because of the enormous number of financial transactions being carried out and because it will be impossible for banks and finance institutions to value services provided by one branch to another and then pay GST on that. Banks have written to the government to amend the GST law involving such 'self-supply' of services.
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GST might be disruptive like demonetisation: UR Bhat
In an interview with CNBC-TV18, UR Bhat said that going ahead the US Fed meet and roll-out of the goods and services tax (GST) will act as a catalyst for the market.
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Parliament Meets, PM Narendra Modi Underscores Star Status
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ent is in a minority, and where, in the past, the opposition, especially the Congress, has created frequent disruptions to stall legislation. Technically, Money Bills can be cleared even without a discussion on the Upper House, but the opposition will allege that violates basic democratic principles for a reform as crucial as the GST.
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The GST is expected to make business simpler and reduce business transaction costs. The Congress has said in the past that it will not accept the rate of tax being presented in a Money Bill, which would not need the Rajya Sabha's approval.
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In August last year, parliament cleared GST, delivering a huge victory for Prime Minister Narendra Modi. Half of India's 29 state legislatures need to pass the same act – this has been done.
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The three new laws to implement the tax will similarly have to be cleared by state legislatures after they are approved by parliament.
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Intuit looks to tap small business
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over and above their tax slab rate. The GST Council had also proposed to raise the peak tax rate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future.
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The government is keen to pass the much-awaited legislations related to the GST during the month-long session which will continue till April 12.
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The Export Promotion Council for EOUs and SEZs (EPCES) today urged the government to exempt special economic zones from Goods and Services Tax (GST) levies. The issue was discussed at a workshop on GST impact on SEZs and export oriented united (EOUs).
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“During the workshop, it was unanimously decided that Export Promotion Council for EOUs and SEZs (EPCES) must request the central and state governments to provide exemption to SEZs from payment of CGST/SGST/IGS
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g built into the model law to take care of contingencies in future, two officials in the know told PTI.
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“There shall be levied a tax called the central/state goods and services tax (CGST/SGST) on all intra-state supplies of goods and/or services… at such rates as may be notified by the central/state government but not exceeding 14 per cent on the recommendation of the Council and collected in such manner as may be prescribed,” the draft law states.
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The central and state officials will soon start the exercise to determine which goods and services should fall in which tax bracket and the same will be taken to the Council for approval soon.
Together with this, they will also decide the goods and services that would attract a cess on top of the peak rate to create a corpus that can be used for compensating states for any loss of revenue from implementation of GST in the first five years.
The government
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ger anti-profiteering is reduction is prices due to reduction in tax rate. Therefore, if the tax cost of a product under GST regime gets reduced vis-a-vis tax cost of such product under non-GST regime, such benefit should be passed on by the supplier to the recipient of the supply.
The model GST Law in its current shape does not throw light on procedural aspects as to how this task will be undertaken, when does it start, how will excess profit be measured etc.
Such a concept was introduced in Malaysia too while implementing GST wherein price control was done through amendments to Price Control and Anti-Profiteering Act, 2011 in 2014 read with Pric (e Control and Anti-Profiteering (Mechanism to determine unreasonably high profit)(Net profit margin) Regulations, 2014.
These regulations specify a certain period during which increase in net profit margin will be under consideration through checks like tax imposed, supplier's cost, demand and supply conditions, cost incurred in course or
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Intuit, a software provider to small businesses, aims to tap a large number of Indian enterprises with its goods and services tax (GST)-ready software product.
With the unified taxation system likely to be implemented in July 1 this year, Intuit, the provider of the accounting software QuickBooks, believes it will have an edge over peers with its experience of GST roll-outs in Malaysia and Australia.
QuickBooks is a cloud-based accounting software for small businesses. The product runs on a subscription
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Lucas Watson, chief marketing and sales officer, Intuit, said that while the company was better positioned to serve its existing customers once GST was implemented, it could tap a large chunk of the 51 million-odd small businesses in the country.
"We need to make sure QuickBooks is ready for GST and we think it is a transformational point. We have 51 million small businesses in India and 12 million ar
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nd Services Tax is installed in the country.
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ICAI President Manas Kumar Thakur says, "there were about 22 lakh indirect tax assesses currently across India. And once GST is implemented, this number will go anywhere upto 70 lakhs. "So, the Government wans us to train traders and new assesses in familiarising them with filling in forms etc.
Mr. Manas Kumar also said that the Institute of Cost Accountants of India has set a target of training 15 lakh traders from across India in the coming one year in GST basics.
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ICAI has already started the training and four hundred traders have been trained so far. "We are creating a pool of trainers who would subsequently train others on the fundamental aspects of the Goods and Services Tax (GST)," he said
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Many big retail chains give contracts to farmers for growing certain agricultural products which are the
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to amend the rules regarding this.
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Under GST, the states and the Centre will collect identical rates of taxes on goods and services. For instance, if 18 percent is the GST rate on a product, both the states and the Centre will get 9 percent each called the CGST and SGST rates.
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There are some reports in media that GST rates of specific products and services have been finalized. In wake of these false reports, CBEC has clarified that rates have not been finalized as yet.
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Finally, GST is coming in July: A primer on India's biggest tax reform
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GST on gold and jewellery is still not known as of now. Currently, the sector pays 10 percent import duty, 1 percent tax and 1 percent VAT.
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Desirable to rollout GST from Sept 1: J&K Finance Minister
Haseeb Drabu wants states to get at least six months' t
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th the states for every clause of the law. GST decision was taken by consensus. All the states have taken the ownership."
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Cabinet may consider GST supplementary legislations on Monday
A set of four supporting legislations-the Compensation Law, the Central-GST , Integrated-GST and Union Territory-GST -are likely to go together to the cabinet for approval.
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Amazon India brings out 'A-Z GST Guide' programme
The 'A-Z GST Guide'programme in its pilot phase has already helped train over 5,000 sellers on the Amazon platform to get ready for GST, which is set to be rolled out from 1 July.
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Department of Revenue to assess impact of inflation after GST
The Department of Revenue which exercises control in respect of matters relating to all the direct and indirect Union taxes is going to study the impact of the most awaited Goods and Services Tax on the inflation graph.
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ed by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months.
The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government.
The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both.
The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First
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rmers' interest in GST laws: FAIFA
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Finally, GST is coming in July: A primer on India's biggest tax reform
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I want entire country to discuss, understand GST, says Narendra Modi
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As per the draft GST Law, every person who, on the day immediately preceding the appointed day, is registered or holds a license under an earlier law, shall be liable to be registered under this Act with effect from the appointed day.
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Provisional ID is a 15 digit number which should be read in the following manner:
1. First 2 digits reflect state code
2. Next 10 digits are your PAN
3. Next digit represents entity number of the same PAN holder in a state
4. Next two digits are default numbers for tax authorities internal purposes.
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Nomura report has said that the implementation of Goods and Services Tax (GST) i
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t in large revenue benefits for the government,” he added.
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With Vulcan's wide geographical reach built around large consumer hubs and centralized technology infrastructure, Vulcan is all set to emerge as the network of choice for companies looking to become GST compliant in a short span. The design of the network is eminently suited to the requirements of the impending GST regime, which is a destination based tax.
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“Refund” under VAT includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported out of India, or refund of tax on the supply of goods regarded as deemed exports, or refund of un-utilized input tax credit.
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5 key things to know regarding refunds under GST:
1. Time limit for refund of tax or interest is two years.
2. To prevent lockin of capital of exporters, a pr
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On GST Rates, Najib Shah, chairman of CBEC said, while “it is one of the biggest challenges” a committee of members from both states and center is looking into it. The aim is that closest slab should fit in most of the commodities.
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Strong representations are being filed to continue existing exemptions available to SEZs through Commerce Minsitry.
Shah further said the exemptions will have to be minimum in GST. Exemptions promised will either phase out slowly or will be supported through Budgetary routes.
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The most talked about highlight of the Model GST l Law (November draft) is a provision that enables government to constitute an authority to monitor the prices of goods and services under GST regime to ensure that any reduction in a business' effective cost, or in the tax rate on goods and services as a result of the introduction of GST, is passed on to consumers in the form of appropriately reduced
Repl
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odel GST Law in its current shape does not throw light on procedural aspects as to how this task will be undertaken, when does it start, how will excess profit be measured etc.
Such a concept was introduced in Malaysia too while implementing GST wherein price control was done through amendments to Price Control and Anti-Profiteering Act, 2011 in 2014 read with Pric (e Control and Anti-Profiteering (Mechanism to determine unreasonably high profit)(Net profit margin) Regulations, 2014.
These regulations specify a certain period during which increase in net profit margin will be under consideration through checks like tax imposed, supplier's cost, demand and supply conditions, cost incurred in course or furtherance of business etc.
It remains to be seen how Indian government shapes up the enabling provision to ensure passing of reduction in cost under GST to consumers.
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Sharing a link on GST.
http://www.gstindia.com/gst-law-a-look-at-the-tax-ret
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r lower
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GST doesn't only stand for Goods and Services Tax, it also stands for Good Sense Triumphs, Chidambaram once said.
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Industry body FICCI said it is looking forward to introduction of the much-awaited Goods & Services Tax (GST), saying it would be a very significant step in the field of indirect tax reforms in India.
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Introduction of GST would make Indian products competitive in the domestic and international markets.
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Biggest benefit of GST is that it will disincentivise tax evasion. If you don't pay tax on what you sell, you don't get credit for taxes on your inputs. Also, you will buy only from those who have already paid taxes on what they are supplying. Result: a lot of currently underground transactions will come overground.
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Under current tax regime, we have more tax on fewer item
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aneshan Kalyani:
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While GST holds immense benefits for businesses small and large, it also requires them to adopt technology and become part of a digital economy. Under the new indirect tax regime, every taxable person needs to furnish their tax details online.
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Under the current regime, businesses have the option to file manual challans. However, the new law requires them to comply via the online mode only. Every supply to a registered person needs to be reported through the GSTR-1 form. In addition, GSTR-2 and GSTR-3, which are inward supply details and monthly GST return form, respectively, are required to be filed every month on the GST portal. Also, companies will be required to submit additional returns specific to their specific businesses under the GST regime.
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Under the GST Law, a normal taxpayer will be required to furnish three monthly returns and one annual return. There are also provis
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yani:
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Training of staff, changing IT systems, increased compliance costs, etc, are the key incremental expenses incurred/to be incurred by businesses in embracing GST.
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India would be implementing an imperfect GST, wherein crucial sectors like oil & gas, electricity, have been left out of the GST net and they have to continue with the current indirect tax structure that we currently have.
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The compliance prescribed under the GST regime requires every taxable person making a supply to upload transaction wise details to the GST network and input tax credits are available to purchaser only where the tax as reported by the supplier is actually deposited.
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All businesses – manufacturers, distributors, retailers – will have to register on the GST network once the regulation comes to force. All the transactions of a company and thereby the revenues and profits would
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s a once in a lifetime opportunity for the government to remove anomalies in tobacco taxation in India and bring a fair relief to the tobacco farmers without compromising on its tobacco control goals,” said Murali Babu, General Secretary, FAIFA in a statement.
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“GST is an opportunity to remove tax arbitrage in tobacco taxation and disincentivise illegal and contraband products which have been flooding the Indian market. GST is also an opportunity to remove discrimination among various classes of tobacco farmers. There should not be any discrimination among cigarette, bidi, chewing tobacco farmers,” said Babu.
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Even as Amazon India prepares for the much-awaited Goods and Services Tax (GST) roll-out on July 1, it is still worried about the proposed 1 per cent Tax Collection at Source (TCS) on e-commerce players.
Industry players feel the TCS would impact the working capital of small sellers and lead to massive
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By Ganeshan Kalyani:
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Fiscal policy expert Parthasarathi Shome has said that the success of the goods and services tax (GST) hinges on the preparedness of businesses to comply with the new levy.
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GST is meant to create a seamless common market and the Centre is hopeful of rolling out the new levy on July 1.
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GST excludes real estate, electricity and alcohol besides petroleum products that will be brought under the net subsequently.
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GST will be administered both by the Central and state tax authorities. So Shome underscores the need for proper training of the tax administration to ensure ease of doing business.
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The Centre and states will be forced to make improvements in the GST design if taxpayers find it difficult to comply with the new regime.
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The Customs, Excise and Service Ta
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f goods or rendering of services after the new indirect tax regime is rolled out, the revenue would be split between the Centre and the states in almost equal proportion.
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While the C-GST will give powers to the Centre to levy GST on goods and services after Union levies like excise and service tax are subsumed, the I-GST is to be levied on inter-state supplies.
Reply By Ganeshan Kalyani:
The Reply:
The S-GST will allow states to levy the tax after VAT and other state levies are subsumed in the GST.
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The Council has already finalised a four-tier tax structure of 5, 12, 18 and 28 per cent, but the model GST law has kept the peak rate at 40 per cent (20 per cent to be levied by the Centre and an equal amount by the states) to obviate the need for approaching Parliament for any change in rates in future.
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The cess will be levied on top of peak rate on selected demerit go
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e cleared by the Lower House or Lok Sabha, the Rajya Sabha or Upper House can only recommend changes, not insist on them.
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The GST is expected to make business simpler and reduce business transaction costs.
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The Union Cabinet has cleared amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST.
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16 cesses and surcharges on union excise and service tax will get abolished as a pre-cursor to rolling out Goods and Services Tax (GST) from July.
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“Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on rollout of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes,” an official release said after the Cabinet meeting chaired by Prime Mini
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Es.
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As per the latest government data only 11.22% of taxpayers who are registered under Service Tax Act but not registered under State VAT have migrated to GST. While it appears that tax payers are delaying to migrate, the other side of coin is that GSTN has not been able to provide provisional ID and password (required for migration to GST) in all cases.
Reply By Ganeshan Kalyani:
The Reply:
Migration is the foremost step that a tax payer needs to undertake in order to move to GST regime. Migrating to GST does not in any way just mean conversion of registration or change in name of tax, it entails change in IT systems, processes, supply chain, invoicing, compliance etc.
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89% (Approx) of registrants have not migrated, to GST.
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Looks like prospective car buyers are going to have to consider more factors than just make and model or gas mileage before investing in a car
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SGST of that state is payable, when supplier and place of supply is in one state. However, if the supplier and the place of supply are located in different States, then IGST is payable.
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As per revised Model IGST Law, place of supply involving movement of goods shall be the location of the goods where movement of goods terminates for delivery to the recipient.
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Where supply does not involve movement of goods; the place of supply will be the location of goods at the time of delivery to the recipient.
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The place of supply of goods in case of assembly or installation of goods will be the place of installation or assembly.
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The place of supply in case of goods taken onboard for consumption in aircraft, is the place or location at which such goods are taken on board. For example, if an aircraft departs from Bangalore to Mumbai after tak
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e next few days," Arun Jaitley said.
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Jaitley hopes GST roll out from July 1 to make goods cheaper
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Jaitley says tax collection will improve after GST roll out.
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KitKat is a biscuit and Parachute Coconut oil is edible! That's the new topic for GST debate
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Consumer goods distributors, wholesalers to bear the brunt of GST.
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With the GST's implementation, the middlemen will come into the organised bracket and will have to pay taxes for the very first time.
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Officers can explain benefit of GST to people: IRS association
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GST an opportunity to remove anomalies in tobacco taxation'
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Expect positive benefits of GST to show up in Q4: Aditi Nayar, ICRA
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From tax
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of goods or services and place of supply of goods or services are located in same State, then CGST and SGST is payable.
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Cabinet clears abolition of cesses for GST rollout, government to incur ₹ 65,000-crore loss
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If the supplier and the place of supply are located in different States, then IGST is payable.
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FAITH hands over GST representation to Ministry of Finance Hospitality industry's apex body Federation of Associations in Indian Tourism and Hospitality or FAITH has handed over its GST representation to the Ministry of Finance in charge for recommending rates to the GST council.
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Rupee unlikely to breach 70/$ in 2017; bet on GST related sectors: Lalit Nambiar
Domestic liquidity flows into the equity market seemed to have bolstered valuations given that all other asset classes including reality, gold, fixed deposits all look
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industry to prepare for GST, ask experts.
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Blue Star stalls ₹ 220-crore investment in J&K over GST query
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Blue Star's Mukundan Menon says the firm has put on hold its investment as J&K has not clarified whether relief in excise duty is going to continue after GST implementation
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Goods and Services Tax is India's biggest reform in India's indirect tax structure.
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UTGST Bill provides for levy of GST on intra-UT supply of goods and services in the Union Territories without legislature.
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The Compensation Bill provides for compensation to the states for loss of revenue due to GST for a period of five years.
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The introduction of GST bill will help in simplifying administration as it removes multiple taxation systems at every stage of trade model.
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Services is being expanded for greater out- reach for facilitating smooth transition for the taxpayers to the GST environment. The existing training establishment, to be renamed as National Academy of Customs, Indirect Taxes and Narcotics will have an all India presence, to enable capacity building to the employees of the indirect tax administration of the Centre as well as of the State Governments and to members of Trade and Industry. The renamed Directorate General of Goods & Service Tax Intelligence is also being strengthened and expanded to become an important wing of the Government in its fight against Tax Evasion and Black Money.
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The GST Council has set up Working Groups to address peculiar problems of some of the sectors for their hassle-free transition into the new tax regime.
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The Working Groups have been directed to take a quick look at the key issues and suggest ways and means to overcome the key
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y will provide much needed clarity to the industry on sector specific issues. However, the timeline for submitting the report looks tight."
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Commerce and Industry minister Nirmala Sitharaman said Amercian phone-maker Apple's demand for tax incentives to set up a manufacturing unit in the country will have be looked at after the Goods and Services Tax (GST) is rolled out.
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The government has not accepted most of the demands of the iPhone maker, Commerce and Industry minister Nirmala Sitharaman said.
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The American tech giant has sought various concessions on taxation and import of components for setting up the Apple manufacturing unit.
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Apart from tax sops, Apple also wants relaxation in the mandated 30 per cent local sourcing of components. Earlier reports had said the company would be importing all its components on the grounds
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ntre to release ₹ 5834 Crore before Mar 31st.
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* Companies, consultants grope in the dark to meet GST deadline.
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* GST Council meet: No e-wallets for exporters, but tax refunds in 7 days.
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* Last gasp tasks: GST bills and rate fitment process.
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* GST Network gearing up to handle more than 3600 Crore invoices annually.
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Govt may table GST Bills in Parliament on Monday
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The Reply:
Central GST, integrated GST, Union Territory GST and the compensation law are likely to be introduced in the Lok Sabha and could be taken up for discussion as early as 28 March.
Reply By YAGAY AND SUN:
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Once these GST Bills are cleared by Parliament, the states will then take the state GST Bill to their respective assemblies.
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GST: Bhopal Cuts dwon tran
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e GST Council has set up Working Groups to address peculiar problems of some of the sectors for their hassle-free transition into the new tax regime. Some of the key issues are:
i. Services provided between establishments of same entity without invoice or payment in certain sectors with high volumes of transactions with operations spread on a country-wide basis;
ii. Compliance challenges for small and medium sector in an automated environment with end-to-end matching of invoices;
iii. Issues raised by sectors employing large work force and with vast disparity, e.g., textiles;
iv. Special regime in sectors with disproportionate high value with relatively lesser value addition and large number of job workers;
v. Cascading due to the exclusion of certain products from the GST and commitments relating fiscal stability clause in Production Sharing Contracts;
vi. Issues due to existing abatements in transport sector together with compliance challenges;
vii. Critical infrastructure of
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and provided by : D. P. Nagendra Kumar, Pr. Commissioner the Government
The Working Groups have been directed to take a quick look at the key issues and suggest ways and means to overcome the key concerns. They may interact with concerned administrative ministries and key Industry bodies/associations, professionals and other suitable persons.
The emphasis of the Groups would be on procedural simplification and possible rate structure and will have to submit their reports latest by April 10, 2017.
Based on their initial reports, decision on further action to expand the working groups by including officers from the state governments may be taken.
(F. No. 349/36/2017-GST)
(Ram Tirath) Member (Budget & GST)
Reply By YAGAY AND SUN:
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Ministry of Finance
Release ID: 159886
24-March, 2017 16:54 IST
Releasing of GST Compensation to States
Pending introduction of GST in the Country, Union Cabinet in its meeting held on 17.03.2015, decided for payment of 100% CST compensation
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ct, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime
Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following proposals:
i. Amendment to the Customs Act, 1962;
ii. Amendments to the Customs Tariff Act, 1975;
iii. Amendment to the Central Excise Act, 1944;
iv. Repeal of the Central Excise Tariff Act, 1985; and
v. Amendment or repeal of the provisions relating to Acts under which cesses are levied.
The above proposals will result in the following benefits:
i. Insertion of Sections 108A and 108B in the Customs Act, 1962 seeks to provide for furnishing of information relating to import/export of goods by specified persons to enable analysis and detection of cases of unter/over-valuation in imports and exports, misuse of export promotion schemes including the Drawback Scheme and violations of the provisions of the Customs Act and various other laws under which Customs officials
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edger be allowed to be set off against future liability or be refunded.
Reply By YAGAY AND SUN:
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A State-wise single registration for a taxpayer for filing returns, paying taxes, and to fulfil other compliance requirements. Most of the compliance requirements would be fulfilled online, thus leaving very little room for physical interface between the taxpayer and the tax official.
Reply By YAGAY AND SUN:
The Reply:
A taxpayer has to file one single return state-wise to report all his supplies, whether made within or outside the State or exported out of the country and pay the applicable taxes on them. Such taxes can be Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), Union Territory Goods and Services Tax (UTGST) and Integrated Goods and Services Tax (IGST).
Reply By YAGAY AND SUN:
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A business entity with an annual turnover of up to ₹ 20 lakhs would not be required to take registration in the GST regime, unless he voluntarily ch
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seamlessly for payment of taxes under the Central and the State Law, it has been provided that the ITC entitlement arising out of taxes paid under the Central Law can be cross-utilised for payment of taxes under the laws of the States or Union Territories. For example, a taxpayer can use the ITC accruing to him due to payment of IGST to discharge his tax liability of CGST / SGST / UTGST. Conversely, a taxpayer can use the ITC accruing to him on account of payment of CGST / SGST / UTGST, for payment of IGST. Such payments are to be made in a pre-defined order.
Reply By YAGAY AND SUN:
The Reply:
In the Services sector, the existing mechanism of Input Service Distributor (ISD) under the Service Tax law has been retained to allow the flow of ITC in respect of input services within a legal entity.
Reply By YAGAY AND SUN:
The Reply:
To prevent lock-in of capital of exporters, a provision has been made to refund, within seven days of filing the application for refund by an exporter, nine
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ated to ensure that the reduction of tax incidence is passed on to the consumers.
Reply By YAGAY AND SUN:
The Reply:
In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments.
Reply By YAGAY AND SUN:
The Reply:
GST changes: Enabling provision for peak 40% rate
Council suggests change from present 28%, with Centre and states each empowered to have up to 14%.
Reply By YAGAY AND SUN:
The Reply:
The Goods and Services Tax (GST) Council is likely to get the power to raise the rate up to 40 per cent for any item in future, without the need for parliamentary approval. The proposed move has not gone down well with tax experts, who want the rates to be moderate even in the future.a
The Council, chaired by Finance Minister Arun Jaitley, has proposed an enabling provision in the GST Bills for a peak rate of 20 per cent each for Central GST (CGST) and state GST (SGST), from 14 per cent in the current d
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equesting them to migrate to GST. Outreach programmes such as Awareness Workshops/ Training for CENTRAL EXCISE/SERVICE TAX assessees are being organized all over India at the Commissionerate and Divisional offices of CBEC.
Reply By YAGAY AND SUN:
The Reply:
All existing CENTRAL EXCISE/SERVICE TAX assessees are requested to migrate as early as possible, latest by 31-03-2017.
Reply By Ganeshan Kalyani:
The Reply:
Commerce and Industry minister Nirmala Sitharaman today said Amercian phone-maker Apple's demand for tax incentives to set up a manufacturing unit in the country will have be looked at after the Goods and Services Tax (GST) is rolled out.
Reply By Ganeshan Kalyani:
The Reply:
“GST will be coming soon. So, tax-related incentives demanded by Apple will have to be looked from a different angle,” Sitharaman told PTI on the sidelines of Chemexcil function here.
Reply By Ganeshan Kalyani:
The Reply:
Goods and Services Tax (GST) is slated to unify good and services under one ta
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can now check whether the existing registration has successfully migrated to GST.
Reply By Ganeshan Kalyani:
The Reply:
Tax payer can now check whether the existing registration has successfully migrated to GST. For the same tax payers need to follow following steps:
1. Select the concerned state from the drop down.
2. For the purpose of reference number, ID Type needs to be selected. Tax payers can choose from Provisional ID, PAN or Registration number.
On submission, portal will show whether the migration has been successfully completed or not.
Reply By Ganeshan Kalyani:
The Reply:
The anti-profiteering clause introduced under the Goods and Services Tax (GST) regime is unlikely to lead to any immediate cost benefits to customers. Experts have raised concern over its implementation.
Reply By Ganeshan Kalyani:
The Reply:
GST tax rates will be revised for 80,000 items in the country depending on the type of product and the ingredients used in its manufacturing. While rates hav
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untry. This will subsume all other taxes including excise, value-added tax and octroi.
Reply By Ganeshan Kalyani:
The Reply:
Mani explained that companies could even argue that their overall costs including production and manpower have gone up, leaving little room to keep rates low.
Reply By Ganeshan Kalyani:
The Reply:
“There is a possibility of manufacturers arguing that costs necessitate them to increase prices whereas they have, in fact, kept prices stable,” MS Mani, Senior Director, Deloitte Haskins and Sells said.
Reply By Ganeshan Kalyani:
The Reply:
If taxes go up and the company faces a direct hit, the end consumer will have to pay a premium for the regular products that he/she may purchase. In such case checking for anti profiteering clause would be difficult.
Reply By Ganeshan Kalyani:
The Reply:
The Union Cabinet has cleared amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementa
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of goods to detect under or over-valuation and misuse of export promotion schemes.
Reply By Ganeshan Kalyani:
The Reply:
GST Provisional ID is a 15 digit number which should be read in the following manner:
1. First 2 digits reflect state code
2. Next 10 digits are your PAN
3. Next digit represents entity number of the same PAN holder in a state
4. Next two digits are default numbers for tax authorities internal purposes.
Reply By Ganeshan Kalyani:
The Reply:
As per the draft GST Law, every person who, on the day immediately preceding the appointed day, is registered or holds a license under an earlier law, shall be liable to be registered under this Act with effect from the appointed day.
Reply By Ganeshan Kalyani:
The Reply:
Existing tax payers are required to enroll on GST portal for registration migration under GST. For the first time login, you need to provide username and password that you received from the State VAT/Centre Tax Department. This username is a provisional
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e July-September quarter this year.
Reply By Ganeshan Kalyani:
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Godrej Group chairman Adi Godrej on Saturday hailed demonetisation and the proposed GST bill, stating that believers in India's strong future outstripped its doubters.
Reply By Ganeshan Kalyani:
The Reply:
Demonetisation helped checking black money, ensuring mid- and long-term growth while the GST, which would be implemented from July, would help achieve positive economic growth of the country, Godrej said.
Reply By Ganeshan Kalyani:
The Reply:
Right policy and decision of the government was shaping the reform in right direction and enhancing growth rate, said Godrej while speaking at the 61st Convocation of leading B-School XLRI School of Management.
Reply By Ganeshan Kalyani:
The Reply:
Godrej, who was bestowed with Sir Jehangir Ghandy Medal for Social and Industrial Peace on the occasion, expressed confidence that the country would overtake US economy between 2030-40 and China by 2050 to emerge as
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By Ganeshan Kalyani:
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The mechanism for split of the assessees would be based on the risk parameters/ profiles of the users .
Reply By Ganeshan Kalyani:
The Reply:
In case of complex or contentious issues involved with respect to services (such as place of supply etc), assessment of the same may be undertaken by the Central Government.
Reply By Ganeshan Kalyani:
The Reply:
States would have the power to levy taxes within 12 nautical miles under GST.
Reply By Ganeshan Kalyani:
The Reply:
GST is now expected to be rolled out by 1 July 2017 (as opposed to the earlier date of 1 April 2017).
Reply By Ganeshan Kalyani:
The Reply:
Fitment of rates – The rate committee would finalise rates of different goods and services under GST and submit the same before the GST Council.
Reply By Ganeshan Kalyani:
The Reply:
The Constitution Amendment Bill for Goods and Services Tax (GST) was approved by The President of India post its passage in the Parliament (Rajya Sabha on 3 August
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country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems.
Reply By Ganeshan Kalyani:
The Reply:
GST would bring in significant change in doing business in India. Advocacy for best practices, gearing up for changes in processes, training teams and developing IT systems for being GST compliant are the key areas to be assessed.
Reply By Ganeshan Kalyani:
The Reply:
The Government is committed to introduce GST by April 2017.
Reply By Ganeshan Kalyani:
The Reply:
The Government is committed to introduce GST by July 2017.
Reply By Ganeshan Kalyani:
The Reply:
Tax payers need to be GST compliant to be able to test system changes in time. Depending on the operating geographies, size and sector, the changes would be substantial and may require proactive planning with a time-bound action plan.
Reply By Ganeshan Kalyani:
The Reply:
In order to prepare for the implementation of GST, companies need to understand GST
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as domestic goods and services.
Reply By Ganeshan Kalyani:
The Reply:
As India gets ready for its biggest tax reform in decades, industries such as ecommerce, banking and insurance, logistics and others will get another chance to resolve any niggles they have with the goods and services tax (GST), which the government wants to put in place by July 1.
Reply By Ganeshan Kalyani:
The Reply:
Ahead of the introduction of GST-related legislation in Parliament this week, the government has set up 10 groups to iron out sectoral issues faced by trade and industry to ensure a smooth transition to the new regime with just a little over three months to go.
Reply By Ganeshan Kalyani:
The Reply:
In a chat with ET Now, Suresh Narayanan, Chairman & MD, Nestle India, says despite temporary blips, GST will usher in economies of scale and efficiencies, says Narayanan.
He also said, while you might have some initial teething issues which is bound to be there in a fiscal change of this magnitude,
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ld get stretched with the government seriously looking at shifting the date of the new tax going live from July 1 to September 1.
Reply By Ganeshan Kalyani:
The Reply:
This could be done to give industry more time to prepare for the new indirect tax regime and for further fine-tuning the GST bills.
Reply By Ganeshan Kalyani:
The Reply:
"There seems to be an informal acceptance of GST date being pushed to September 1 among officials in the finance ministry, revenue department and CBEC," said one of the souro spoke on condition of anonymity.
Reply By Ganeshan Kalyani:
The Reply:
The exercise of finalising five draft GST legislations – Central GST (CGST), State GST (SGST), Union Territory GST (UTGST), integrated GST (IGST) and Compensation to states – by the GST Council, which comprises of finance ministers and officials from all states and is responsible for working out the broad contours for the draft bills, is slightly behind schedule.
Reply By Ganeshan Kalyani:
The Re
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nal e-sign services by NSDL, from 04 April 2017. E-sign service is an online electronic signature service that can facilitate an Aadhaar holder to digitally sign a document. This will promote the signing of enrolment applications using Aadhaar number of the authorised signatory.
Reply By Ganeshan Kalyani:
The Reply:
The enrolment under GST can now be done till 31 April 2017.
Reply By Ganeshan Kalyani:
The Reply:
Revenue Secretary Hasmukh Adhia has said that the biggest challenge for Government would be the outreach to trade and industry in next 3 months. He adds that right now focus is on migration existing tax payers to GST (transition). Currently, only 60% of the assessees have migrated to GST.
Reply By Ganeshan Kalyani:
The Reply:
The Goods and Services Tax (GST) Council approved the drafts of four sets of rules and finalized five others on Friday making steps towards GST roll out. These rules are for Valuation, Composition, Input Tax Credit and Transition. Five other rules in
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n Kalyani:
The Reply:
Under GST a provision of payment of GST under reverse charge by a registered person upon procurement from un-registered person is provided.
Reply By Ganeshan Kalyani:
The Reply:
GST Bills were introduced as 'Money Bill' in Lok Sabha.
Reply By Ganeshan Kalyani:
The Reply:
In context to GST Rates, Revenue Secretary states that tax incidence will be closer to existing ones, while service tax rates will be 5%, 12% & 18%, 18% being standard rate.
Reply By Ganeshan Kalyani:
The Reply:
Government has extended the deadline to migrate existing registration (a.k.a GST Enrolment) to 30th April 2017 for all existing registrations to be migrated across state and centre.
Reply By Ganeshan Kalyani:
The Reply:
“The voluntary enrollment process started six months ago and 73 per cent of the businesses have registered. We will be extending time till April 30, for the others to enroll,” Prakash Kumar, CEO, Goods and Services Tax Network said.
Reply By Ganeshan Kaly
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SN (Harmonised System of Nomenclature) code shall be used for classifying the goods. Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2-digit code and the taxpayers whose turnover is ₹ 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices.
Services will be classified as per the Services Accounting Code (SAC).
Reply By Ganeshan Kalyani:
The Reply:
The Central Government has issued draft rules for credit, valuation, transition and composition and amended rules relating to registration, invoicing, payment, refunds and returns issued earlier. With this, the Government has issued most of the rules for Goods and Services Tax (GST) regime.
Reply By Ganeshan Kalyani:
The Reply:
In the reply no. 997 Dated: 1-4-2017 to issue id 110747, please read as 30th April 2017.
Reply By Ganeshan Kalyani:
The Reply:
The Rajya Sabha Today (06.04.2017) passed
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ess across the country. It would be far simpler than the current system, where a good is taxed multiple times and at different rates.
Reply By Ganeshan Kalyani:
The Reply:
There would be four tax slabs of 5, 12, 18 and 28 per cent, plus a levy on taxes on luxury items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.
Reply By Ganeshan Kalyani:
The Reply:
The GST council is yet to decide which goods fall in which slab. The GST rates will remain broadly in line with the existing rates. To keep inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
Reply By Ganeshan Kalyani:
The Reply:
With the implementation of GST, consumers will not be subjected to double taxation. All taxes that are levied while purchasing good will include both the central government's taxes as well as the state government's taxes.
Reply By G
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r the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax (UTGST) or integrated tax (IGST) paid on the said services to a supplier of taxable goods or services or both having same PAN as that of the ISD.
Reply By Ganeshan Kalyani:
The Reply:
An ISD is required to obtain a separate registration. The threshold limit of registration is not applicable to ISD. The registration of ISD under the existing regime (i.e. under Service Tax) would not be migrated in GST regime. All the existing ISDs will be required to obtain fresh registration under new regime in case they want to operate as an ISD.
Reply By Ganeshan Kalyani:
The Reply:
The distribution of credit would be done through a document especially designed for this purpose. The said document would contain the amount of input tax credit being distributed.
Reply By Ganeshan Kalyani:
The Reply:
The input tax credit of input services shall be distributed only amongst those registered persons
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vices Tax (GST) regime. This GST enrolment activation drive kicked off in November for VAT registrants and in January for Service Tax and Excise registrants. Deadline to migrate is set at 30th April 2017.
Reply By Ganeshan Kalyani:
The Reply:
In terms of most number of tax payers who have migrated to GST, the state that tops the list is – Karnataka with 92.83% conversion. 2nd in list is Maharashtra with 88.01% followed by Gujarat 87.44%.
Reply By Ganeshan Kalyani:
The Reply:
Taxpayers who are registered under Service Tax Act but not registered under State VAT stand at 30.1% and Taxpayers who are registered under Central Excise Act but not registered under State VAT at a very low 13.15%
Reply By Ganeshan Kalyani:
The Reply:
With goods and services tax (GST) now close to reality and the government aiming for rollout by July 1, Former Finance minister, P Chidambaram thinks October 1 would be the best time to rollout GST.
Reply By Ganeshan Kalyani:
The Reply:
In an exclusive interv
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e GSTN capable of processing all that without glitches? I think the GSTN should be allowed to run it on a trial basis for a month or two before you actually launch GST," he told The Financial Express.
Reply By Ganeshan Kalyani:
The Reply:
Chidambaram also raised questions over the 14 percent revenue figure for states that the government has assured. If this 14 percent has to be achieved, many goods could fall under the higher rate of 28 percent.
Reply By Ganeshan Kalyani:
The Reply:
The GST Bill have an anti-profiteering provision which ensures reduction of tax incidence is passed on to the customers. ?There is no definition of anti-profiteering, they are going to set up an authority, that authority will devise its own procedure. It?s clearly open to abuse,? Chidambaram told the paper.
Also, there are separate bodies that deal with cases of profiteering already. In this case, why should an income tax official be given the right to take decision, which ideally should have be i
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n, processes – procurement and supply including supply chain. It also impacts the IT system of a company, from invoicing formats to generating input and output reports.
Reply By Ganeshan Kalyani:
The Reply:
Under Goods and Services Tax (GST) regime, every taxpayer would be assigned a compliance rating based on the compliance record of the assessee. As per Section 149 of the CGST Bill passed by Parliament, “Every registered person may be assigned a goods and services tax compliance rating score by the Government based on his record of compliance with the provisions of this Act.”
Reply By Ganeshan Kalyani:
The Reply:
While, the GST law does not prescribe the parameters for compliance rating as yet, Prakash Kumar, chief executive of GSTN throws some light on it. He said “Regularity in uploading the invoices, filing of returns and taxes will be the main criterion for rating the taxpayers. The ratings will be updated at periodic intervals and also will be put up in the public domain,”.
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y Ganeshan Kalyani:
The Reply:
With the assent of Hon'ble President of India, to four supporting legislations of on GST i.e. CGST, IGST, UTGST and Compensation Cess after getting it passed from by both the houses of parliament the way of rollout of GST from 1st July, 2017 seems possible.
Reply By KASTURI SETHI:
The Reply:
Yes, Sir. It seems possible. Still we are to use the terms of "possible".
Reply By Ganeshan Kalyani:
The Reply:
Every registered person who causes movement of goods of consignment value exceeding Rs. 50000.00 – (i) in relation to a supply; or (ii) for reasons other than supply; or (iii) due to inward supply from an unregistered person, shall, before commencement of movement, furnish information relating to the said goods in Part A of FORM GST INS-01, electronically, on the common portal and (a) where the goods are transported by the registered person as a consignor or the recipient of supply as the consignee, whether in his own conveyance or a hired
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e-way bill in FORM GST INS-01 on the common portal in the manner prescribed in this rule.
Reply By Ganeshan Kalyani:
The Reply:
The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intra-State movement of goods.
Reply By Ganeshan Kalyani:
The Reply:
Where a vehicle has been intercepted and detained for a period exceeding thirty minutes, the transporter may upload the said information in FORM GST INS- 04 on the common portal.
Reply By Ganeshan Kalyani:
The Reply:
The facility of generation and cancellation of e-way bill may also be made available through SMS.
Reply By Ganeshan Kalyani:
The Reply:
UNDER GST RULE – ELECTRONIC WAY BILL MANDATORY FOR CONSIGNMENTS ABOVE ₹ 50,000.00 W.E.F. 01.07.2017.
Reply By Ganeshan Kalyani:
The Reply:
CBEC releases draft rules on Accounts and Records, Appeals and Revision and A
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enerated under clause (a) and the goods are handed over to a transporter, the registered person shall furnish the information relating to the transporter in Part B of FORM GST INS-01 on the common portal and the e-way bill shall be generated by the transporter on the said portal on the basis of the information furnished by the registered person in Part A of FORM GST INS-01.
Reply By Ganeshan Kalyani:
The Reply:
Where the movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter, he or the transporter may, at their option, generate the e-way bill in FORM GST INS-01 on the common portal in the manner prescribed in this rule.
Reply By Ganeshan Kalyani:
The Reply:
Any transporter transferring goods from one conveyance to another in the course of transit shall, before such transfer and further movement of goods, generate a new e-way bill on the common portal in FORM GST INS-01 specifying therein the mode of transport.
Reply By Gan
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roduce the same for verification by the proper officer in lieu of the tax invoice and such number shall be valid for a period of thirty days from the date of uploading.
Reply By Ganeshan Kalyani:
The Reply:
The Commissioner may, by notification, require a class of transporters to obtain a unique RFID and get the said device embedded on to the conveyance and map the e-way bill to the RFID prior to the movement of goods.
Reply By Ganeshan Kalyani:
The Reply:
The Commissioner or an officer empowered by him in this behalf may authorise the proper officer to intercept any conveyance to verify the e-way bill or the e-way bill number in physical form for all inter-State and intra-State movement of goods.
Reply By Ganeshan Kalyani:
The Reply:
The Commissioner shall get RFID readers installed at places where verification of movement of goods is required to be carried out and verification of movement of vehicles shall be done through such RFID readers where the e-way bill has been mapped w
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levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
Reply By Ganeshan Kalyani:
The Reply:
Alcohol for human consumption is kept out of GST. Five petroleum products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel have temporarily been kept out and GST Council shall decide the date from which they shall be included in GST. Electricity has also been kept out of GST.
Reply By Ganeshan Kalyani:
The Reply:
Prime Minister Narendra Modi today said the states should make legislative arrangements "without delay" for GST rollout from July 1.
Reply By Ganeshan Kalyani:
The Reply:
"The Prime Minister reiterated that the legislative arrangements at the state-level for GST should be put in place without delay," an official statement sa
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ystem requires a transporter to generate a new e-way bill when the goods are transferred from one conveyance to another. Experts said that it is expected these rules would push the business towards greater transparency and would flush out businesses that are operating beyond the tax net. Further, the requirement for officials to record the summary of inspection within 24 hours would deter unscrupulous inspectors, Nangia said.
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States of Tamil Nadu and Himachal Pradesh have shown keen interest in passing SGST Bill very soon. However, Odisha has some reservations over calculation of compensation to the states for loss of revenue..
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Tamil Nadu Chief Minister Edappadi K Palaniswami said that his government would soon place the S-GST bill in the assembly for consideration and passage. “A historic reform of indirect taxes in India has been achieved with the passage of the Central GST (C-GST), Integrated GST (I-GST)
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ST laws by May-end to ensure that the GST regime was rolled out by July.
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Bihar and Telangana had already passed the SGST laws while Rajasthan was likely to approve the bill on Wednesday.
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Allaying fears that consumers would have to pay more for goods and services under the GST regime due to an increase in tax rates, Mr. Adhia said the prices of most items would decrease while those of services might stay at the same level.
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Though a majority of the services would see service tax rising to 18% under the GST regime from the current 15%, most services would get the benefit of input tax credit on purchases and, therefore, the overall tax incidence wouldstay the same, he said. However, there could be a marginal increase in tax for some services, Mr. Adhia added.
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The GST Council's next meeting is scheduled for May 18-19 and is expected
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ent excise duty. There will be a likely decrease in the tax on each of these items under GST," Revenue Secretary Hasmukh Adhia told reporters at a GST conclave here.
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Adhia said that though most services will be taxed at 18 per cent under the GST regime, as against the current 15 per cent service tax, a majority of these will get input tax credit on purchases and the overall tax incidence will remain the same.
"About 18 per cent (service tax) will become equivalent to 15 percent. There will not be much of an increase in service tax. There could be a marginal increase of tax for some services," he said.
"It is a possibility that there will be more than one rate for service tax. It is not necessary all services will attract 18 percent tax. Abatement will be kept in mind."
"For a few services, the rate will be decided keeping in mind abatement (relief) that it attracts. For such services, rate will be less that 18 per
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not be complacent," he said.
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As many as 14 states have said they will pass the State GST (SGST) Bills by the middle of next month and by May-end all legislatures will have passed the SGST Bill, he added.
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While the businesses are waiting for the tax rates for various commodities under the Goods and Services Tax (GST), the government is unlikely to announce the rates soon. The fitment of rates will be made public only a few days before the July 1 roll-out, sources told FE, adding that an early announcement could give rise to market distortions and hoarding. “Unlike the West, India has a price-sensitive market where any indication of minor increase or decrease in tax rates tempts the consumers to rate buy a product. This rate buying is not a good indication for any economy as it may result in black marketing and hoarding,” Rajat Mohan, director-indirect taxation, Nangia & Co said.
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e, to the extent possible, the one that is nearest to the current rate. It is expected that the council will take into account is the real tax incidence at present rather than the nominal rate.
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The flip side of the delayed announcement of rates is the paucity of time for businesses to prepare themselves. Gupta said while large companies have been preparing for GST for over a year and are more likely to adjust to the late rate announcement, it can wreak havoc for small businesses.
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“Professionals and businesses need time to access the impact of reduced tax rates and we feel the time is short in case the announcement of tax rates is made near to the date of implementation, especially for FMCG companies which would have numerous products with different rates,” a source said.
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HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST
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h the introduction of the Goods and Services Tax (GST) from July 1, 2017, inter-state transportation of goods would become more efficient. And among all, the logistics sector, comprising inbound and outbound segments of manufacturing and services supply chains, is likely to get the much-needed boost. Logistics companies in India are moving from traditional setups towards integration of IT and technology and this is expected to reduce the costs incurred and meet service demands.
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Use of technology would facilitate efficient tax administration for registration, filing of returns, data exchange and efficient investigation, supervising, auditing and performance analysis. The implementation of GST from July 1, 2017, would not only allow logistics companies to set up just a few and big warehouses region wise, but also allow them to follow the hub-and-spoke model for freight movement from the warehouses to different manufacturing plants and wholesale and
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tion of India, Allcargo, Snowman Logistic, GDL, Gati and VRL Logistics are likely to see good growth going forward.
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While the businesses are waiting for the tax rates for various commodities under the Goods and Services Tax (GST), the government is unlikely to announce the rates soon. The fitment of rates will be made public only a few days before the July 1 roll-out, sources told FE.
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ET VIEW: Make Clear Rules
The onus lies on the Centre and states to ensure a smooth transition to the goods and services tax, which is the biggest indirect tax reform to create a unified market. Malaysia, which introduced GST two years ago, educated businesses and customers, but that did not suffice. India should be prepared better for the switch over to avoid any choas. So, rules must be clear, and the tax administration well-equipped to handle GST. Ideally, the new levy should be rolled out three months after the publication
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implementation of the Goods and Services Tax (GST), said the finance ministry is gearing up for its roll out and five days training has already been given to officers.
Besides, IT training for them is going on, he said.
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To promote the GST enrolment and lure pending tax payers to migrate, Bollywood superstar Salman Khan promotion with the tagline “I have enrolled with the GST. Have you?” have been circulated by CBEC.
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With government looking all set to implement Goods and Services Tax (GST) from July 1, 2017, they are leaving no stone un-turned to get existing tax payers migrated to GST.
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There are over 80 lakh Value Added Tax (VAT) and Excise duty payees in the country. Out of these over 75 per cent of VAT and 73 per cent of the central excise assessees have switched to the GST Network (GSTN). Meanwhile, only a meagre 34 percent service taxpayers have made the shift.
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shan Kalyani:
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GST is expected to roll out from Jul 1 2017.
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Implementation of Goods and Services Tax in India carries notion of being a compliance loaded law. While the increase in compliance may be manifold for service providers but may not be as much for traders or manufacturers.
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“Many people think that implementation of GST would result in increase in compliance cost. This is completely misplaced,” he said.
He said people have to keep different law books for filing return for various taxes like VAT, excise etc in the present taxation regime. “But with the rollout of GST, there would be a single tax and accounting for this will be very simple. It can be done through an offline excel form provided by GST Network. If someone uses this form for keeping record of purchase and sales, then he can use this for filing return. Thus, compliance would be minimised,” he said.
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to be finalised. We also have no clarity on whether new rules will come in or only 14 will be there. July 1 seems to be a very aggressive date for rollout,” Bimal Jain, Chairman, Indirect Taxes Committee, PHDCCI, said.
Finance Minister Arun Jaitley is keen on launching GST from July 1 and the Finance Ministry is making every effort to ensure this. The Ministry argues that a July 1 rollout of GST, which has been delayed by seven years, would mean it starts from the beginning of a new quarter.
“It could be an accounting headache for firms if GST started from September 1,” pointed out an official.
However, businesses, too, are getting anxious about the final rules and fitment of commodities. “Talks have only been taking place about goods; what about services? Here again there is no clarity,” Jain added.
“It will be a race to the finish. If the GST Council finalises the rates and rules in the May meeting, companies will still need some time to tune their systems. With the planned anti-
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Uttar Pradesh and Uttarakhand becomes sixth and seventh state to pass SGST Bill after Bihar, Jharkhand, Telangana, Rajasthan and Chhattisgarh.
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“The complexity in taxes was a tax in itself. The GST is aimed to reduce these complexities and turn the country's into a developing economy ,” said Shekhawat, Industry Minister.
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The Uttar Pradesh government today approved implementation of the Goods and Services Tax (GST) in the state and the same will be passed in the Assembly in the session commencing from May 15.
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The Finance Ministry will be setting up a new dedicated team to dispose of the cases related to tax issues pending before the Central Board of Excise and Customs (CBEC) before the implementation of the Goods and Services Tax (GST) regime. As per the ministry sources, a separate Legacy Commissionarate will be established at the zonal level, which will be headed by
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input tax credit.
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The committee tasked to fit rates of items under the Goods and Services Tax (GST) regime will meet on Friday and Saturday to finalise GST rates for individual items, a senior finance ministry official told Bloomberg Quint.
Once the committee comprising state and central government officials fixes rates, these will be tabled before the GST Council in its next meeting on May 18-19. The council will then take a final call on individual rates for different commodities.
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The Reply: Central Board of Excise and Customs (CBEC) Chairman Vanaja Sarna had told BloombergQuint in an interview that the rates on precious metals will be decided after rates on all other items are finalised.
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According to the official cited above, the GST Council will also decide exemptions to be given to specific industries.
Some working groups set up by the CBEC to address sector-specific conce
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therefore, nobody is going to taken by surprise, it's not going to be very significantly different,” Jaitley said while addressing the Confederation of Indian Industries' annual summit.
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The GST Council has finalised four rate categories of 5, 12, 18 and 28 per cent after unifying levies like central excise, service tax and VAT. Fitment will be done by adding the total incidence of current taxation (central plus state levies) and then putting the good or service in the tax bracket closest to it.
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Jaitley said the GST Council has so far had 13 meetings and has never had to resort to voting to decide on any issue. “And therefore, all states representing different political complexions have all agreed (on GST structure),” he said.
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Jaitley also pointed out that the reduction in tax rates should be passed on to consumers by companies, and this principle cannot be questioned
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ters, entities will also have to record the complete address of premises where goods are stored, including goods in transit. If the goods are found to be stored elsewhere than the declared place, a tax would be payable as if they were supplied by the same entity.
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“Considering the government's stated intention of introduction of GST with effect from 01 July 2017, it would be a very difficult task for the industry to make changes in the IT systems to adhere to the record-keeping requirements,” said PwC India's tax and regulatory services team in a note on the draft rules.
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The rollout of the GST Bill will be a collective effort of the Central and State Governments, the tax payers and the IT platform provider i.e. GSTN, CBEC and State Tax Departments. Besides these main participants there are going to be other stakeholders e.g. Central and States tax authorities, RBI, the Banks, the tax professionals (tax retur
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ms and consumer durables are expected to get cheaper. Also movie tickets with entertainment tax expected to come down.
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Cigarettes, branded jewellery and other high-end goods, rail, bus and flight tickets and mobile phone calls are expected to be costlier in the GST regime. Service
Reply By Arunachalam siva:
The Reply:
Dear all experts,
I need your help on the following points
1. I we fail to make payment to supplier within 180 days from date of invoice, credit has to be reversed. can we take credit once we complete the payment?.
2. GST is payable on advance if any received from customer. In that case, advance tax paid to be adjusted at the time of supply of goods and details to be reflected on invoice. is it correct?
Regards
Arunachalam
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The Reply:
1) yes once you make the payment to the supplier you are eligible to the credit which was reversed.
2) yes the tax paid on the advance amount received can be adjus
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STIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage.
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During GSTIN registration, ensure declaration of correct IEC and the same PAN [earlier registered with DGFT for getting IEC]. In case of any difference in PAN declared for GSTIN vis-à-vis the PAN declared for IEC registration, amendment of PAN in IEC may be undertaken immediately.
All concerned may make use of the special drive by GSTN from 01-06-2017 to 15-06-2017 for updation of IEC in GSTIN.
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"India's GST is the most complex of all the countries which have implemented GST," chairman of the GSTN Navin Kumar told Bloomberg, noting that work on the system began two years ago when the only available guidance available was draft laws. "Despite
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ani:
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With few weeks to go before the nationwide goods and services tax (GST) is implemented, Indian companies are rushing to bring in experts to help prepare the accounting and information technology systems for the tax-system overhaul. That's created a windfall for international professional services firms, including PricewaterhouseCoopers LLP and KPMG LLP.
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The Reply:
The Revenue Secretary Dr Adhia had reviewed the progress on enrollment of existing taxpayers. As on 30th April 2017, when Phase-1 of enrollment was closed, 60.5 lakh taxpayers out of 84 lakh had enrolled. The enrollment window was said to be re-opened for 15 days from 1st June,2017 to give another opportunity to taxpayers to enroll.
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The Reply:
The Constitution (101 amendment) Act, 2016 provides that every decision of the GST Council shall be taken at a meeting by a majority of not less than 3/4th of the weighted votes of the Members present and voting.
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e Central Board of Excise and Customs (CBEC) before the implementation of the Goods and Services Tax (GST) regime. As per the ministry sources, a separate Legacy Commissionarate will be established at the zonal level, which will be headed by Commissioner level officer whose responsibility will be to resolve the cases which are pending before the department.
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Migration of existing assessees to GST is a challengeable issue. 30.03.2017 was fixed as the deadline for migration to GST by the existing assessees. It is reported that only 70% of them migrating as of April 30 deadline. Migration of service tax and Central excise assessees was also low at 43.73% and 24% respectively.
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The onus lies on the Centre and states to ensure a smooth transition to the goods and services tax, which is the biggest indirect tax reform to create a unified market. Malaysia, which introduced GST two years ago, educated businesses and
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the composite supply of works contracts fall under the 18 per cent GST rate with full input tax credit (ITC). While prima facie, the GST rate does appear higher than the current taxation regime, in which majority of construction contracts fall under the nature of work contracts (which is overlapping between supply of services and supply of goods) and a combination of service tax and VAT is applicable," Icra said.
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The Reply:
Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage.
Accordingly, during GSTIN registration, please ensure declaration of correct IEC and the same PAN [earlier registered with DGFT for getting IEC]. In case of any difference in PAN declared for GSTIN vis-à-vis the PAN declared for IEC registration, amendment o
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ems and other procedures. The preparedness of all banks for implementation of GST on July 1, 2017, is a question mark,” the IBA has conveyed to the Parliamentary Standing Committee on Finance.
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The Reply:
Banks are one of the few sectors which have to make humongous changes in their system infrastructure and thus, getting ready for GST is not an average ask by any stretch of imagination.
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The speculation of government postponing GST roll out to Sept 1, 2017 will find some fuel with this update. There have been concerns over readiness of GSTN (GST's IT backbone). It remains to be seen if GST will get implemented from July 1 or not.
GST is expected to boost the GDP growth by about 2 percentage points and impose a critical watch on tax evasion.
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GST is expected to boost the GDP growth by about 2 percentage points and impose a critical watch on tax evasion.
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r two important rules related to transition provisions and returns to be filed under the new indirect tax regime.
The council had to also fix rates for commodities like biscuits, cigarettes, beedis, agricultural equipment, precious metals and textiles. The rate on lottery tickets was also taken up for consideration.
Reply By Ganeshan Kalyani:
The Reply:
Key takeaways from today's meeting are:
1. GST Rules cleared including transition and return filing.
2. GST Council will set up committee to look into complaints regarding anti-profiteering clause.
GST Rates
1. Solar Panels – 5%
2. Packaged Food Items – 5%
3. Bidi – 28% (no cess)
4. Tendu Leaves – 18%
5. Gold, Silver and Processed Diamonds – 3%
6. Jute – 0%
7. Footwear below INR 500 – 5% and footwear above INR 500 – 18%
9. Readymade garments – 12 %, with apparel costing below ₹ 1,000 – 5%
10. Biscuits – 18%
11. Rough Diamonds – 0.25%
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The Reply:
Next meeting of GST Council is scheduled to take pla
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n portal, a unique e-way bill number (EBN) shall be made available to the supplier, the recipient and the transporter on the common portal
3. The person in-charge of conveyance will be required to carry the invoice or bill of supply or delivery challan, and a copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded on to the conveyance.
4. Where multiple consignments are intended to be transported in one conveyance, consolidated e-way bill shall be generated carrying serial number of e-way bills generated in respect of each such consignment electronically on the common portal.
5. Validity of eWayBill:
A. Less than 100 km – One day
B. 100 km or more but less than 300km – Three days
C. 300 km or more but less than 500km – Five days
D. 500 km or more but less than 1000km – Ten days
E. 1000 km or more – Fifteen days
Verification of documents
6. The Commissioner shall get RFID readers installed at places wh
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ement.
Reply By Arunachalam siva:
The Reply:
Sir, Assessee is not register under Excise but register under Sale tax. Not availing CENVAT credit. Now registered under GST. Can assessee avail CENVAT credit on goods received(invoice issued before GST) after appointed date ?
Reply By Ganeshan Kalyani:
The Reply:
In the transition stock the cenvat credit is allowed to those possessing duty paid document. If there is no such document then 60% of credit of central GST payable is eligible.
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The Reply:
Principally, import of goods is governed by Customs Act followed by other indirect tax levies. The import of goods has been defined in the IGST Act, 2017 as bringing goods into India from a place outside India.
In pre-GST scenario, import of goods is subject to duties of customs (basic customs duty, in lieu of excise duty, in lieu of VAT and cesses). Under GST, Customs Act has not been subsumed while Excise and VAT Laws have subsumed.
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lyani:
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Even brands such as Samsung, Panasonic, Hitachi and Videocon have come up with consumer promotional offers – gifts and extended warranties – to boost sales since retailers and distributors have stopped picking up stock to clear the existing inventory, two senior industry executives said.
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"It's almost a mid-year Diwali for consumers in June, as most retailers will be doling out huge discounts to clear inventory before GST is rolled out. Retailers want to liquidate their entire stock as they cannot bear the load of the remaining 40 per cent central GST which will not be credited to them on unsold inventory," said Pulkit Baid, director at Great Eastern, which is one of the largest white goods retailers in the East.
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Vijay Sales managing director Nilesh Gupta said every retailer would want to have the minimum stock by July. "While we are clearing stock on discounts, we are a
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kitchen appliances and small appliances fall under the 28 per cent GST slab.
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The Council also proposed allowing 100 per cent credit in case of highvalue items priced above ₹ 25,000 based on the tracking of the product, even without documents detailing the actual payment of excise duty. However, the industry awaits clarification on the definition of tracking and whether it's on the MRP, base price, or market operating price.
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The Reply:
Godrej Appliances business head Kamal Nandi said if the industry can avail benefit of 100 per cent credit, around 25 per cent of the stock will be covered, and the balance 75 per cent must be liquidated by trade. "Hence, the discount will continue at the retail end," he said.
Reply By Ganeshan Kalyani:
The Reply:
Even though the new tax comes into effect barely three weeks from now, many businesses have not prepared themselves for GST.
Reply By Ganeshan Kalyani:
T
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s from now, many businesses have not prepared themselves for GST. In a recent survey by CA Club India, a platform for finance professionals, only 38% of the 1,100-odd respondents said they were ready for the rollout on 1 July. The others either needed more time or their clients were not fully prepared.
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“The GST is not just a tax reform or even a business reform. It is a lifestyle reform that will change the way business is conducted in the country,” says Minal Agarwal, a chartered accountant who advises corporate houses on GST compliance and related issues. “Nearly 50% of Indian businesses are not aware of the changes that GST will usher in. Most of them think it is just another tax regime,” says Bharat Goenka, Managing Director of Tally Solutions.Tally's accounting software is widely used by Indian companies. It is waiting for the GST rules to be finalized so that it can roll out its GST software for Indian companies.
Reply By Ganeshan Kaly
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ing cloud-based GST software, an end-to-end platform for filing GST returns and GST compliant billing supported by integrated learning modules. This single software can be used to do full GST compliance,” says Archit Gupta, founder and CEO of ClearTax.in.
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The Reply:
Taxmann, a leading name in tax and corporate law and a GST Suvidha Provider, has also introduced One Solution, an integrated software that does all the GST-related compliances. Though the rates vary depending on the size of the organisation, they start as low as 99 paise per invoice.
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The Reply:
Other smaller outfits are also doing their bit to spread awareness about GST and get businesses to register. Delhi-based chartered accountant Aditya Agarwal has set up GSTsamadhan.in. His team not only helps in the registration formalities but also conducts training workshops for companies.In the past six months, Aditya has conducted training sessions for nearly 25 corporate c
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service providers (restaurants) can opt for this composition scheme.
Reply By Ganeshan Kalyani:
The Reply:
Though the composition scheme requires lesser GST compliance, it has several drawbacks. For one, only businesses which operate within a particular state can opt for this. Plus, opting for composition breaks the chain of seamless input tax credit.”Those who buy from a composition dealer will not be able to take credit of any input tax. A composition dealer cannot levy and collect any tax from its buyers. Should the composition dealer purchase from registered persons, he will not get input credit on the tax paid by him on inputs,” says Preeti Khurana, chartered accountant and GST expert with ClearTax.in.
Reply By Ganeshan Kalyani:
The Reply:
In future, the government will also start rating companies and businesses on the basis of how well they have complied with the GST rules. “Right now, not complying with sales tax or excise rules means a penalty and interest. It can be prosec
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Instead, we must embrace this change in a positive light,” says Vivek Jain, Founder of the CA Club India online forum. “Deferring the roll-out will not help. The government should stick to the 1 July deadline,” says Lakshmipriya, AVP Finance, Bankbazaar.com.
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Lakshmipriya says there are likely to be teething troubles when such a massive change is introduced, but over time these problems will get ironed out. “The level of compliance is very high under GST.We hope the government is lenient towards compliance lapses so that businesses get used to the requirements under the new law,” she says.
Reply By Ganeshan Kalyani:
The Reply:
“GST will be a push for the unorganised sector to become mainstream. See it as a club which offers its members certain benefits such as input tax credit and access to a large number of buyers and sellers, which can impact business pos itively,” says Khurana of ClearTax.in.
Reply By Ganeshan Kalyani:
The Reply:
GST regist
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e leviable on certain luxury and demerit goods under the Goods and Services Tax (Compensation to States) Cess Act, 2017.
Reply By Ganeshan Kalyani:
The Reply:
The value of the goods for the purpose of levying integrated tax shall be, assessable value plus Customs Duty levied under the Act, and any other duty chargeable on the said goods under any law for the time being in force as an addition to, and in the same manner as, a duty of customs.
Reply By Ganeshan Kalyani:
The Reply:
The value of the imported article for the purpose of levying cess shall be, assessable value plus Basic Customs Duty levied under the Act, and any sum chargeable on the goods under any law for the time being, in force as an addition to, and in the same manner as, a duty of customs. The integrated tax paid shall not be added to the value for the purpose of calculating cess.
Reply By Ganeshan Kalyani:
The Reply:
Importer would not be required to pay the Integrated tax at the time of removal of goods from a
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d answer to the question – Whether they should buy car before GST or after GST?
Reply By Ganeshan Kalyani:
The Reply:
Cars will be taxed at the top rate plus a cess in the range of 1% to 15%. Small cars will be charged 1% cess on top of 28% tax, mid-sized cars will attract 3% cess and luxury cars 15% cess on top of the peak rate.
Reply By Ganeshan Kalyani:
The Reply:
Luxury cars are likely to get cheaper under GST. Currently, a consumer bears 45-55%. Under GST, the tax incidence will come down to 42-43%.
Reply By Ganeshan Kalyani:
The Reply:
In all likelihood, prices of luxury car/ SUVs will come down post implementation of GST owing to reduction in effective rate of tax.
Reply By Ganeshan Kalyani:
The Reply:
Small cars currently carry effective tax rate of around 26-34% (including cascading effect of VAT) in case of petrol cars and 27-35% in case of diesel cars.
Under GST, petrol cars are supposed to be taxed at 29% and diesel cars at 31%. Clearly, there is not much change an
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ply:
“We are waiting for an official notification on the GST rates and currently studying the effects that might emerge out of the GST implementation,” said Roland Folger, managing director and chief executive at Mercedes Benz India Pvt Ltd.
Reply By Ganeshan Kalyani:
The Reply:
With the maximum cess on luxury cars getting capped at 15%, and with a GST rate of 28%, the maximum duty one is likely to pay is 43%, said Rajeev Pratap Singh, auto practice head at Deloitte Touche Tohmatsu India Pvt Ltd.
Reply By Ganeshan Kalyani:
The Reply:
Units in Special economic zone (SEZ) have always been at the forefront of benefits and exemptions by Government. Under current scheme of things, SEZ Unit/ Developer is required to meet certain conditions and undertake specified compliance flowing through service tax law, VAT laws, Excise law etc to avail benefits/ exemptions. However, never ever SEZ Unit has been required to take a mandatory separate registration under any indirect tax law.
Come GST,
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han Kalyani:
The Reply:
On the surface, provision creates a staunch requirement of separate registration for SEZ Unit/s from its other units as if it is a distinct business vertical.
On in depth reading, the provision creates ambiguity by sprouting following possible interpretations:
1. Each SEZ unit will be required to take separate registration
2. All SEZ units covered under one Zone will be required to take one common GST registration
3. All SEZ units in one particular state will be required to take one common GST registration
Reply By Ganeshan Kalyani:
The Reply:
Lets discuss in brief what each one means for companies having SEZ and non-SEZ unit in light of freezed facts (for clarity of understanding):
Facts
Company: X Ltd. located in Haryana
No. of offices: 5 (4 SEZ and 1 Non-SEZ)
SEZ Units: 2 units in Infospace SEZ and 2 units in Silokhera SEZ
1. Each SEZ unit will be required to take separate registration
This means that X Ltd. will be required to take 5 GST registrations
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ly:
To have an automated seamless compliance under GST, software based applications to help tax payers do timely and convenient compliance are being developed. These players are called “Application Service Provider (ASP)” and these third party applications will connect with GST system via secure GST System APIs. The service providers developed these secure channels are called “GST Suvidha Provider (GSP)”.
Reply By Ganeshan Kalyani:
The Reply:
Role of ASP
ASPs will focus on taking taxpayers' raw data on sales and purchases and converting it into the GST returns (in case of multiple registrations, it is a huge task manually). These GST returns, or GSTRs, will then be filed on behalf of the filer with GSTN via the GSP. ASPs will act as a link between the taxpayers and the GSPs.
Reply By Ganeshan Kalyani:
The Reply:
Role of GSP
GSP provides a secured tunnel which feeds in data from ASP (in other words, ASP's output becomes input for GSP), submits it on GSTN and generates acknowledgeme
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ity to adapt to changing taxation and other business rules and end user usage models.
4. Integration with customer software (ERP, Accounting systems) that tax payers and others are already using for their day to day activities.
5. Assisting in input tax credit matching.
Reply By Ganeshan Kalyani:
The Reply: Outcome of today's GST Council meeting Rate of 28% will be maintained for all cinema tickets above ₹ 100. For those below ₹ 100, it will be reduced to 18%, FM Arun Jaitley says
Received representation for about 133 goods. After considering representation, the GST council has reduced tax levels in 66 cases, he says.
Next meeting of the council will be on June 18, 11.30am at the same venue, Jaitley adds.
GST rate on insulin reduced from 12% to 5%; rate on school bags reduced from 28% to 18%, the finance minister says.
About tax revision on sanitary napkins, he said what has been decided earlier remains.
Reply By Ganeshan Kalyani:
The Reply:
After the 16th GST Co
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rom 28% to 8%
Insulin revised from 12% to 5%
Plastic beads revised from 28% to 18%
Plastic turpolin revised from 28% to 18%
School bags revised from 28% to 18%
Exercise books revised from 18% to 12%
Coloring books revised from 12% to nil
Pre-cast concrete pipes revised from 28% to 18%
Cutlery revised from 18% to 12%
Tractor components revised from 28% to 18%
Computer printers revised from 28% to 18%
Reply By Ganeshan Kalyani:
The Reply:
Another important item on which GST has been reduced was the entertainment tax on cinema.
Under the GST, there will now be two categories for movie tickets. For tickets that cost less than ₹ 100, a tax of 18% will be levied. For the tickets costing more than ₹ 100, a GST of 28% will be levied.
Presently, entertainment tax is levied by individual states. The states levy a different rate, ranging from 28-110%, and the weighted average for the entire country is about 30%.
However, several state governments give an exem
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will be held on 18 June, 2017.
Reply By Ganeshan Kalyani:
The Reply:
The Government had received representations from various industry associations with respect to rates after 03 June. After considering the principle of equivalence, changing consumption pattern and possible inverted tax structure, the Government has reduced tax rates on 66 items.
Reply By Ganeshan Kalyani:
The Reply:
Description of Goods
Updated rate
Initially proposed rate
* Printers*
* Tractor Components
* School bags
* Dental wax
* Cinema tickets of value upto INR 100
18%
28%
* Packaged food including pickles, toppings, instant food, sauces, ketchups, etc.
* Exercise books
* Cutlery
12%
18%
* Insulin
* Agarbatti
* Cashews
5%
12%
Colouring books
0%
12%
Job work services in case of textile, diamond processing, jewellery work etc.
5%
18%
Reply By Ganeshan Kalyani:
The Reply:
Printers were falling under two conflicting entries, and the entry under which they would be taxed wa
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i:
The Reply:
The industry continues to await clarity with respect to the mechanism of implementing anti-profiteering provisions and e-way bills. Further, few other aspects such as treatment of transactions between J&K and other states and refund of CGST paid in case of goods manufactured in excise free zones await clarification as well.
Reply By Ganeshan Kalyani:
The Reply:
The industry now has a week's time to make any further representations on GST rates as the next council meeting will be held on 18 June.
Reply By Ganeshan Kalyani:
The Reply:
Overall, the decisions taken by the council meeting are positive and demonstrate a constructive dialogue with the Government, which should be a key feature of any reform. The Government has kept the window for such dialogues open by forming sectoral groups to resolve various industry-specific issues and provide guidance.
Reply By Ganeshan Kalyani:
The Reply:
Traders, manufacturers and restaurants with a turnover of up to ₹ 75
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king initiative in passing SGST Bill. PM Modi took stock of GST preparedness and was informed that GST systems such as IT infrastructure, training of officials, integration with banks, and enrolment of existing taxpayers will be in readiness well in time for the July 1 implementation date.
Reply By Ganeshan Kalyani:
The Reply:
The Central Board of Excise & Customs is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval. The proposed CBIC shall, inter alia, supervise the work of all its field formations and Directorates and assist the Government in policy making in relation to GST, continuing Central Excise levy & Customs functions.
Reply By Ganeshan Kalyani:
The Reply:
The CBIC will have 21 Zones, 101 GST Tax payer Services Commissionerates comprising 15 sub-Commissionerates, 768 Divisions, 3969 Ranges, 49 Audit Commissionerates and 50 Appeals Commissionerates. This will ensure rendering of taxpayer services to all the taxpayers
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ni:
The Reply:
The decision on the E way bills has been deferred and in the interim period, the States are allowed to follow the existing way bills provisions.
Reply By Ganeshan Kalyani:
The Reply:
The new registrations under GST would start from 25 June.
Reply By Ganeshan Kalyani:
The Reply:
The Government also clarified that the provisional GST Number allotted to the taxpayers would be the final GST Number and this would not change.
Reply By Ganeshan Kalyani:
The Reply:
Details of relaxed return filing procedure under GST (Applies for July and August 2017)
Reply By Ganeshan Kalyani:
The Reply:
The official date of introduction date of GST has been notified as 1.7.2017 – Goods and Services Tax
Reply By Ganeshan Kalyani:
The Reply:
Welcome GST
Reply By Ganeshan Kalyani:
The Reply:
In the GST era, there is one set of reporting that you are doing, but there are several parties who are reporting what their transactions with you are. GSTN as a common database consolidates an
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We are having Closing Balances in our Cenvat credit records for CESS & SHE CESS in INputs/ Capital Goods & Input service credit account and reported in JUNE 17 ER1.
Can we use & Utilize these closing balances in carry forward to G S T returns and to use GST payable from JULY 17 from the Electronic credit ledger of GST and Can GSTN allow these credits for utilization of GST payable .
Request your guidance please
Thanking you
v Swaminathan
Reply By Ganeshan Kalyani:
The Reply:
No sir you cannot carry forward the utilised credit of education cess and secondary higher education cess to GST.
Reply By Ganeshan Kalyani:
The Reply:
Principal Revenue Secretary Somesh Kumar on Friday assured building contractors engaged in government projects that additional tax burden, if any, as a result of Goods and Services Tax will be borne by the State government.
In doing so the government would, however, be taking into consideration benefit accruing to them on account of the Input Tax Credi
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tax will be paid… on that count there should be no doubt,” he said, pointing out that projects involving more consumption of cement and steel, the ITC would be higher. In such cases, the burden on builders would not be much, he explained.
But in case the work involves use of sand, there will not be any ITC and the burden will be higher. For government, if the tax to be paid by the builders is high it meant an outgo, while a lower incidence would translate into savings.
All the apprehensions of the builders can be addressed easily, Mr.Kumar said, adding: “We will discuss project by project” and accordingly make recommendations to the government.
National vice president of BAI S.N.Reddy said the only demand of the builders was that all statutory levies pertaining to the projects should be reimbursed by the government. Despite a higher rate, the sector is likely to benefit under GST regime due to availability of ITC, he said, adding over the next few months the builders would be
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d Retrieval services (OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. download of an e-book online for a payment would amount to receipt of OIDAR services by the consumer.
Reply By Ganeshan Kalyani:
The Reply:
The IGST Act defines OIDAR as services whose delivery is mediated by information technology over the internet or an electronic network and the nature of which renders their supply essentially automated involving minimal human intervention. These include electronic services such as: (i) Advertising on the internet (ii) Providing cloud services (iii) Provision of e-books, movie, music, software and other intangibles through telecommunication networks or internet (iv) Providing data or information, retrievable or otherwise, to any person in electronic form through a computer network (v) Online supplies of digital content (movies, television s
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located in India, the reverse charge mechanism would get triggered and the recipient in India (registered entity under GST) will be liable to pay GST under reverse charge and undertake necessary compliances.
Now what happens if the supplier is located outside India and the recipient in India is an individual consumer? In such cases also, the place of supply would be India and the transaction is amenable to levy of GST. But the problem is, how would such tax be collected? It would be impractical to ask the individual in India to register and undertake the necessary compliances under GST for a one off purchase
on the internet.
For such cases the IGST Act provides that on supply of online information and database access or retrieval services by any person located in a non-taxable territory and received by a non-taxable online recipient, the supplier of services located in a non-taxable territory shall be the person liable for paying integrated tax on such supply of services.
Now if an
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:
The Reply:
Q3: How would the entity located outside India comply with the responsibilities entrusted under GST?
The supplier (or intermediary) of online information and database access or retrieval services shall, for payment of integrated tax, take a single registration under the Simplified Registration Scheme in Form GST REG-10. The supplier shall take registration at Principal Commissioner of Central Tax, Bengaluru West who has been the designated for grant registration in such cases.
In case there is a person in the taxable territory (India) representing such overseas supplier in the taxable territory for any purpose, such person (representative in India) shall get registered and pay integrated tax on behalf of the supplier.
In case the overseas supplier does not have a physical presence or does not have a representative for any purpose in the taxable territory, he may appoint a person in the taxable territory for the purpose of paying integrated tax and such person shall be
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e maintenance of programmes and equipment
b) Supply of software and updating thereof
c) Supply of images, text and information and making available of databases
d) Supply of music, films and games, including games of chance and gambling games, and of political, cultural, artistic, sporting, scientific and entertainment broadcasts and events
Reply By Ganeshan Kalyani:
The Reply:
In a typical indirect tax system, there are two ways of paying taxes. one, under forward charge and second, under reverse charge.
Reply By Ganeshan Kalyani:
The Reply:
Forward charge means that supplier of goods and/ or services charges/ recovers tax from its customer and pays to government whereas reverse charge means that recipient of goods or service has to pay tax goods and/ or services purchased by it. Under reverse charge, recipient gets Input Tax Credit (ITC) of tax paid.
Reply By Ganeshan Kalyani:
The Reply:
Primarily reverse charge is made applicable where government feels that it would not be abl
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e by various stakeholders highlighting how difficult it would be for the industry to comply with it as almost every tax payers make procurement from unregistered supplier.
Reply By Ganeshan Kalyani:
The Reply:
Addressing the concern, government introduced some relief vide Notification No.8/2017-Central Tax (Rate) whereby the aforementioned reverse charge provision triggers only when purchases from unregistered supplier exceeds INR 5,000 in a day (total value of all such purchases in a day whether goods or services and from one supplier or multiple suppliers).
Reply By Ganeshan Kalyani:
The Reply:
Post the notification, if you are registered under GST and you purchases goods and/ or services from person not registered under GST exceeding INR 5,000 in a day, then you will have to pay GST under reverse charge. However, you will get ITC of GST paid.
Reply By Ganeshan Kalyani:
The Reply:
If you become liable to pay tax under reverse charge under the said scenario, you are required to
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have plants in such zones in the North-East. Department of Industrial Policy and Promotion, which anchors the scheme, will move the proposal for cabinet consideration.
Reply By Ganeshan Kalyani:
The Reply:
Industry had expected the rollout of the scheme along with GST, but the plan wasn't ready at the time. “It would be in place before the first payment of GST becomes due,” said a government official.
Reply By Ganeshan Kalyani:
The Reply:
The Delhi government today flagged off six mobile vans that will go across city markets to raise awareness on the Goods and Services Tax (GST) and address concerns of traders regarding the new tax regime.
Reply By Ganeshan Kalyani:
The Reply:
The 'GST awareness mobile vans' were flagged off by Finance Minister Manish Sisodia from the Delhi Secretariat here and have senior officials of the trade and taxes department on board.
Reply By Ganeshan Kalyani:
The Reply:
These vans would run through different markets across the city for around 15 days
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e provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for Cancellation of Registration is being extended up to 30th September, 2017. Relevant notifications are being issued.
Reply By Ganeshan Kalyani:
The Reply:
Existing taxpayers migrating under Goods and Services Tax (GST) and the ones looking to seek fresh registration under GST will be alloted a Goods and Services Tax Identification Number (GSTIN).
Reply By Ganeshan Kalyani:
The Reply:
It will be a 15 digit number. Rule 3(1) of Registration Rules cares to specify what each digit of GSTIN signify:
(a) first two characters are for the State code;
(b) next ten characters for the PAN or the Tax Deduction and Collection Account Number;
(c) next two characters for the entity code (including the z field in Provisional ID); and
(d) the last digit is the checksum character (for internal use by government)
Reply By Ganeshan Ka
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le returns depending on the activities they undertake. The government had relaxed return filing procedure for first two months i.e. July and August 2017.
Reply By Ganeshan Kalyani:
The Reply:
All the returns are to be filed online. Returns can be filed using any of the following methods:
* GSTN portal (www.gst.gov.in )
* Offline utilities provided by GSTN
* GST Suvidha Providers (GSPs) – If you are already using the services of ERP providers such as Tally, SAP, Oracle etc., there is a high likelihood that these ERP providers would provide inbuilt solutions in the existing ERP systems
Reply By Ganeshan Kalyani:
The Reply:
Return Filing Process
A normal taxpayer has to file the following returns:
* GSTR-1 (For reporting outward supplies)
* GSTR-2 (For reporting inward supplies)
* GSTR-3 (Monthly consolidated return)
* Annual Return
Reply By Ganeshan Kalyani:
The Reply:
GSTR-1 (Statement of Outward Supplies): This return signifies the tax liability of the supplier for
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by the 20th of every month. It consolidates outward supplies, inward supplies, tax payable, ITC etc.
NOTE: Payment of GST is to be made on or before 20th of every month.
Reply By Ganeshan Kalyani:
The Reply:
Annual Return: This return needs to be filed by 31st December of the next Financial Year. In this return, the taxpayer needs to furnish details of expenditure and details of income for the entire Financial Year.
Reply By Ganeshan Kalyani:
The Reply:
GSTR-1 (Statement of Outward Supplies): File via GSTN/Easy upload tools provided by GSTN/GSPs. Periodical uploading allowed. Filed by 10th. Frozen after 10th.
GSTR-2 (Statement of Inward Supplies): Auto-populated from GSTR-1s filed by a Tax Payer's Suppliers. Changes allowed between 10th and 15th. Filed by 15th.
What happens after 15th? – Tax Payer can add additional invoices. Supplier has the option to accept/reject additional invoices. Supplier's GSTR-1 gets amended to that effect.
GSTR-3 (Monthly return): Auto-populated from
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ther as goods or services, the category of goods and services) is essential to charge applicable rate of GST on the particular supply. The application of rates will pose no problem if the supply is of individual goods or services, which is clearly identifiable and the goods or services are subject to a particular rate of tax.
Reply By Ganeshan Kalyani:
The Reply:
But not all supplies will be such simple and clearly identifiable supplies. Some of the supplies will be a combination of goods or combination of services or combination of goods and services both. Each individual component in a given supply may attract different rate of tax. The rate of tax to be levied on such supplies may pose a problem in respect of classification of such supplies. It is for this reason, that the GST Law identifies composite supplies and mixed supplies and provides certainty in respect of tax treatment under GST for such supplies.
Reply By Ganeshan Kalyani:
The Reply:
Under GST, a composite supply woul
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practices adopted in a business can be ascertained from several indicators some of which are listed below :
• The perception of the consumer or the service receiver – If large number of service receivers of such bundle of services reasonably expect such services to be provided as a package, then such a package could be treated as naturally bundled in the ordinary course of business.
• Majority of service providers in a particular area of business provide similar bundle of services. For example, bundle of catering on board and transport by air is a bundle offered by a majority of airlines.
• The nature of the various services in a bundle of services will also help in determining whether the services are bundled in the ordinary course of business. If the nature of services is such that one of the services is the main service and the other services combined with such service are in the nature of incidental or ancillary services which help in better enjoyment of a main se
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he ordinary course of business. Each case has to be individually examined in the backdrop of several factors some of which are outlined above.
Reply By Ganeshan Kalyani:
The Reply:
Under GST, a mixed supply means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other by a taxable person for a single price where such supply does not constitute a composite supply:
Illustration: A supply of a package consisting of canned foods, sweets, chocolates, cakes, dry fruits, aerated drinks and fruit juices when supplied for a single, price is a mixed supply. Each of these items can be supplied separately and is not dependent on any other. It shall not be a mixed supply if these items are supplied separately.
Reply By Ganeshan Kalyani:
The Reply:
In order to identify if the particular supply is a mixed supply, the first requisite is to rule out that the supply is a composite supply. A supply can be a mixed supply only if it is not
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comprising two or more supplies, one of which is a principal supply, shall be treated as a supply of such principal supply
(b) A mixed supply comprising two or more supplies shall be treated as a supply of that particular supply which attracts the highest rate of tax
Reply By Ganeshan Kalyani:
The Reply:
Assessment in GST is mainly focused on self-assessment by the taxpayers themselves. Every taxpayer is required to self-assess the taxes payable and furnish a return for each tax period i.e. the period for which return is required to be filed. The compliance verification is done by the department through scrutiny of returns,
audit and/or investigation. Thus the compliance verification is to be done through documentary checks rather than physical controls. This requires certain obligations to be cast on the taxpayer for keeping and maintaining accounts and records.
Reply By Ganeshan Kalyani:
The Reply:
Key points that are significant from the perspective of maintenance of accounts a
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goods or services or both
(c) stock of goods
(d) input tax credit availed
(e) output tax payable and paid and
(f) such other particulars as may be prescribed
(g) goods or services imported or exported or
(h) supplies attracting payment of tax on reverse charge along with the relevant documents, including invoices, bills of supply, delivery challans, credit notes, debit notes, receipt vouchers, payment vouchers, refund vouchers and e-way bills
The aforementioned list is on a macro level and what needs to be stored on ground level as part of the list is given below:
(a) accounts of stock in respect of goods received and supplied; and such account shall contain particulars of the opening balance, receipt, supply, goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples and balance of stock including raw materials, finished goods, scrap and wastage thereof
(b) a separate account of advances received, paid and adjustments made thereto
(c) an accoun
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ontract showing:
• the names and addresses of the persons on whose behalf the works contract is executed
• description, value and quantity (wherever applicable) of goods or services received for the execution of works contract
• description, value and quantity (wherever applicable) of goods or services utilized in the execution of works contract
• the details of payment received in respect of each works contract and
• the names and addresses of suppliers from whom he has received goods or services
Reply By Ganeshan Kalyani:
The Reply:
3. In case more than one place of business is specified in the certificate of registration, the accounts relating to each place of business shall be kept at such places of business. If records can be maintained electronically and access to such records is at each place of business, no requirement to maintain hard copy records at each place of business.
Reply By Ganeshan Kalyani:
The Reply:
4. If records are maintained electron
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delivery challans relating to stocks, deliveries, inward supply and outward supply shall be preserved for 6 years from the due date of furnishing of annual return for the year pertaining to such accounts and records.
Reply By Ganeshan Kalyani:
The Reply:
7. Records to be maintained by owner or operator of godown or warehouse and transporters: The transporters, owners or operators of godowns, if not already registered under the GST Act(s), shall submit the details regarding their business electronically on the Common Portal in FORM GST ENR-01. A unique enrolment number shall be generated and communicated to them. A person in any other State or Union territory shall be deemed to be enrolled in the State or Union Territory.
Reply By Ganeshan Kalyani:
The Reply:
The GST Act defines an Agent as a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or
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ent to A would also require taking service of a transporter.So A, also authorises B, to incur expenditure on his behalf for procuring the services of a transporter and agrees to reimburse B for the transportation cost at actuals. In the given illustration, B is providing Customs Brokers service to A, which would be on a principal to principal basis. The ancillary service of transportation is procured by B on behalf of A as a pure agent and expenses incurred by B on transportation should not form part of value of Customs Broker service provided by B to A.This, in sum and substance is the relevance of the pure agent concept in GST.
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The Reply:
RELEVANCE OF PURE AGENT UNDER GST
The concept is borrowed from the erstwhile Service Tax Determination of Value Rules, 2006 and carried forward under GST. Under the GST Valuation Rules 2017, a pure agent is given the following meanings.
A “pure agent” means a person who: (a) enters into a contractual agreement with the
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nterest (as the agreement requires him to deliver the goods at the importers place) and thus would not be considered as a pure agent for the services of transport procured.
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Another important fact is that, the person who provides any service as a pure agent receives only the actual amount for the services provided. Coming back to our example of Importer and Customs Broker, the agreement provides reimbursement of transport services utilized at actual. In this case, let's say the value of transport service was ₹ 10,000/-.If the Customs Broker charges any amount more than ₹ 10,000/-, then he will not be considered as a pure agent for the services of transport and the value of transport service will be included in the value of his Customs Broker service.
EXCLUSION FROM VALUE
Expenditure incurred as pure agent becomes relevant, when it comes to determining the value of a supply for levy of GST. The preceding para explains who will be cons
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he recipient of supply are in addition to the services he supplies on his own account.
The following illustration will make the concept clearer:
• Corporate services firm A is engaged to handle the legal work pertaining to the incorporation of Company B
• Other than its service fees, A also recovers from B, registration fee and approval fee for the name of the company paid to Registrar of the Companies
• The fees charged by the Registrar of the Companies registration and approval of the name are compulsorily levied on B
• A is merely acting as a pure agent in the payment of those fees.
• Therefore, A's recovery of such expenses is a disbursement and not part of the value of supply made by A to B.
CONCLUSION
A pure agent concept is an important one for businesses as it has direct implications on the value of taxable service. It has direct bearing on the amount of GST charged on a particular supply. It also has bearing on the aggregate turnover of the sup
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ces so procured
(d) receives only the actual amount incurred to procure such goods or services in addition to the amount received for the supply he provides on his own account
The important thing to note is that a pure agent does not use the goods or services so procured for his own interest and this fact has to be determined from the terms of the contract.In the illustration of Importer and Customs Broker given above, assuming that the contract was for clearance of goods and delivery to the Importer at the price agreed upon in the contract.In such case, the Customs Broker would be using the transport service for his own interest (as the agreement requires him to deliver the goods at the importers place) and thus would not be considered as a pure agent for the services of transport procured.
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It has been reported in a certain section of media that some unscrupulous elements posing as GST officers have tried to fleece the shopkeepers and customer
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financial year.
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The GST digital audit, according to CAG officials, will create many firsts. It aims to leave a zero-paper trail and go completely paperless from day one with key features of the platform being a digitally-filed audit and real-time monitoring.
“Our idea is to create a data-driven platform for auditing the GST which is independent of time, place and person. Our State Auditor Generals are already interacting with state governments with requirements for the digital GST audit,” he said. Sharma will be in Bangalore next month to inaugurate the nodal centre of the CAG for the GST auditing process.
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A data warehouse will be created by a security-cleared CAG team with data being collected from sources such as the GSTN, the Central Board of Excise and Customs and commercial taxes departments of all states and UTs.
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Data will also be collected by the CAG from “th
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30.09.2017, a provision for e-way bill has been notified by Order vide G.O.MS No. 309 dated 24.07.2017.
* Order notifying e-way bill provision to be effective till 30.09.2017.
* e-Waybill is required for the movement of goods which are not exempted under the Act for all purposes i.e., coming into the State or going out of the State or for the movement within the State,
* it is required when the value of goods excluding tax exceeds Fifty Thousand Rupees.
This notification will come into force with immediate effect and will be in operation till 30-09-2017.
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GST full form is Goods and Services Tax . GST applies throughout India and is indirect tax. Moreover from now onward GST replaces many taxes. Generally State and Central Governments levy taxes. But after many meetings, Finance Minister of India and Indian Government introduced GST on July 1st 2017. Government of India introduced Goods and Services Tax as The Constitution Act 2017.
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as customs, infrastructure, international shipments, logistics quality and competence, tracking and tracing, and timeliness.
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As Prime Minister Narendra Modi pushes for better standards in ease of doing business, bolstering the economy by way of the 'Make-in-India' initiative and looking to bring in increasing amount of foreign investment, it is important for us to analyse India's logistics backbone accordingly.
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While GST is expected to boost India's ease of doing business rankings, it is still unclear if the big bang tax reform will yield similar results for the logistics sector in general and the air express industry in particular.
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The ₹ 20,350 crore Indian air express industry – which creates six indirect jobs for one direct job and handles roughly 30 million shipments on a daily business – has voiced concerns on the 'e-Way bill', which comes as part of the G
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lected by the EDS operator (delivery boys on foot, e rickshaw, bicycle in addition to vans or motor bikes). Moreover, when these individual shipments are received at a hub, they are sorted and allotted vehicles depending on cost and time optimization algorithms. Not only is it impossible to give registered vehicle numbers for delivery boys on foot, allotting transport vehicles well before the shipments reach the sorting centre would hamper efficiency, hurt cost and impact delivery commitments.
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Secondly, a new bill is required every time a shipment moves from one vehicle to another. In the express industry, which is dominated by real time decisions and cost optimisation, pronouncing the exact path and mapping the same to specific vehicle numbers will be a formidable operational challenge.
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All consignments of value less than ₹ 50,000 are exempted from an invoice at the time of shipment. However, the exp
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uidelines, e-way bills come with an expiry date. The validity period of a bill is dependent on the distance the goods have to be transported.
Distance Validity Period Less than 100 km One day 100 km < Distance < 300 km Three days 300 km < Distance < 500 km Five days 500 km < Distance < 1,000 km Ten days More than 1,000 km Fifteen days
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Once an e-way bill expires, its validity can be extended by notifying the commissioner.
However, the very fact of assigning an expiry date to an e-way bill is incomprehensible for two reasons. One, the industry itself is based on tenets of time-bound delivery. Thus, prescribing a time limit for this business is absurd. Two, we all would agree that on multiple occasions, it is possible that these timelines are breached. Straightforward situations like a fallen tree on the road, metro rail repair, or even a VIP visit in a city can lead to unknowable delays. Inter-city delays in India are anyways commonplace and doom
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ST council on August 5, 2017, one can only hope the overarching objective of GST, that is the simplification of processes and enabling ease of doing business, will be continue to be the order of the day.
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GST was first announced in 2000 by the then government. Seventeen years later it is now a reality with the date for implementation set for July 1, 2017. Since 3rd August, 2016, when the Rajya Sabha first passed the bill introducing GST in the 122nd Amendment of the Constitution, there have been many changes in the proposed GST bill and the rules and regulations pertaining to it.
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The persons who only supply goods/services on which reverse charge applies, are exempted from registering under GST registration.
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Ola pays GST on the drivers' services on reverse charge basis. Drivers are not required to register under GST thus removing the burden of tax compliance from indiv
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mentioned in the Invoice depends on the annual turnover in the preceding financial year.
Turnover in previous FY No. of digits Upto ₹ 1.50 Cr NIL More than ₹ 1.50 Cr. & upto ₹ 5 Cr 2 digits More than ₹ 5 Cr 4 digits
This is effective from 1st July, i.e., all invoices from 1st July must be GST compliant and have details of HSN codes.
The same notifications have also been made under IGST (notification 5).
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Rates of interest-Notification 13/2017
The rates of interest are same as mentioned in the Act. The notification ratifies the rates.
This notification shall come into force from the 1st day of July, 2017
Sections
Interest p.a.
Sec 50(1)- Failure to pay tax
18%
Sec 50(3)- Less tax paid/ excess ITC availed
24%
Sec 54(12)- Interest on refunds withheld in an appeal later given
6%
Sec 56- Interest on delayed refunds
6%
Proviso to 56- Interest on refunds ordered in an appeal
9%
The same notification h
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, gas, coal and petroleum licenses and sub-contract licenses and leases will be charged GST at the rate of 2.5%.
* The person liable to deduct TDS as per the GST law supplying intrastate goods or services to an unregistered person would be exempt from CGST.
* Cashew nuts, not shelled or peeled, Bidi wrapper leaves (tendu), Tobacco leaves, silk yarn, Supply of lottery would have reverse charge applicable under GST.
* Refund of the unutilized ITC would not be provided in the case of the tax on output being lower than the tax on inputs for certain goods mainly related to the textile and railways.
* The supply of goods by CSD to unit run canteens and authorized customers and supply of goods by the unit run canteens to the authorized customers.
* 50% of the tax paid on inward supplies of goods by the CSD for further supply to unit run canteens or authorized customers can be claimed as refund under GST.
* Person liable to deduct TDS as per the GST law supplying intra goods or ser
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e 1st July, 2017.
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Goods on which reverse charge applies-Notification No.4/2017
A list of goods on which reverse charge applies is issued by CBEC. When the supply is made by the specified person, then IGST will be payable on reverse charge basis by the recipient of the intra-state supply of such goods. All the provisions of will apply to such recipient.
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No ITC for Construction- Notification No. 12/2017
No refund of unutilized ITC will be allowed input tax credit shall be allowed for IGST in construction of a complex, building etc. (works contract). Except in cases where the entire consideration has been received after issuance of completion certificate or after its first occupation, whichever is earlier.
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Reverse Charge- Notification No. 10/2017
List of services on which reverse charge is applicable is issued. It is the same as issued under CGST Act.
Reply By Ganesh
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foreign finished goods have lower tax rate.. In conclusion, manufactured goods by the domestic industry becomes uncompetitive against imported finished goods.
List of goods on which this notification applies.
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For UIN & Diplomats Notification No. 13/2017
This notification specifies the conditions applicable –
* UN or specified international organisations and
* Foreign diplomats in India
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Panchayat services- Notification No. 11/2017
Constitutional services of the Panchayat are not covered under GST.
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News on GST Act
The entire framework of GST is based on GST Act. It was devised by the GST Council, which is a committee consisting of the Union Finance Minister (Chairperson), the Union Minister of State, the minister in-charge of finance or taxation or any other minister nominated by each State Government.
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News on Rule Changes
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