The much-awaited Goods and Service Tax (GST) Bill will soon be a reality. The central government is taking every possible effort to rollout the new tax regime by July 1, 2017.
The tax officials of the central and state governments will this week hold their maiden meeting on devising a formula for tax rate to be levied on services under the tax regime, as reported by PTI.
Quoting a senior official, the report said that the while the GST Council had previously decided on a four- tier rate structure of 5, 12, 18 and 28%, its fitment committee will hold its first meeting this week on slotting different services in one of the slabs. Click to read more
After the GST rules were released, many stakeholders are curious to know how the valuation rules would shape up under GST, especially how the stock transfer of goods would be dealt with. Previously, Central excise duty on stock transfers was calculated on the base of ‘cost of goods plus 10 per cent’ which seemed to be the possible valuation methodology under GST too. However, the revised valuation rules (proviso to Rule 2 of Determination of Value of Supply Rules) mention that in case of stock transfer if the recipient is eligible to take credit then the value declared on the invoice will be accepted. This is a big, big shift in the thinking of law makers. Click to read more
With Ernakulam accounting for the lion’s share of central excise and service tax revenue in the State, a free Goods and Services Tax (GST) migration service has been launched at the Central Excise Bhavan, Kathrikadavu. The new service is in addition to the GST Seva Kendra which was opened earlier.
“The new tax regime will be effective from July 1 and all excise and service tax assessees are expected to migrate to the GST platform by April 30,” said Assistant Commissioner Rajan G. George in a statement issued to the press. The GST counter will be open till April 21 and anyone can avail of the services of experienced officials for the migration. Click to read more
Will bidi and cigarettes be taxed at the same rate given the health concerns and the class of people consuming it?
Will the small packs of premium biscuits be exempted as it is the case for plain-vanilla ones?
Will all the services be taxed at 18%? Will service tax on insurance and other low yielding financial products be the same as eating out in a restaurant? Click to read more
Tax officials of the central and state governments will this week hold their maiden meeting on devising a formula for tax rate to be levied on services under the Goods and Services Tax (GST) regime from July 1. While the GST Council had previously decided on a four-tier rate structure of 5, 12, 18 and 28 per cent, its fitment committee will hold its first meeting this week on slotting different services in one of the slabs, a senior official told PTI. Click to read more
The April 14 Tamil New Year releases took just an average opening at the box office, due to stiff competition among themselves. Despite their ‘U’ certificate and tax-free status in the State, the trade says it made little difference. In contrast, critically-acclaimed films like Dhuruvangal Pathinaaru and Maanagaram, both ‘UA’-certified films suffered due to the skewed tax and censor policy. Click to read more
Rajasthan and Bihar have called special sessions of their respective Assemblies to pass the State Goods and Services Tax (SGST) Bills on April 24. Assam, too, is likely to have a special session of its Assembly to pass the Bill by the second week of May, said a senior official of the state government. Telangana was the first state to pass the SGST Bill. Its Assembly approved it unanimously last Sunday. Rajasthan and Assam have Bharatiya Janata Party (BJP) governments. The parties and alliances at the helm in Bihar and Telangana are not part of the BJP-led National Democratic.. Click to read more
The goods and services tax (GST) council chaired by finance minister Arun Jaitley has urged states to approve state GST laws by the end of May to smoothen the roll-out of the historic tax reform by its target date of 1 July.
President Pranab Mukherjee signed off on the four supporting GST bills on Thursday. According to a person aware of the discussions between the central and state governments, completing the exercise by the end of May will give businesses and traders a month’s time to familiarize with state laws before the new regime kicks in. Click to read more
All the businesses including small scale enterprises and big multi-national companies are buckling up to welcome the unified tax regime, Goods and Services Tax in the country. The companies are preparing themselves to adhere to the new tax regime. The GST consultancy services are high on demand.
The GST rollout is likely to be from July 1, 2017, less than 75 days away. There are some of the crucial things to know that how the business would witness change once the GST is effective. Following points would be helpful to understand it. Click to read more
While the government claims that the Goods and Service Tax (GST) Bill that is likely rolled out in July will make things cheaper to bring common man’s life to an ease, the Brihanmumbai Municipal Corporation (BMC) is likely to impose a surcharge of 1% on buying and selling of properties. BMC, the richest civic body in the country is likely to impose a surcharge on real estate properties across Mumbai. A dream house in Mumbai, which is the country’s most expensive property market is likely to become costlier over the period of time, thus shattering dreams of the common man. Click to read more