Goods and Service Tax
Query (Issue) Started By: – Ganeshan Kalyani Dated:- 9-8-2017 Last Reply Date:- 11-8-2017 Goods and Services Tax – GST
Got 11 Replies
GST
Amid pressure from some states, the GST Council will soon start publishing rates of various products to prod companies to pass on gains, including those from input tax credit.
\n“To begin with, 150 items will be taken up. It will have a detailed explanation of previous taxes and prices as well as new prices after GST. It will also explain the price differential between the two tax regimes,” said an official who did not wish to be identified.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nMore items would be added once the campaign with 150 products takes off.
\nAnother officer sa<\/p>\n
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\nThere were some ministers who wanted to let companies decide on pricing, at least in the short term, arguing that it will be against the spirit of empowering businesses and making life simpler. “What they want is price control, which will result in inspector raj,” said a source.
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\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAlready, officers in states such as Maharashtra and Tamil Nadu seem to have jumped the gun and shot off letters seeking details of price changes, while others such as Andhra Pradesh and Puducherry have limited themselves to phone calls. Durables and FMCG players as well as fast food chains have received enquiries regarding prices, which are no<\/p>\n
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\nReply By Arunachalam siva:
\nThe Reply:
\nAs per erstwhile law, credit on material(Ms channels, Ms beams and angles) used for making structural support(fixed with earth) to machinery\/equipment was not available. But as per sec 17(d) of CGST act and explanation provided at end of sec 17, ITC is available on materials (Ms channels, Ms beams and angles) used for such structural support. Is this correct sir?
\nReply By Arunachalam siva:
\nThe Reply:
\nWhat is Tax treatment\/procedure for Removal of used goods purchased prior to GST?
\nReply By Arunachalam siva:
\nThe Reply:
\nSir, What is procedure under GST law for sending Machinery\/equipment out<\/p>\n
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