The Cabinet has approved four GST draft Bills for presentation in Parliament. The final draft legislations and GST Council recommendations considerably alter the original idea of GST. The concept of residence in determining the territorial jurisdiction of the states has been used in the taxation of services in GST, and knowing that residence principle of assigning tax jurisdiction generates intense competition between claimant tax regimes (i.e., the base erosion issue in income tax), the Government proposed to ride over the problem by keeping the responsibility of collection of GST on services with the Centre. Click to read more
On Thursday, the Rajya Sabha’s passed four bills related to the Goods and Services Tax, which aims to fold all indirect taxes into one rate and turn India into a common market. The four pieces of legislation spell out how the tax will actually be administered. This brings India even closer to implementing a reform that has been a decade and a half in the making. Click to read more
Former PM Manmohan Singh lent his strong backing to the goods and services tax (GST) bills on Thursday.
As amendments to the bills were being taken up in Rajya Sabha by deputy chairman PJ Kurien, Congress MP Jairam Ramesh said he was not moving them. “Former PM Manmohan Singh has taken this approach in the spirit of consensus and in respect of the federal structure,” he said. Click to read more
Seventeen years is a long time. It is also the period taken for GST – the Goods and Services Tax – to move from idea to reality. It was in the year 2000 that Atal Bihari Vajpayee, then the Prime Minister of India, suggested an Empowered Committee to examine the issue of GST. We became familiar with the abbreviation a few years later when P Chidambaram, as Finance Minister, actually mentioned GST in his Budget speech. Click to read more
The Lok Sabha on Thursday passed a bill that will ensure continuance of levy of excise on petroleum products and abolition of cess on some other items following GST rollout from July 1. The Taxation Laws (Amendment) Bill, 2017 seeks to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Finance Act, 2001 and the Finance Act, 2005. Click to read more
Consumers can expect prices of goods and services to firm up after Goods and Services Tax is rolled out.
Those who have rented accommodation can expect hike in rentals following the implementation of Seventh Central Pay Commission (CPC) recommendations, which has increased rent allowance by 1% to 1.5%. Click to read more
Parliament today cleared the decks for the rollout of the historic Goods and Services Tax (GST) from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017 were returned by the Rajya Sabha by a voice vote as all parties were on board. Click to read more