GST Ready India

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GST India at a Glance

Feb 07, 2017

Final GST rates out, slabs fixed at 5%, 12%, 18% & 28%
A four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council on Thursday.

With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.The lowest rate of 5% would be for common use items while there would be two standard rates of 12% and 18% under the Goods and Services Tax (GST) regime targeted to be rolled out from April 1, 2017. Click to read more

Budget 2017: From GST implementation to tax cuts, industry hopes FM will deliver
GST implementation: Freudenberg India, a Germany-based manufacturing company engaged in developing and producing seals, vibration control technology components, filters, nonwovens, release agents and specialty lubricants as well as mechatronic products. Georg Graf, Regional Representative India, Freudenberg Group on Budget, 2017, says that the Indian Economy is in a good shape. Overall, we do see a positive business sentiment.”

However Graf believes that there will be no further delay implementing GST. “We hope the budget has something for all stakeholders – Industry, States and the people of India. ‎However, we do observe certain weaknesses such as slow infrastructure development, a low “ease of doing business” rating, existing and accepted corruption – dirty money, high gender / social inequality and unclear laws. Further measures should help improve them within the scope of the budget as well. Click to read more

Goods and Services Tax (GST) Bill, explained
The Constitution (122nd) Amendment Bill comes up in RS, on the back of a broad political consensus and boosted by the ‘good wishes’ of the Congress, which holds the crucial cards on its passage. Here’s how GST differs from the current regimes, how it will work, and what will happen if Parliament clears the Bill. Click to red more

India’s GST – You Know It’s A Good Tax When The Tax Inspectors Protest About Losing Work
The various associations, or at least some of them covering 70,000 tax workers, of the central tax administration are protesting over how the Goods and Services Tax will….well, what they’re protesting about changes dependent upon whether you believe what they say or actually listen to their message. They’re going to wear black armbands upon Martyrs’ Day to protest that….–which is where the believe and listen part come in. Reading between the lines the complaint seems to be that there won’t be enough work for the central tax administration to be doing. Which is one useful manner of realising that the GST is going to be a good tax. Less work for the taxman, presumably, also means that the system as a whole is easier for everyone to deal with. And that is one of the markets of a good tax system, that we get the revenue we desire without too much fuss or effort. Click to read more

Demonetisation shadow on GST, Oppn threatens to hold up tax reform
The government’s demonetisation decision which united the Opposition and washed out the winter session of Parliament could cast a shadow over the goods and services tax (GST) as well. With a meeting of the GST council due in two days, opposition parties are in touch with each other to put up a united front against the country’s biggest tax reform and pressure the Modi government into accepting their two key demands. Click to read more

India’s biggest tax reform: Demonetisation plays spoilsport for GST roll-out due in April
The Goods and Services Tax roll-out becomes uncertain post demonetisation. States believe that there needs to be at least 70 per cent increase in the current compensation corpus to Rs 90,000 crore to ensure growth. Click to read more

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