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GST News Roundup

Feb 27, 2017

GST tax structure ready; how will it impact economy and various sectors
The passage of the Constitutional Amendment Bill on GST has paved the way for introduction of GST in India, likely in H1FY18. The need for GST has been felt because under the current indirect tax structure 1) tax barriers have fragmented the Indian market, 2) cascading effects of taxes on cost have made indigenous manufacture less attractive, 3) complex multiple taxes have raised cost of compliance. Click to read more

How GST will work

Source: http://indianexpress.com/article/explained/gst-bill-parliament-what-is-goods-services-tax-economy-explained-2950335/

GST On July 1 Looks Reality; Property Buyers Will Love GST Even If They Have To Pay More
The deadline of rolling out Goods and Services Tax by July 1 seems like a reality now as the GST Council approves a draft law that seeks to compensate states fully in case of revenue loss as a result of the tax reform. It is expected that the council would, in its next meeting on March 4-5, will approve three more draft laws. Once done, this will pave the way for the legislation to be tabled in Parliament by around March 9. Click to read more

Central indirect tax officers seek redressal of flaws in GST’s final design
The representative body of central indirect tax officers has written to Prime Minister Narendra Modi flagging concerns over the agreements reached with the states on the final design of the goods and services tax (GST). Click to read more

Reverse decisions of GST Council: IRS officers
Earlier, Finance Minister Arun Jaitley had warned IRS officers against expressing their reservations over GST. The letter seeks revision of assessees below Rs 1.5 crore turnover from 90:10 in favour of the states as decided by the GST Council to an equal 50:50 ratio, reverting Integrated GST to the Centre and exclusive role of the Centre in territorial waters. Click to read more

GST: DGFT wants GST Council to create an e-wallet facility to ease exporters fears
Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying that, instead, an e-wallet facility could be created for virtual payment of taxes so that the GST chain is not disrupted. Click to read more

Below the Line: GST blues
“Hear us out Mr Prime Minister Sir”, is how a letter from Indian Revenue Service Association dated February 21 seems to plead. As the proposed rollout date of GST approaches, IRS officers are a worried lot. They have pointed out that while they are committed to successfully rolling it out, in many countries GST implementation has failed because of faulty execution in the hand of generalists. Click to read more

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