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,
\nGST Bill is passed in Rajya Sabha on 03. 08.2016.
\nA 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.
\nBut, 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.
\nLet us wait.
\nThanks.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir, I would like to represt below update on GST rate.
\nAll 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<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n on all inter-state supply of goods; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n elhi, Madhya Pradesh, Haryana, Goa, Maharashtra, Rajasthan etc are likely to follow suit. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n will be required for some years at least to handle the pending cases. The legacy commissionerate will look into that,” said an official. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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." = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n “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”. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n actious-setting-for-the-pooled-sovereignty-that-gst-requires\/ = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nt said: “We are trying to build a spirit of competition on ease of doing business among states.” = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y Ganeshan Kalyani: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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.” = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ober' 2016. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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%. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ast 5 days prior to the commencement of business and shall also deposit full tax liability in advance. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Rate (Per Item), Discount Offered, Freight, Amount of tax (Under reverse charge), Electronic reference number etc. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n gst\/draft-rules-format = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n \nReply By Ganeshan Kalyani: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n r a person having the same PAN. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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) = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ss verticals in a State may obtain a separate registration for each business vertical, subject to such conditions as may be prescribed. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n s Integration) of the Central Board of Excise and Customs (CBEC). = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ource: GST updates. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n n by the Govt to meet the implementation date. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y the council. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n come into effect on April 1, 2017, leading to a unified domestic market. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y By Ganeshan Kalyani: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n : = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n he workshop will be attended by Commissioner and other senior officials. Helpline will also be opened to assist the businessmen for registration. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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%” = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n under: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n the tax and 50 percent of the items of common usage will be exempt to keep the inflation under check. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Services Tax (GST), from April 1, 2017. In its meeting with states this week, the Centre has proposed a four slab GST rate structure. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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”. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Ganeshan Kalyani: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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.” = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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 . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n y: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eshan Kalyani: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n in case of any difficulties faced in completing online provisional registration, please contact Helpdesk at respective Ward Offices. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ervice tax going up from 15% to 18%. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n eply By Ganeshan Kalyani: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n India to familiarize them on the important features of GST.The Seminar is being organised by the GST Council in national capital. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n ble States . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n a not for profit organisation created for special purpose. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Ganeshan Kalyani: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n x system . It will certainty help the consuming States. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n Finance Minister says, GST Council is deliberating on ways to reduce the taxation process, including assessment by tax officials. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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 . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n anies with minimum transaction may not go for higher version accounting software. with lesser data the compliance is managible . = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n "The kacha bill and pakka bill system in our country has helped mobilize back money. GST will help put an end to this." = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n nce of legislative backing , taxes could not be levied. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n The Reply: = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n with bands of GST. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n e of which is a principal supply, shall be treated as a supply of such principal supply; = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n session and present the bills. However, in previous GST Council meetings, consensus on dual control could not be established. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n on formula wherein the centre agreed to absorb any spillover of revenue losses accruing on account of the adoption of the new tax regime = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n and states would do so for businesses having higher turnover. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n niform rate across states with a cap of 15 per cent in the proposed goods and services tax (GST) regime. = = = = = = = =<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * Full compensation to the States for first five years towards the losses if any, incurred by the States due to implementation of GST.
\n * Establishing a mechanism for adjudicating any dispute between Centre and States or between the States, arising out of the recommendations of GST Council.
\nThanks.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir,
\nThe Government may take up the Bill for Goods and Services Tax Law possibly in the winter session of the Parliament. Thanks.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir, 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir,
\nThe GST rate is discussed to be @22%. The Chief Economic Advisor has suggested for 18%. The rate across country has gst rate ranging <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir, Nagaland also ratified GST Bill.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir, 13 states have approved the GST Bill. These states include :
\n * Assam,
\n * Bihar,
\n * Jharkhand,
\n * Himachal Pradesh,
\n * Chhattisgarh,
\n * Gujarat,
\n * Madhya Pradesh,
\n * Delhi,
\n * Nagaland,
\n * Mahrashtra,
\n * Haryana,
\n * Mizoram and
\n * Telangana.
\nThanks.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nStates that ratified GST Bill.
\n1. Assam (12.08.2016)
\n2. Bihar (16.08.2016)
\n3. Jharkhand (17.08.2016)
\n4. Himachal Pradesh (22.08.2016)
\n5. Chhattisgarh (22.08.2016)
\n6. Gujarat (23.08.2016)
\n7. Madhya Pradesh (24.08.2016)
\n8. Delhi (24.08.2016)
\n9. Nagaland (26.08.2016)
\n10. Maharashtra (29.08.2016)
\n11. Haryana (29.08.2016)
\n12. Telangana (30.08.2016)
\n13. Mizoram (30.08.2016)
\n14. Sikkim (30.08.2016)
\n15. Goa (31.08.2016)
\n16. Orissa (01.09 2016)
\nThanks.
\nReply By Ganeshan Kalyani:
\nThe<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe return, payment and other details of GST is proposed to be maintained in Goods and Service Tax Network (GSTN). GSTN is a company. Thanks
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST Bill I.e. Constitutional Amendment Bill received assent from Hon'ble President Shri Pranab Mukherjee today. Thanks.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir, 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.
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe Bill received assent of the President, Now <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSource : Business Standard.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nThe GST Council will consist of Union Finance Minister, Minister of State in charge of Revenue Department and State Finance Minister. Thanks.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir, the discussion is going o<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By YAGAY AND SUN:
\nThe Reply: GST Council is fighting against time
\nThe 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
\nReply By YAGAY AND SUN:
\nThe 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
\nEarlier 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nIndia'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).
\nGST aims to subsume these taxes under two distinct categories of central and state tax, as shown in the chart below.
\nTaxes Subsumed by GST State and Central Taxes
\nReply By YAGAY AND SUN:
\nThe Reply:
\nChasing the GST deadline: Early movers can capitalise on options and benefit most
\nUnder the GST regime, the credit eligibility of a company will largely depend upon suppliers' GST compliances. Therefore, companies would prefer to engage with sup<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n Mr Singhvi said almost everything is open and yet to be decided by the GST Council.
\n He said which article is to be exempted and which one to be taxed and what is the minimum rate and what i<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCurrently, 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n“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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe GST Council will make recommendations on matte<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSource :: http:\/\/www.thehindubusinessline.com\/economy\/agri-business\/mandi-tax-will-be-a-serious-concern-post-gst-rollout\/article9103404.ece
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nWith 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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSource: ey.com
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSince 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nHowever, 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.
\nGST's impact on the ordinary consumerAugust 2016
\nThe Financial Express
\nBy
\nAbhishek Jain
\nTax Partner, EY India
\nReply By YAGAY AND SUN:
\nThe Reply:
\nhttp:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/post-gst-modi-government-to-cushion-impact-of-hike-in-service-tax\/<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By YAGAY AND SUN:
\nThe Reply: GST game changer for manufacturing, ease of doing business: DIPP Secretary Ramesh Abhishek
\nReply By YAGAY AND SUN:
\nThe Reply:
\nhttp:\/\/indianexpress.com\/article\/business\/business-others\/manufacturing-sector-gst-vat-cst-taxation-profitability-realigning-operations-3028054\/
\nReply By YAGAY AND SUN:
\nThe Reply:
\nhttp:\/\/economictimes.indiatimes.com\/wealth\/personal-finance-news\/gst-to-help-make-economic-commercial-transactions-more-efficient\/articleshow\/54288446.cms
\nReply By YAGAY AND SUN:
\nThe Reply:
\nhttp:\/\/www.moneycontrol.com\/news\/sme\/gst-bill-what-isstore-for-manufacturing-smes_7426801.html
\nReply By YAGAY AND SUN:
\nThe Reply:
\nhttp:\/\/www.tribuneindia.com\/news\/uttarakhand\/uttarakhand-to-gain-from-gst-govt-should-plan-to-promote-service-sector\/285870.html
\nReply By YAGAY AND SUN:
\nThe Reply:
\nhttp:\/\/www.legallyindia.com\/blogs\/impact-of-gst-on-the-aviation-sector
\nReply By YAGAY AND SUN:
\nThe Rep<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThanks & Best Regards,
\nYAGAY & SUN
\n(Management, Business and Tax Consultants)
\nReply By YAGAY AND SUN:
\nThe Reply: Government is working overtime on GST: Cabinet Secretary P.K. Sinha
\nTerming 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.
\nThe 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.
\n“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.
\nGovernment wants to implement the tax reform from April<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nStates are now competing among themselves to attract investors and this is a positive sign, he added.
\nHe said the government is focused on innovation and trying to make India an easy simple place to do business.
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAn 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTea Traders have <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nRead more at:
\nhttp:\/\/economictimes.indiatimes.com\/articleshow\/54444267.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
\nReply By YAGAY AND SUN:
\nThe Reply: 268-page GST FAQs out; e-tailers, aggregators to register
\nFrequently Asked questions (FAq) on GST
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nFAQS ON GST is published in CBEC on 21.09.2016
\nFrequently Asked questions (FAq) on GST
\nReply By YAGAY AND SUN:
\nThe Reply: Will meet April 1 target for GST rollout: Meghwal
\nReply By YAGAY AND SUN:
\nThe Reply: Hope to resolve all pending issues on GST: Arun Jaitley
\nReply By YAGAY AND SUN:
\nThe Reply: GST: Central govt, states agree on timetable for April 1 rollout
\nReply By YAGAY AND SUN:
\nThe Reply: GST: States want to tax business<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nAlong 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.
\nReply By Ganeshan Kalyani:
\nThe Reply: GST council meet: Centre, states agree on timetable for 1 April roll-out
\nKey issues like sharing of administrative control between the centre and states and compensation mechanism to be taken up by the GST council on Friday
\nRemya Nair
\nFinance 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
\nThe 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.
\nThey also charted the steps to be taken over the next few months to meet the dead<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe 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.
\nSome 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.
\nKerala finance minister Thomas Isaac said that many states, including Uttar Pradesh and Kerala, will be affected if the exemption limit is raised to &<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTraining 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTax slabs also to be discussed in GST Council meeting to be held on 17 to 19 October.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST Presentation published in CBEC website. the link is given below.
\nhttp:\/\/www.cbec.gov.in\/resources\/\/htdocs-cbec\/deptt_offcr\/gst-dgtps-12092016.pdf
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nReturns under GST
\nGSTR 1- Sales Register
\nGSTR 2- Purchase Register
\nGSTR 3- Monthly return form
\nGSTR 4- Quarterly return for compounding dealers
\nGSTR 5- Periodic return by Non-Resident Taxpayer
\nGSTR 6- Return for Input Service Distributor (ISD)
\nGSTR 7- Return for Tax Deducted at Source
\nGSTR 8- Annual Return
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nDraft rule rules on registration, payment and invoice is published in CBEC today .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nPPT on GST is also published in CBEC webiste.
\nReply By YAGAY AND SUN:
\nThe Reply:
\nCBEC has released Draft Rules and Format on GST. Also sought the<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nMr 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGST 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe 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.
\nAs 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.
\nIn case there are defec<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThese rules also prescribe that transporter need not carry any invoice if supplier provides invoice reference number to transporter.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nhttp:\/\/www.cbec.gov.in\/htdocs-cbec\/gst
\nThe draft rules is published for feedback.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n FAQs on GST compiled by CBEC
\n 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
\n Click to download FAQs on GST compiled by CBEC
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nConfederation of Commercial Tax Associations (AICCTA) met on 24-09-2016 at New Delhi and passed the following resolutions
\nResolution No.1:
\nThe All India Confederation of Commercial Tax Officers Associations condemn the retention of Assessment jurisdiction of 20.87 lakh Se<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By YAGAY AND SUN:
\nThe Reply:
\nThis 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.
\nhttp:\/\/www.cbec.gov.in\/htdocs-cbec\/gst\/draft-rules-format
\n * Draft Return Rules
\n * Draft Return Formats
\n * GSTR 9B
\n * ITC Mismatch Report
\n * Draft Refund Rules
\n * Draft Refund Formats
\n * Draft Registration Rules
\n * Draft Registration formats
\n * Draft Payment Rules
\n * Draft Payment formats
\n * Draft Invoice Rules
\n * Draft Invoice formats
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nKPMG and FICCI sign MoU to launch GST awareness campaign across India.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTurnover based HSN code mechanism introduced under GST.
\nReply By YAGAY AND SUN:
\nThe Reply:
\nMonthly returns to be mandatory under GST
\nReply By YAGAY AND SUN:
\nThe Reply:
\nGovt favours e-payment of GST over ₹10,000
\nReply By YAGAY AND SUN:
\nThe Reply:
\nGovt issues draft<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nThe authority has been doing detailed analysis of impact of GST in marine industry
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSenior IAS officer Arun Goyal has been appointed as Additional Secretary in the goods and service tax council.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCongress 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCongress 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe state authorities would have jurisdictions over assesses having turnover of less than 1.5 crore
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCountries with booming exports such as Singapore, Malaysia and Australia h<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nBroad rule is as under:
\n– Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2 digit code;
\n– Taxpayers whose turnover is ₹ 5 crores and above shall use 4 digit code;and
\n– Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices.
\nServices will be required to be classified per the Services Accounting Code (SAC)
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAssurance 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.
\nExperts from KPMG will be taking sessions across vari<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nComposition scheme is applicable subject to the condition that the taxable person does not affect inter-state supplies.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGSTN 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGoods 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAlcohol for human consumption, Petroleum Products viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel & Electricity,
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nA 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCBEC, Chief said that every exemption distorts the structure and on that there is a complete agreement and consensus. The lesser the exemptions the better.
\nHaving said <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe total cost involved in ₹ 2256 Crore which will be incurred over a period of seven years. It will help in :
\n * implementation of Goods and Services Tax (GST)
\n * extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and
\n * other taxpayer friendly initiatives under Digital India and Ease of Doing Business of Central Board of Excise and Customs.
\nThe 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.
\nSource: GSTupdates.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCBEC 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe Government is working to implement GST by its set due date I.e. 01.04.2017
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nFirst meeting of GST Council was constructive said Shri Arun Jaitly ji
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAdditionaldraft rule has been publishedhttp:\/\/www.cbec.gov.in\/htdocs-cbec\/gst\/draft-rules-format
\nReply By Ganeshan Kalyani:
\nThe Reply:
\ntax-vat-for-1-year-after-notification-of-gst-act\/
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nFM: 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.
\nThe 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThereafter, 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By YAGAY AND SUN:
\nThe Reply:
\nGST Council meet: Centre, state consensus on 5 key areas, but differ on service tax assessment.
\nReply By YAGAY AND SUN:
\nThe Reply:
\nGST Council falters on service tax control.
\nReply By YAGAY AND SUN:
\nThe Reply:
\nGST Council meeting: Waivers, draft rules okayed; differences over tax assessees
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nNeed clarity on the exemptions given in the current tax regime. Whether it would continue for the time period given . Will have to see.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nNow 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nRBI in support of 18% GST rate, says no material impact on inflation.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nHSN need to be m<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAs 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nFiling 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSeemless credit is aimed under GST, So credit would be eligible but output final product should be taxable.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nNumber of returns are 37 to be filed by General assessee.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nIn 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nServices will be required to be classified as per Services Accounting Code.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nMaharashtra will have 20 GST Commissionerate, The highest among all states.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAs per the latest data (up to September 23) of NACEN, 3,074 field officers have been trained as against the target of 60,000.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nIn 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.
\nReply By Ganeshan Kalyani:
\nT<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nDrawing 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
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGoods 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 .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGoods and Service Tax (GST) is being considered as the biggest ever tax reform of Independent India where<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nUnder current regime, the audit officer sends his note sheet to concern range officer and adjudication kicks off at range \/ divisional level.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSIAM – 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe eligible Input Tax Credit shown in last return filed under current regime shall be carry forward as opening balance in first return under GST.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST IS THE BIGGEST INDIRECT TAX REFORMS SINCE 1947
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nStates 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSource: http:\/\/profit.ndtv.com\/news\/market\/article-under-gst-bse-listed-companies-may-go-up-to-10-000-in-ten-years-1465987
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGSTN 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n The Commerce Ministry has suggested to its Finance Counter part that the exemptions given to exporters shall continue under the new tax regime, GST.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe Commerce Ministry further said that the difference between DTA – domestic tariff a<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nLot 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.)
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nDual 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nExisting 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nDealers 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThough 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe Winter session of the Parliament is be begin from November 16, 2016.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGSTN is going to launch website to facilitate existing registration to get migrated into GST.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThere is <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nSource: GST taxation. Com
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCiting 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nIndian 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe minister talked of cab aggregator Uber's initiative 'Uber-Pitch' which allows startups to pitch their ideas to venture capitalists (VC) and investo<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nRegistration under Goods and Service Tax (GST) regime will confer following advantages to the business:
\n • Legally recognized as supplier of goods or services.
\n• 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.
\n• 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nWithout 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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nBrazil and Canada has dual GST. Similar to that India is going to have dual GST .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCGST: central taxes got subsumed in CGST. States taxes subsumed in SGST and tax on interstate transaction is taxes taxed as IGST.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST shall increase rate in initial years and later the price would come down due to seamless credit available.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCustomer 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe 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.
\nOn 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nWhen goods or services are supplied within the state (Intra State) SGST & CGST would apply
\nWhen goods or services are supplied from one state to another (Inter State) IGST would apply
\nWhen goods or services are imported from different countries IGST (CVD\/RCM) would apply
\nIn case of Exports to different countries the tax would be Zero Rated
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nArea-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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n"Goods fully exempted f<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n6% on precious metal, gems, stones, essential food items.
\n12% on FMCG and non-essential food items
\n18% Standard GST rate (most of the goods and service would be covered in this rate)
\n26% some specific items including luxury cars.
\n40% peak rate (this was proposed by Economic advisor which is not ruled out).
\nSource : GST update
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nState 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nA 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nA 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST council next meeting to be held on November, 4 – 5 & 9 – 10
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nExperts says that rate of 26% is a concern. It may happen that most of the goods be categorised to tax at that rate.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nConsensus<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe 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.
\nBesides, a cess is also likely to be levied on demerit or sin goods and polluting items.
\nAccording 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.
\nSimilarly, the tax burden on refined oil, mustard oil and groundnut oil will go up from 5 per cent to 6 per cent.
\nOther 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.
\nTVs, air conditioners, washing machines, inverters, refrigerators, electric fans a<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe government is making all effort to implement GST by 01.04.2017
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAll issues of GST will be discussed in the next GST meeting.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nMuch awaited GST is going to a realty .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSimplified tax mechanism is expected with easy compliance and transparency. Guidance and support to discharge correct tax compliance is expected in new tax regime.
\nReply By SUNTHARRAJEN P S:
\nThe 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nGSTN, 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAmalgamation 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.
\nSource : gsttaxation.com
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCorporates need to gear up to upcoming GST.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nIn 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.
\nOfficials at various forums have been trying to convince people that the GST regime will bring down prices of most of th<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nProposed 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.
\nWith 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.
\nThe revenue under current regime is not distributed in the manner proposed in G<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nIn 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nFinance Minister said that the Government has kept about 50% of products in the consumer basket, such as food grains, as "zero rated".
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe GST panel also approved Cess on tobacco, luxury products and sin items.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTo 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.
\nSource:<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nGST 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSir concessional form will not be there under GST . full tax need to be paid on interstate transaction . even for stock transfer .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCHAPTER – XIA
\nJOB WORK
\n43A. Special procedure for removal of goods for certain purposes
\n(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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGovernment of Goa
\nDepartment of Commercial Taxes
\nPanaji-Goa
\nProcedure for enrollment of existing VAT Dealers on the GST System Portal
\n1. 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.
\n2. 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n7. 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.
\nDipak M. Bandekar
\nCommissioner of Commercial Taxes
\nGovernment of Goa.
\nPlace: Panaji Goa
\nDate: 02\/11\/2016.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSharing an article :
\nAfter 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.
\nThe 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nWhile 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.
\nAlso, 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.
\nThe multiple rates will make things complicated from a compliance perspective and could dilute some benefits of the GST sys<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nSharing an article on How India is on a verge of turning its good tax bad.
\nhttp:\/\/www.gstindia.com\/gst-how-india-is-on-the-verge-of-turning-its-good-tax-bad\/
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSharing an article on tax rate . CII states that GST rate to be one or two tax slab rate.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSharing an article on impact of GST rate on company .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSharing an article –
\nAll India Gems and Jewellery Trade Federation made representation for GST @1.25 % .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSharing an article :
\nConsumers Electronics Manufacturers Association made representation for 18% GST rate.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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).
\nReply By Ganeshan Kalyan<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe Centre has circulated the draft goods and services tax (GST) Bills with the states……
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGSTN 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nPindichery 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 .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nMaharashtra Value Adde<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n 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.
\n 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCBEC has released the translation in regional languages of the FAQs on GST earlier published in English.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSeveral States have initiated the facilitation for migration of existing assessees registered under the VAT Act of the respective States.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSince GST would be replacing the se<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCompliance 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n“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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAs 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nInformation 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST will result better tax conplaince under GST due to better network .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nComplaince cost under GST is going to increase.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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 .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTax 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThere will be no paper based enrolment. All migration will take place online.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nExisting ISD registrations are required to file fresh applicat<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe Reply:
\nStates 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSupplies made to SEZ units to be treated as zero rated supplies under GST.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTaxpayers 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nGST 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nUnion 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThere are two other laws – Compensation and IGST – which will be discussed in the next meeting on December 11, 12.
\nReply By Ganeshan K<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n"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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nWhether 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 .
\nReply By Ganeshan<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nReturn 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nWith 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 .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSome 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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAs regard learning GST, conferences are also organised.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nOn 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.
\nReply By Ganeshan Kalyani:
\nTh<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCII 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."
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nTax 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe government was keen to introduce the GST bills in the winter ses<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe GST Council has announced that demerit goods like tobacco will be subject to the highest GST rate of 28 plus an additional cess.
\nTobacco 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nIndia'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 .
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nMinistry of Finan<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nJaitley 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.
\n“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.
\nSaying 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.
\nIdeally, 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe Goods and Services Tax (GST), FM said, can be implemented anytime between April 1 and September 16, 2017, in accordance <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAll 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nBands 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, <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe '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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nWinter 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n"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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nNext GST Council meeting will take place on December 22-23.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCentral Board of Excise and Customs (CBEC) yesterday said that it has started the exercise of putting the goods in the four tax slabs.
\n“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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCBEC 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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n(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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nSection 48 of the Revised Model GST Law provides for refund of un-utilized input tax credit to exporter of goods\/ services.
\nUnder 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.
\nIt 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nWith introduction of Goods and Services Tax in India, compliance for tax payers is set to go up. <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n"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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nNangia & 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.
\nSource: The Economic Times.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nAs far as the model GST law is concerned, PwC India Executive Director Sumit Lunker said, there is no big chall<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nHowever, 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:
\n1. Finalisation of GST Bills
\n2. Achieve consensus on dual control\/ administration.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nCentral 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n"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<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nSource: livemint
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe base year for calculating the revenue of a state for Compensation has been decided as 2015-16.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe GST Compensation Bill will provide a legal backing to the Centre's promise <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nJaitley said that a committee is concurrently working on the “classification”exercisea comprehensive list specifying the tax rate that each good and service will attract.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nStates will be compensated 100 percent loss for 5 years, the Finance Minister added.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nV 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nRoopam Asthana, CEO, L<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nThe 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
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n“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.
\nIn 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 <\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\nReply By Ganeshan Kalyani:
\nThe Reply:
\n"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).
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nFM 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.
\nReply By Ganeshan Kalyani:
\nThe Reply:
\nFM 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<\/p>\n