Valuation rules set guidelines as to what will be the value on which GST is required to be paid on goods and services
These are eventful days for tax consultants. They are busier than ever bracing for the GST (goods and service tax) implementation deadline of 1 July and jotting down suggestions for the draft rules put in the public domain by the GST Council, to be submitted by 10 April. Click to read more
The Goods and Services Tax (GST) bill might have got the Parliament’s nod, but the overall ecosystem is nowhere close to adopting the new tax regime considering its likely implementation from July 1, 2017.
In the Pune region, comprising Pune, Solapur and Kolhapur districts, and Goa, there are 11 lakh entities that pay service tax and central excise currently. Of these, only 86,000 (7.8%) have been issued IDs by the service tax commissionerate. Worst, only 21,500 of these have migrated their data to the GST network. Click to read more
The Congress today urged the government to keep indirect taxes under the new GST regime “low and affordable” so that these do not lead to rise in inflation which will hurt the poor the most.
The opposition party welcomed the four GST Bills and said it would not press for any amendment even though some of its members had proposed some changes. Click to read more
The goods & services tax (GST) is currently levied/imposed in about 160 countries, with the average GST rate of around 16%. There are variations from this average charge. To illustrate, GST rates range from 1.5% in Aruba, 6% in Malaysia, 7% in Singapore to 25% in Sweden and 27% in Hungary.
It is estimated that the average rate of indirect tax on any product in India is bound to be around 27% (excise plus VAT plus in-build input taxes). Click to read more
In what has been a very busy session so far, both Houses of Parliament passed many Bills this week — the GST Bill, the Finance Bill and the Mental Healthcare Bill to name a few. Last week also witnessed many stormy discussions in both Houses, many continuing well up to late in the day.
After rallying over details of the GST Bill, the Lok Sabha finally passed the landmark Bill on March 30, 2017. Click to read more
The Congress is not inclined to move any amendments to the GST enabling bills in the Rajya Sabha before they are returned to the Lok Sabha but may support the amendments moved by other opposition parties. Sources said the party leaders will meet tomorrow to decide on whether to support the amendments moved by other parties on GST bills. Click to read more
Subramanian Swamy (BJP) questioned the shareholding pattern in GSTN, GST’s IT backbone, terming it “a shady organisation” and saying it was a “grave security” issue.
The debate on four GST-related bills in Rajya Sabha Wednesday touched upon Lord Hanuman, Swami Vivekananda and Amitabh Bachchan, besides Messi, Pele and Maradona, as well as conversations between Lord Krishna and Arjuna in the Bhagwad Gita and between Bheeshma and Yudhishthira in Shanti Parva of the Mahabharata. Click to read more
The government’s move to continue to keep school education out of the service tax net under the new GST regime and to tax essential commodities at the lowest rate has been welcomed by the paper industry which expects a lower tax incidence in the upcoming new indirect tax regime.
The GST Council is scheduled to meet next month to decide on rates at which various good and services will be charged under GST that is being scheduled for rollout from 1st July this year. Click to read more
With the Goods and Services Tax (GST) set to be implemented from July, the Gujarat government is leaving no stone unturned to ensure a smooth transition to the new tax regime. As part of a public outreach programme, Gujarat commercial tax (VAT) department in collaboration with services, customs and excise and industry associations, is planning to launch a GST training drive covering more than 200 talukas in Gujarat. Click to read more
which will bring about a paradigm shift, targeted the BJP in a veiled manner, saying its passage was delayed during the last seven years due to “partisan” stand that led to a big loss.
He said the indirect tax reform will help in increasing the GDP in the long run and “surely benefit” the economy. Click to read more