Records of goods lost, stolen, gifted a must under GST draft rules
Posted Date : 21-Apr-2017 , 08:43:02 am | Posted By CASANSAAR
Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1.
Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the complian...
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GST council to debate tax on services, fitment of items on April 18-19
Posted Date : 18-Apr-2017 , 11:59:50 am | Posted By CASANSAAR
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 y...
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70 percent of India’s small, mid-sized firms yet to start GST preparations
Posted Date : 18-Apr-2017 , 08:26:35 am | Posted By CASANSAAR
About 70% of the country’s small and mid-sized firms are yet to begin preparations to get synced with the goods and services tax (GST) structure even as the country prepares to roll out the biggest indirect tax reform from July 1.
Consulting major KPMG and the Federation of Small Medium Ent...
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President gives assent to four supporting legislations on GST
Posted Date : 14-Apr-2017 , 08:50:22 am | Posted By CASANSAAR
President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of one-nation-one- tax regime from July 1.
The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 201...
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Taxpayers to be rated on GST compliance
Posted Date : 10-Apr-2017 , 08:51:33 am | Posted By CASANSAAR
Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns.
The ratings will be made public on the GST Network (GSTN) website as tax authorities ...
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Rajya Sabha passes all four GST bills to pave way for rollout
Posted Date : 06-Apr-2017 , 08:42:34 pm | Posted By CASANSAAR
The Rajya Sabha passed four supplementary legislations on Thursday to finally pave way for the roll out of the much-awaited Goods and Services Tax (GST) for July 1. The four supplementary bills are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017...
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GST: Tax evasion over Rs 5 cr a non-bailable offence
Posted Date : 02-Apr-2017 , 08:51:21 pm | Posted By CASANSAAR
Tax evasion of over Rs 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant.
The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount o...
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FinMin seeks public comments on GST rules
Posted Date : 02-Apr-2017 , 08:23:38 pm | Posted By CASANSAAR
The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1.
The government has sought comments from industry on the 4 set of new rules on -- GST Composition, GST Valuation, GST Transition and GST ITC...
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GST council approves few rules, next meet on May 18-19
Posted Date : 31-Mar-2017 , 08:04:02 pm | Posted By CASANSAAR
The GST council on Friday approved some of the rules that were required for the Goods and Services Tax (GST) regime from July 1. Addressing a press conference, Union Finance Minister Arun Jaitley who is chairing the GST council said that the Council had already given approval to amending the five ru...
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GST Council to finalise draft rules today
Posted Date : 31-Mar-2017 , 08:52:52 am | Posted By CASANSAAR
The 13th sitting of the GST Council will take place on Friday in the backdrop of four key Goods and Services Tax (GST) Bills — the Centre GST, the Union Territory GST, the Integrated GST, and the compensation law — getting Parliamentary nod.
At the Council meetings, the Centre and the...
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GST Network extends deadline till April 30 for firms to register
Posted Date : 30-Mar-2017 , 08:55:13 pm | Posted By CASANSAAR
with only 54 lakh businesses, out of the estimated 80 lakh, enrolling with the GST Network (GSTN), the infrastructure provider has decided to extend the deadline to register with it till April 30 from March 31.
​There are about 65 lakh registered value-added tax (VAT) assessees, 26 lakh se...
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Lok Sabha passes GST supplementary bills
Posted Date : 30-Mar-2017 , 10:10:38 am | Posted By CASANSAAR
The historic Goods and Services Tax (GST) regime came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations.
The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory G...
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CBEC to be renamed CBIC under GST regime
Posted Date : 26-Mar-2017 , 06:17:04 pm | Posted By CASANSAAR
The government has approved the restructuring of the apex policy making body for indirect taxes CBEC ahead of the transition to the Goods and Services Tax from 1July
“The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC...
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GST Bills may be introduced in Lok Sabha on Monday
Posted Date : 25-Mar-2017 , 10:10:35 am | Posted By CASANSAAR
The government is likely to table the four legislations for implementation of the goods and services tax in the Lok Sabha on Monday.
The Union Cabinet already cleared the four supplementary GST legislations -- CGST, IGST, UTGST and Compensation Law -- for introduction and passage in the ongoing s...
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GST Bills to be introduced in Parliament next week - FM
Posted Date : 24-Mar-2017 , 09:02:44 am | Posted By CASANSAAR
Finance Minister Arun Jaitley today said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week.
The finance minister maintained that GST is likely to be rolled out from July 1.
Jaitley said there is long procedure before the Bills are i...
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Cabinet approves Amendment of in the Customs and Excise Act to facilitate implementation of GST Regime
Posted Date : 23-Mar-2017 , 09:08:24 am | Posted By CASANSAAR
Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime
Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following ...
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Union Cabinet approves draft GST Bills
Posted Date : 20-Mar-2017 , 12:21:21 pm | Posted By CASANSAAR
The Cabinet on Monday cleared four supporting GST legislations, paving the way for their introduction in Parliament as early as today.
The four supporting legislations — the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST) — would be i...
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Cabinet may consider GST supplementary legislations on Monday
Posted Date : 19-Mar-2017 , 07:35:23 pm | Posted By CASANSAAR
The Cabinet on Monday may take up for approval the supporting GST legislations, which will then be introduced in Parliament as the government sprints to meet the July 1 target date for rollout of the new indirect tax regime.
A set of four supporting legislations -- the Compensation Law, the Centr...
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GST Council clears all five draft laws for unified indirect tax
Posted Date : 17-Mar-2017 , 08:04:17 am | Posted By CASANSAAR
After 12 meetings over the last six months, the Goods and Services Tax (GST) Council, which is represented by Union ministers and officials and state finance ministries, on Thursday finally gave its nod to all the five draft legislations needed for implementation of the unified indirect tax.
This...
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Agriculturists, small traders exempt from registering under GST
Posted Date : 04-Mar-2017 , 10:04:58 pm | Posted By CASANSAAR
The Centre and states have decided to exempt agriculturists from registering under the Goods and Services Tax regime, while the threshold for traders has been set at Rs 20 lakh turnover.
The GST Council has also empowered commissioner-level officers to allow payment of GST levy by a taxpayer in i...
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GST Council approves final draft of Central GST, Integrated GST laws
Posted Date : 04-Mar-2017 , 10:02:47 pm | Posted By CASANSAAR
The GST Council today approved the final draft of Central GST and Integrated GST laws in its meeting headed by Finance Minister Arun Jaitley in New Delhi.
Briefing media in New Delhi, Mr Jaitley said, the UT-GST and SGST laws will be approved in the next meeting on 16th of this month.
The comp...
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GST Council to meet today to finalise supplementary legislations
Posted Date : 04-Mar-2017 , 07:36:53 am | Posted By CASANSAAR
The GST Council will meet today to finalise supplementary legislations during the second part of budget session of parliament, which will resume next week, so that the new regime is rolled out from 1st of July. This will be the 11th meeting of the Council, which comprises the Union finance Minister ...
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Model GST Bill to go for 20% peak tax, slabs intact for now
Posted Date : 02-Mar-2017 , 07:18:34 pm | Posted By CASANSAAR
The GST Council has proposed to raise the peak tax rate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future.
The change in the peak rate will not alter the 4-slab rate ...
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DGFT wants GST Council to create an e-wallet facility to ease exporters fears
Posted Date : 27-Feb-2017 , 07:48:16 am | Posted By CASANSAAR
Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying th...
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CBEC launches app to provide updates to taxpayers on GST
Posted Date : 23-Feb-2017 , 10:34:03 pm | Posted By CASANSAAR
In step with the Government’s Digital India initiative, the Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax.
Taxpayers can readily access a host of GST informatio...
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Government extends deadline for registering on GST portal
Posted Date : 21-Feb-2017 , 07:17:42 am | Posted By CASANSAAR
About1.85 lakh dealers out of the 3.53 lakh registered with the VAT department have enrolled on the GST portal from December 16 till date. The Delhi government is now preparing to bring out an advertisement to announce extension of the deadline for enrolment till March 15. The earlier deadline was D...
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GST Council clears compensation Bill
Posted Date : 19-Feb-2017 , 08:24:47 pm | Posted By CASANSAAR
The goods and services tax (GST) Council on Saturday formally approved a Bill for compensating the state governments for any revenue loss they might have to suffer in the first five years in the GST regime, as the constitutionally empowered body entered the last lap of its key legislative business. ...
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GST governing council meets in Udaipur to give approval to GST Draft Law
Posted Date : 18-Feb-2017 , 08:25:26 am | Posted By CASANSAAR
Goods and Services Tax (GST) governing council will meet in Udaipur, Rajasthan today to give approval to GST Draft Law.
Union Finance Minister Arun Jaitley will chair the meeing which will be attended by Finance Ministers of various states. AIR correspondent reports that the main agenda for...
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Differentiated tax in GST good for beverages sector
Posted Date : 12-Feb-2017 , 06:33:00 pm | Posted By CASANSAAR
Amid proposal to impose higher taxes on aerated drinks in the upcoming GST, beverages major Coca-Cola India says it will be beneficial for the sector if the government differentiates products within new indirect tax regime based on sugar/calorie content to promote public health.
The Atlanta-headq...
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GSTN rejects CAG’s request to name Auditor, do an extra Audit
Posted Date : 10-Feb-2017 , 08:02:56 am | Posted By CASANSAAR
GSTN (Goods and Services Tax Network), a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from the Comptroller and Auditor General (CAG) to appoint an auditor as well as to conduct ...
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