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Mar 17, 2017

GST inches closer to July 1 rollout, Council clears all five draft bills

The Goods and Services Tax (GST) Council on Thursday capped the proposed cess on aerated drinks and luxury automobiles at 15% and 290% on cigarettes and also approved the State GST and Union Territory GST laws.

Nod to these laws along with changes in the Central GST and Integrated-GST laws paves the way for introduction of the legislations in Parliament and state assemblies as early as next week. Click to read more

GST council clears last two bills, caps cess on demerit goods

GST council has cleared the state and union territory GST bills and capped cess on luxury cars (15%), aerated drinks (15%) and cigarettes (290%)

The goods and services tax (GST) council on Thursday gave its nod to the two remaining pieces of supporting legislation for implementing the landmark tax reform, paving the way for their introduction in Parliament and state legislatures. Click to read more

GST may roll out from July as Centre, states approve draft bills

India moved a step closer to implement, possibly from July, the goods and services tax (GST) after the Centre and states buried differences on Thursday over two long-delayed proposed laws needed to create a uniform market in the country.

The GST council approved two remaining pieces of supporting legislation that will enable states and Union territories to introduce the GST, billed as India’s biggest tax reforms. The nod paved the way for introduction of these draft bills in Parliament and state legislatures. Click to read more

Are 3 months enough for industry to prepare for GST, ask experts

Even as the GST Council granted approval to all five draft laws, industry experts feel clarity is required on several fronts ahead of the proposed July 1 rollout.

The finance minister Arun Jaitley-headed GST council on Thursday cleared drafts of the State GST Bill and the UT GST Bill marking a big step forward in India’s plans for a countrywide rollout of Goods and Services Tax (GST) from July 1. Click to read more

GST: Regime imperfect, but there is time to fix the flaws

The rate structure needs to be announced soon as companies will need to make corresponding adjustments to their business models and budgets

The last GST Council meeting (the eleventh since the Council’s inception), though scheduled for two days, got concluded in a day as the revised CGST and IGST Laws were approved by the Council. The proceedings turned out to be very productive and many a decision regarding composition scheme for small hotels and restaurants, raising the cap of GST rate to 40% (CGST+SGST), etc, were taken at the meeting. In the next meeting, scheduled for March 16, the SGST Law and the Union Territories GST (UTGST) Law would be discussed and agreed upon. Click to read more

GST: Tobacco products to attract up to 290% cess, pan masala at 135%

While the cess rate seems exorbitant, Krishna Byre Gowda, a GST Council member representing Karnataka, clarified that the high cess would not mean an increase in the price of cigarettes.

The GST Council on Thursday decided to cap the cess rate on tobacco products at Rs 4,170 per 1,000 sticks or 290 percent ad valorem. It also capped the cess on pan masala at 135 percent ad valorem. This cess would be levied on top of the GST to be imposed on these products. Click to read more

GST to bad bank: Modi revisits economic reform agenda after landslide win

Prime Minister Narendra Modi, fresh from his landslide election victory in Uttar Pradesh, now has a chance to advance his economic reform agenda.

Voters in Uttar Pradesh handed Modi’s Bharatiya Janata Party (BJP) the biggest majority for any party in the state since 1977, effectively giving their blessing to his shock decision last November to scrap 86 percent of the cash in circulation. Click to read more

Anti-profiteering rule in GST draft Bill has potential to wreak havoc for businesses

The GST law contains an anti-profiteering clause that mandates a manufacturer and others in the supply chain to pass on the benefits arising out of input credit and lower taxes to consumers at the pain of penalty. The idea is noble and in public interest but as always the devil is in the details, in fact its lack in the instant case. Click to read more

GST rollout: ClearTax to ramp up workforce, investment

Online tax filing portal ClearTax plans to hire 400 people even as it gets ready for the Goods and Services Tax (GST) rollout in July. The Bengaluru-based company will hire across the product, technology, finance and marketing teams to fuel the GST growth and has extended its office space to support the GST operations. Click to read more

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