GST Ready India

GST Ready India’s Latest News and Updates

GST Council - Latest News and Updates

Mar 03, 2017

Peak GST rate to be pegged higher at 40%
India has decided to peg the peak goods and services tax (GST) rate at 40% in the legislation instead of 28%, giving it the flexibility to raise rates without having to reach out to Parliament. This is only an enabling provision and the highest rate levied on goods will still be 28% (14% central GST and 14% state GST). The demerit and luxury goods will attract higher 28 rate plus cess. Click to read more

GST levy may go up to 40%, slabs intact for now
The model Goods and Services Tax Bill will replace the clause which states the tax rate “not exceeding 14 percent, with “not exceeding 20 percent” when it comes up for debate in Parliament during the second phase of Budget session beginning next week.

The GST levy may go up to 40 percent after the GST Council proposed raising the peak rate in the Bill to 20 percent, from the current 14 percent, to obviate the need for approaching Parliament for any change in rates in future. The model Goods and Services Tax Bill will replace the clause which states the tax rate “not exceeding 14 percent, with “not exceeding 20 percent” when it comes up for debate in Parliament during the second phase of Budget session beginning next week. Click to read more. Click to read more

GST changes: Enabling provision for peak 40% rate
Council suggests change from present 28%, with Centre and states each empowered to have up to 14%

The Goods and Services Tax (GST) Council is likely to get the power to raise the rate up to 40 per cent for any item in future, without the need for parliamentary approval.
The proposed move has not gone down well with tax experts, who want the rates to be moderate even in the future.

The Council, chaired by Finance Minister Arun Jaitley, has proposed an enabling provision in the GST Bills for a peak rate of 20 per cent each for Central GST (CGST) and state GST (SGST), from 14 per cent in the current draft , taking the limit to 40 per cent from 28 per cent. Click to read more

GST and the litmus test of land
The Goods and Services Tax will be truly transformational when domains like real estate are brought in its ambit.

After the steps taken to reduce black money and streamline election finance, the natural follow-up is to clean one of the biggest sources of black money — land and real estate. And the natural way to do that is to bring the supply of land and real estate (hereafter LARE) into the GST. At the moment, the GST law does not include LARE, but there is still a window to fix that in the GST Council meetings in the months ahead. Click to read more

Critical weekend at hand, GST Council expected to hear clear 3 GST bills
This weekend is critical, with the GST Council expected to approve three GST Bills, namely, the CGST, SGST and IGST Bills.

This would be an important milestone in the GST journey, and once approved, the CGST and IGST Bills are expected to be tabled in the second phase of the Budget Session starting March 9 for early passage. States will equally need to plan passage of SGST Bills in their Assemblies within a short period. Click to read more

GST levy may go up to 40%, 4-slab structure to remain
The Council moots raising the peak rate in the Bill to 20%

The GST levy may go up to 40% after the GST Council proposed raising the peak rate in the Bill to 20%, from the current 14%, to obviate the need for approaching Parliament for any change in rates in future.

The model Goods and Services Tax Bill will replace the clause which states the tax rate “not exceeding 14%, with “not exceeding 20%” when it comes up for debate in Parliament during the second phase of Budget session beginning next week. Click to read more

Are consumer goods firms prepared for GST regime?
The ability of consumer goods firms to comply with GST will be key to the success of the tax reform

Last year, Nestle India Ltd set up a task force and told it to make the packaged foods company GST-ready—transition to the goods and services tax as soon as it was implemented.

The task force has been working with suppliers, distributors and retailers, and consultants EY and PricewaterhouseCoopers (PwC) to ensure Nestle India’s compliance with the new tax regime once it is in place. Four months before the rollout of GST, the biggest tax reform in independent India, the Indian unit of the world’s largest packaged foods company claims to be all set. Click to read more

Tags: GST 2017, GST Bill, GST Council, GST Implementation, GST India, GST Law, GST News, GST Tax Structure, GST Updates

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