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GST Council Meeting Updates

Mar 16, 2017

GST Council may clear supplementary legislations tomorrow

The GST Council is likely to endorse tomorrow supplementary legislations needed for implementation of the goods and service tax (GST) regime.

The Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, may also take up capping the cess to be levied on demerit goods like luxury cars and tobacco products for creation of a corpus that will be used for compensating states for any loss of revenue from GST implementation in the first five years. Click to read more

GST Council likely to approve crucial SGST, UTGST bills on Thursday

The Council’s nod will act as another decisive step in the run up to the implementation of the overhauled tax regime from July 1.

The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley is expected to endorse the remaining two crucial bills — State GST (SGST) and Union Territory GST (UTGST) — on Thursday. The Council’s nod will act as another decisive step in the run up to the implementation of the overhauled tax regime from July 1. Click to read more

GST: Industry sees no relief on compliance

Permitting officials to check vehicles in transit among provisions included at insistence of states despite opposition from industry

With the central government keeping many regressive provisions in the final draft of the goods and services (GST) law to get reluctant states on board, the ambitious tax reform may not ease the compliance burden or improve the ease of doing business as significantly as earlier thought. Click to read more

GST Council to take up State and UT Bills today

With the expected July 1 rollout of the Goods and Services Tax (GST) regime drawing closer, the GST Council, led by Finance Minister Arun Jaitley, will meet on Thursday to finalise two Bills — the State and the Union Territory GST Bills.

If these are firmed up, Jaitley will be able to table all four enabling legislations for the tax in Parliament in the ongoing Session. These comprise of the Central, Integrated and UT GST Bills as well as the proposed legislation for compensation to States for any revenue losses. Click to read more

Looking forward to GST: Finnish diplomat

Currently, some 100 Finnish companies are active in India and the diplomat hoped this number will increase given the opportunity India offers.

Not only domestic industry, foreign countries like Finland too are awaiting the rollout of the landmark Goods and Service Tax (GST) as it would help “ease of doing business.”

“We are looking forward to GST,” Ambassador of Finland in India, Nina Vaskunlahti said today at an interactive session with members of Bharat Chamber of Commerce. Click to read more

Sensex closes rangebound session lower ahead of Fed rate decision, GST Council meet

The rupee gained past 65.50, the highest level since November 2015 as the dollar buying slackened ahead of Federal Reserve meeting outcome.

Dalal Street took a breather on Wednesday as investors preferred to book profits after a 496-point rally on the Sensex in previous session. Equity benchmarks closed rangebound session lower on caution ahead of Federal Reserve rate decision tonight and GST Council meet on Thursday. Increase in CPI inflation (to 3.65 percent against 3.17 percent MoM) also weighed on the sentiment. Click to read more

CAIT seeks exemption for MSMEs from input credit under GST

The Confederation of All-India Traders (CAIT) today raised their concern over the GST clause which links availability of input tax credit to payment of tax by their suppliers.

If availability of input tax credit is linked to tax payment by their suppliers, it will worsen the situation of small businesses, CAIT said in a statement and pointed out that this is despite the fact that they fully support GST, which is likely to come to force since July 1. Click to read more

Council meeting to pave way for GST Bills in Parliament, Assemblies

The Goods and Services Tax (GST) Council’s approval to key Bills on Thursday will play a crucial role for their passage in the current session of Parliament. This would also set the stage for tabling of the state GST (SGST) Bills in the respective state Assemblies, but the Jammu and Kashmir (J&K) Assembly will need to pass even central GST (CGST) and integrated GST (IGST) Bills as well.

According to the Constitution, constitutional amendments do not directly apply to J&K, as it gets a special treatment. Government sources pointed out that CGST and IGST will appear in different forms in the case of J&K. Click to read more

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