GST Ready India

GST Ready India’s Latest News and Updates

Who's afraid of CAG watching over GST?

Mar 06, 2017

Sensex, Nifty jump on GST roll out hopes, global markets choppy on Fed rate hike chance

Indian shares opened higher on Monday after the Centre and states approved two crucial draft laws to roll out the Goods and Services Tax from July.
The Sensex opened higher and breached 29,000-level while Nifty crossed 8,950-level.
Consumer goods, auto and building materials were up on GST roll out hopes.
Reliance was up 2.8% in early trade while NTPC was up 1.7%, SBI 1.4% and Axis Bank 1.3%.

On Monday, Asian shares slid as investors were nervous over prospects of Fed rate hike this month. The MSCI’s broadest dollar-denominated index of Asia-Pacific shares outside Japan traded flat in early trade. Click to read more

Relief for e-commerce companies, GST Council caps tax collected at source at 1%

In what would have come as a relief to e-commerce marketplaces such as Amazon and Flipkart, the proposed tax collected at source (TCS) on them under the goods and services tax (GST) is to be capped at 1 per cent, the GST Council has decided. The draft law had proposed a levy of 1 per cent without any limit. Mentioning the cap in the law will ensure the levy remains below that level. Click to read more

GST Council Vets CGST, IGST Laws; 5% Tax On Small Hotels
The all-powerful Council approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) and will take up for approval the State-GST and Union Territory-GST (UT-GST) laws at its next meeting on March 16.

The GST Council today fixed a 5 per cent tax rate on small hotels and restaurants and approved draft of key supporting legislations to enable rollout of the new indirect tax regime from July 1.

The all-powerful Council approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) and will take up for approval the State-GST and Union Territory-GST (UT-GST) laws at its next meeting on March 16. Click to read more

Who’s afraid of CAG watching over GST — and income tax?
NDA, which came to power blowing the trumpet of clean governance, appears oddly anxious of the watchdog’s oversight.

If Parliament doesn’t intervene in the days to come, the Goods and Services tax (GST) may stay out of the purview of the Comptroller and Auditor General (CAG).

The GST Council, aiming for a July rollout, has conveniently avoided CAG’s oversight with respect to the GST’s functioning. CAG enjoys constitutional authority to certify the accounts (revenue expenditure) of the Centre and state. Click to read more

GST Bills ‘anti-profiteering’ clause included to pass on tax benefit to consumer

The Centre and states on Saturday agreed on the broad contours of two crucial bills needed to roll out the country’s biggest reform by way of Goods and Services Tax (GST) possibly from July.

The GST Council, headed by finance minister Arun Jaitley, approved the draft Central GST Bill and the draft Integrated GST Bill as vetted by the law ministry. Click to read more

GST roll-out in July seen on track as Centre, states agree on crucial CGST, IGST bills

The government moved a step closer towards the likely roll-out of the crucial indirect tax reform, the Goods and Services tax (GST), starting 1 July, as the GST Council today approved the draft central GST and integrated GST laws.

The GST Council headed by finance minister Arun Jaitley approved the compensation, iGST (integrated GST) and cGST (central GST) at the eleventh council meet on Saturday. Click to read more

Information Technology may remain one of the biggest challenges for GST implementation

Many Indian companies including some of the largest ones are struggling to update their tech infrastructure to implement the GST (goods and services tax), say industry experts.

The biggest hurdle is the co-ordination between tax experts and the technology teams in introducing and tweaking the IT systems. In many cases some of the ERP software that were provided by the IT majors has to be redesigned as the GST rules keep updating. Click to read more

Tags: Benefits of GST, GST 2017, GST Bill, GST Council, GST Impact, GST Implementation, GST India, GST Law, GST News, GST on Retail Sector, GST Rates, GST Updates, Impact of GST

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