GST Ready India

GST Ready India’s Latest News and Updates

Finally..GST in July!

Mar 20, 2017

India Today Conclave 2017: PM Modi presents report card, calls GST an example of deliberative democracy

At the India Today Conclave 2017, PM Narendra Modi said, “GST is an example of delegated democracy. Continuous discussions were held with the states for every clause of the law. GST decision was taken by consensus. All the states have taken the ownership.”

Days after the goods and services tax was approved by the GST Council, Prime Minister Narendra Modi said that the tax reform step is an example of ‘deliberative democracy’, where states not only participated in the process but took ‘ownership’ of it. Click to read more

Finally, GST is coming in July: A primer on India’s biggest tax reform

With the Goods and Services Tax (GST) council approving the remaining two of the five bills concerning the tax regime on Thursday, India’s most ambitious indirect-tax reform is likely to roll out from July 1. The GST Council capped the proposed cess on aerated drinks and luxury automobiles at 15% and on cigarettes at 290%. It 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 way for the introduction of the legislations in Parliament and state assemblies as early as next week. Click to read more

Government Decision on GST Supplementary Bills Likely Today

The Union Cabinet may approve bills to supplement the Goods and Services Tax (GST) legislation on Monday.

Following the decision, these bills will be introduced in Parliament as the government sprints to meet the July 1 target date for rollout of the new indirect tax regime.

A set of four supporting legislations — the Compensation Law, the Central-GST or C-GST, Integrated-GST or I-GST and Union Territory-GST or UT-GST — are likely to together go to the Cabinet for approval. Click to read more

E-commerce firms to pay up to 1% TCS under GST

E-commerce firms like Snapdeal and Amazon will have to mandatorily deduct up to 1 per cent TCS (Tax Collected at Source) while making payments to their suppliers under the GST regime which is expected to kick in from July 1.

The model Goods and Services Tax (GST) law, finalised by the GST Council, provides for 1 per cent TCS to be deducted by the e-commerce operators. Click to read more

The GST Council template for cooperative federalism

That a fundamental reordering of federal fiscal relations has been achieved with a minimum of bickering, despite hurdles like demonetisation, is a tribute to the GST Council

Last Thursday, the goods and services tax (GST) Council signed off on the final two pieces of supporting legislation, setting the stage for their introduction in Parliament and state legislatures. With this, the country is now just a few steps away from rolling out this landmark piece of tax reform. Click to read more

Give two-month trial run to GST: Chidambaram

Former Union finance minister P. Chidambaram spoke to Sambit Saha of The Telegraph before the launch of his book Fearless in Opposition: Power and Accountability in Calcutta on Saturday. The topics ranged from political freedom and the Congress leadership to the demonetisation debate and economist Jagdish Bhagwati’s attack on Amartya Sen. Chidambaram also suggested a two-month “trial run” for the goods and services tax (GST). Excerpts from the interview: Click to read more

GST: Centralized assessment for service-oriented industries likely

As per a proposal being discussed in GST council, a common pool of officers from the centre and states could carry out the assessment for certain service sectors

The goods and services tax (GST) council is considering setting up a centralized assessment interface for service-oriented industries such as banking, telecom, insurance and information technology, according to two officials familiar with the discussions in the GST council.

A common pool of officers drawn from the centre and the states could carry out the assessment for certain service sectors thereby ensuring a single interface for these sectors, according to the proposal being discussed in the council. Click to read more

Cabinet approves draft GST Bills: Official

India’s cabinet has approved four bills to implement a planned Goods and Services Tax (GST) bills, a government official said on Monday, paving the way for Prime Minister Narendra Modi to implement the landmark tax reform from July.

The four bills are likely to be taken up by the parliament this week, and a separate state GST bill in state assemblies later, the official also said, requesting anonymity ahead of a planned news briefing. Click to read more

Last gasp tasks: GST bills and rate fitment process

At its twelfth meeting last Friday, the Goods and Services Tax (GST) Council cleared all the requisite State and Central-level legislative measures to implement the indirect tax regime. The State and Union Territories’ GST bills were approved along with necessary corrections to the three other GST Bills the Council had cleared previously — for Central GST, Integrated GST and compensation to States through a cess. This paves the way for State Assemblies and Parliament to ratify these laws quickly in order to meet the proposed July 1 rollout date for the system. Click to read more

%d bloggers like this: