Four Bills related to the Goods and Services Tax or GST will be debated in the Lok Sabha or lower house of Parliament today, as the government pushes to meet a July 1 launch date for the unified tax regime that subsumes a slew of indirect taxes at the centre and in states. Seven hours have been allotted for today’s debate, which is likely to begin at noon today, with union minister Arun Jaitley speaking first. For the Congress, former union minister M Veerappa Moily will be first speaker. Click to read more
The Lok Sabha is all set to discuss the Goods and Services Tax Bill today, after finance minister Arun Jaitley tabled the landmark tax reform bill on Monday. The GST, which the government expects to implement from July 1, is the biggest tax reform since independence. The GST regime will subsume various indirect levies of the Centre and states, create an input tax credit chain for refunds, while also making way for an anti-profiteering authority. The debate will begin at noon today and the House has been allotted 7 hours for discussion. Click to read more
The revised draft of the goods and services tax (GST) legislation tabled in Parliament on Monday could put pressure on the working capital of industries and spark greater litigation in the coming years, analysts said.
According to the provisions of the central GST law tabled in the Lok Sabha, taxpayers can claim credit only on the basis of receipt of goods or services. The earlier version of the draft had provided for the facility of provisional credit, which has now been done away with. Click to read more
The Lok Sabha is set to take up all the four GST-related bills for discussion on Wednesday. Finance Minister Arun Jaitley, who tabled the bills on Monday, briefed the BJP MPs about GST’s impact at the party’s parliamentary board meeting on Tuesday. The Central GST, Integrated GST, Union Territory GST and the Compensation Law will likely be discussed in the House for around six hours. The BJP is hoping to build consensus and roll-out the GST by July 1. Click to read more
The GST which is likely to be rolled out from July 1, will subsume central excise, service tax and state VAT among other indirect levies on manufactured goods and services. However, the GST could be payable if an employee exceeds his or her cost to company package and avail company’s asset or their personal use. Also, the input tax credit will not be available on supply of various facilities to employees, including life and health insurance. Click to read more
While India’s on track to meet its deadline for a much-delayed national sales tax, implementation is seen as a test in the nation that has more states than the EU has members and a population twice that of North America.The goods and services tax will replace more than a dozen levies that were fracturing the world’s fastest-growing big economy, unifying India for the first time into a common market with more than 1 billion consumers. Click to read more
As India gets ready for its biggest tax reform in decades, industries such as ecommerce, banking and insurance, logistics and others will get another chance to resolve any niggles they have with the goods and services tax (GST), which the government wants to put in place by July 1. Click to read more
The Centre and states have concurrent powers to levy GST and the new indirect tax regime will result in reduction of prices for consumers and broaden the tax base, Revenue Secretary Hasmukh Adhia said today.
At a workshop on Goods and Services Tax (GST) organised under the Speaker’s Research Initiative (SRI) in Parliament Library Building, Adhia explained how the existing multiple taxes at the central and state level will be merged into a single tax. Click to read more