A record of goods lost, stolen or destroyed as well as those given as free sample and gifts will have to be maintained under the new goods and services tax regime, which kicks in from July 1.
Also, each volume of books of account will have to be maintained with serial numbers and any entry in registers, accounts and documents will not be erased, effaced or overwritten, say draft rules for maintaining record under the GST. Click to read more
Businesses will now be permitted to keep accounts and records on their computers under the Goods and Services Tax (GST) as well as file online applications for advance rulings and appeals and revisions against tax orders.
These have been proposed by the Central Board of Excise and Customs in the draft rules for accounts and records under GST. Click to read more
Some services could get cheaper, while some others costlier with the Goods and Services Tax (GST) Council likely to examine the option of placing services under two tax slabs—12 and 18 percent.
The move will likely even out the overall price impact on consumers who now pay tax of 15 percent on all services, except for 17 categories on the ‘negative’ list that are exempted.
A two-tiered service tax structure will be taken up in the next meeting of the GST Council on May 18 in Srinagar. Click to read more
Real estate developers are concerned that the implementation of the goods and services tax (GST) may raise the overall cost of properties if the sector comes under the expected 18% tax slab and stamp duty is not subsumed in the new tax structure.
The GST Bill was cleared in Parliament’s budget session, paving the way for roll-out of the indirect tax regime on 1 July. According to the legislation, land leasing, renting of commercial properties and purchase of under-construction housing projects will attract GST. Click to read more
The recent passage of four key supplementary Bills suggests that the government has moved a step closer towards meeting the July 1 deadline for the rollout of Goods and Services Tax in the country With the passage of four key supplementary GST (Goods and Services Tax) Bills — Central Goods and Services Tax (CGST) Bill, Integrated GST (IGST) Bill, Compensation GST (CGST) Bill and Union Territory GST (UTGST) Bill by the Rajya Sabha on April 6, which have already been passed by Lok Sabha on March 29, decks have been cleared for their coming into force and to be rolled out on July 1 this year. Hailing it as the historic step, Prime Minister Narendra Modi called it “New Year, New Law, New Bharat” Click to read more
After a long wait we finally have the GST law ahead of us and broadly know what it would look like. The unified tax reform is set to increase nation’s GDP by 2% and enable India Inc to reach new heights. With July 2017 around the corner, businesses all over are figuring out how to be GST-compliant.
A 5-tier slab rate structure of 0, 5, 12, 18 and 28% has been agreed upon by the GST council, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess. Click to read more
As the July 1 deadline for the Goods and Services Tax (GST) rollout draws closer, companies working to be service-providers are readying a plethora of value-add niche products and services to help potential clients make the transition to the new regime.
The competition between these companies is intensifying as India gets ready for the electronic upload of more than 2 billion invoices onto the GST Network (GSTN). A result of this competition is that it would give taxpayers many choices apart from the main government portal, and ease the compliance process. Click to read more
The textile industry has urged the government to apply the lowest GST rate of 5 per cent across all value chains in the textile and apparel sector, to avoid any possibility of tax evasion.
While the final decision on the rate is yet to be decided, the draft rules propose four slabs — 5, 8, 12 and 18 per cent of tax under GST. Currently, the applicable rates vary between 5 and 7 per cent, depending upon the use of raw materials and production of finished products. Click to read more
Recent policy reforms undertaken by Prime Minister Narendra Modi’s administration got some more endorsement from the managing director of the International Monetary Fund (IMF).
Christine Lagarde on Thursday said that she was “extremely impressed” by the work being done by Indian authorities towards policy reform. She was speaking at the Annual Spring Meetings of the IMF and World Bank being held at Washington D.C.
Lagarde was referring to the government’s remonetisation efforts following the partial cash ban in November last year, and the Goods and Services Tax (GST) regime that it hopes to implement by July this year. Click to read more