Final GST rates out, slabs fixed at 5%, 12%, 18% & 28%
Posted Date : 03-Nov-2016 , 10:04:58 pm | Posted By CASANSAAR
A four-tier GST tax structure of 5%, 12%, 18% and 28%, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council on Thursday.
With a view to keeping inflation under check, essential ...
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GST Council to discuss tax rates, dual control today
Posted Date : 03-Nov-2016 , 08:31:47 am | Posted By CASANSAAR
With barely a fortnight left for Parliament's Winter Session, the GST Council will begin its crucial 2-day meeting today to decide on tax rate including the levy of cess and sort out the vexed issue of jurisdiction over assessees.
At the meeting, to be chaired by Finance Minister Arun Jaitley...
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GSTN to borrow Rs 800 cr to meet GST infra building cost
Posted Date : 31-Oct-2016 , 04:28:39 pm | Posted By CASANSAAR
GSTN, the company that is building the world's biggest and most complex tax system, will borrow Rs 800 crore from banks to fund infrastructure costs to support Goods and Services Tax rollout from April 1 next year.
The Goods and Services Tax Network (GSTN), a not-for-profit, non-government, p...
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80 lakh assessees may start migrating to GSTN Portal from Nov. 8
Posted Date : 25-Oct-2016 , 08:13:47 am | Posted By CASANSAAR
As many as 80 lakh assessees of excise as well as service tax and VAT can start migrating their registration to the Goods and Service Tax Network portal by November 8, GSTN Chief Executive Prakash Kumar said.
“On this date (November 8), we are releasing enrolments. This means getting these ...
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GST a challenge and opportunity for Accounting Professionals
Posted Date : 24-Oct-2016 , 09:19:58 am | Posted By CASANSAAR
Introduction of Goods and Services Tax (GST) is a challenge and opportunity for the chartered accountants, according to M Venkaiah Naidu, Minister of Urban Development, Housing & Urban Poverty Alleviation and Information & Broadcasting.
He was speaking at the inaugural session of the ICAI...
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GST Council puts off rate decision to Nov 16
Posted Date : 20-Oct-2016 , 08:01:21 am | Posted By CASANSAAR
Centre and states failed to decide the tax rate under the new GST regime even though they "converged towards a consensus" on levying a cess in addition to the highest rate of tax on luxury and sin goods.
There were differences on the issue of dual control with states demanding control o...
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GST Council mulls Five rate slabs
Posted Date : 19-Oct-2016 , 08:11:35 am | Posted By CASANSAAR
On Day 1 of the three-day meeting of the goods and services tax (GST) Council, Finance Minister Arun Jaitley said five different rate structures were presented.
At the same meeting, the central government proposed a four-rate structure with two standard rates of 12% and 18% and 6% for essential g...
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GST Council reaches consensus on state compensation; base year to be 2015-16
Posted Date : 19-Oct-2016 , 07:40:17 am | Posted By CASANSAAR
The Goods and Services Tax Council in its meeting reached at a consensus on the way the States would be compensated for any loss of revenue after implementation of the new indirect tax regime, GST from 1st of April next year.
Talking to reporters after first-day of the three-day deliberations in ...
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Govt to advance Winter Session to roll out GST
Posted Date : 14-Oct-2016 , 09:10:21 am | Posted By CASANSAAR
The Centre on Thursday decided to advance the Winter Session by a week to enable the government to roll out the Goods and Services Tax regime from April 1 next year.
The Cabinet Committee on Parliamentary Affairs decided to recommend to President Pranab Mukherjee to summon both the Houses of Parl...
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Commerce Ministry wants exemptions for exporters to continue under GST
Posted Date : 09-Oct-2016 , 08:35:29 pm | Posted By CASANSAAR
The Commerce Ministry has suggested to its finance counterpart that the exemptions given to exporters should continue under the new indirect tax regime, GST. The proposed procedure of paying taxes and then claiming the refunds by exporters under the Goods and Services Tax (GST) would cause hardships...
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CBDT invites professional institutes to train stakeholders on GST
Posted Date : 08-Oct-2016 , 11:10:11 am | Posted By CASANSAAR
With the deadline for the Goods and Services Tax (GST) regime roll-out less than six months away, the government has decided to utilise the services of professional training institutes for imparting training to trade bodies and other stakeholders, it was announced on Friday.
"As GST is propo...
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States start looking for consultants for GST
Posted Date : 05-Oct-2016 , 10:49:13 pm | Posted By CASANSAAR
States have started scouting for tax consultants to advise them on technical aspects of the goods and services tax (GST), which is planned to be rolled out from April next year.
With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the pr...
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Central excise officers' body plans protest on GST
Posted Date : 05-Oct-2016 , 10:33:26 pm | Posted By CASANSAAR
An association representing nearly 15,000 central excise and customs officials today said it will launch a nation-wide protest and go on a mass casual leave on 'budget day' if its various demands related to implementation of Goods and Service Tax (GST) are not addressed.
The All India Ass...
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CBEC overhaul likely to administer GST from April 1
Posted Date : 05-Oct-2016 , 07:59:34 am | Posted By CASANSAAR
The government is likely to overhaul the central board of excise and customs’ (CBEC) organisational structure to administer the Central GST (CGST) and Integrated-GST (IGST) from April 1, the appointed date for rolling out the goods and service tax (GST) regime.
Under the CBEC, it is propose...
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RBI gives thumbs up to 18 per cent GST rate
Posted Date : 04-Oct-2016 , 09:00:40 pm | Posted By CASANSAAR
The implementation of the much awaited Goods and Services tax could produce a short-lived pass-through to the inflation trajectory the Reserve Bank of India has said in its Monetary Policy Report. It also said that a 18% GST rate would not have any material impact on CPI inflation.
"Wh...
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GST Council agrees on 5 areas; differ over 1st meet decision
Posted Date : 30-Sep-2016 , 10:37:31 pm | Posted By CASANSAAR
In signs of fracture, the Centre and states today disagreed on decisions reached at the first meeting of the GST Council on service tax assessment although they reached a consensus on area based exemption in the new tax regime.
The second meeting of the all-powerful GST Council, headed by F...
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GST Council to meet today to discuss rules, exemptions
Posted Date : 30-Sep-2016 , 03:06:58 pm | Posted By CASANSAAR
GST Council at its meeting today will finalise the rules regarding registration, refunds and payment and also take a view on exemption of goods under the upcoming Goods and Services Tax (GST) regime.
To be chaired by Union Finance Minister Arun Jaitley, the Council will also deliberate on a...
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Project Saksham gets Rs.2256 Cr. Govt nod for easy GST roll-out
Posted Date : 30-Sep-2016 , 03:06:03 pm | Posted By CASANSAAR
Project Saksham, a new indirect tax network of the Central Board of Excise and Customs (CBEC), has been approved by the Cabinet Committee on Economic Affairs (CCEA) on Wednesday.
The total cost of the project is estimated to be Rs 2,256 crore, which will be incurred over seven years. This would h...
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CBEC releases draft format of GST tax audit report and ITC mismatch report
Posted Date : 30-Sep-2016 , 03:04:26 pm | Posted By CASANSAAR
On September 26, 2016 the CBEC had notified draft Rules and Forms under GST relating to registration, invoice and payments.
Now the Govt. has notified draft Rules/Forms for GST returns and refunds along with the formats of Audit Report (Form GST 9A) and ITC Mismatch Report (GST ITC-1A/ITC-...
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Monthly returns to be mandatory under GST - CBEC
Posted Date : 30-Sep-2016 , 03:03:41 pm | Posted By CASANSAAR
Businesses have to file at least three monthly returns and one annual return for each state, if draft rules proposed by the indirect tax department are introduced under the goods and services tax (GST) regime.
The Central Board of Excise and Customs (CBEC) on Tuesday came out with one more set of...
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CBEC unveils draft GST Rules and Formats
Posted Date : 30-Sep-2016 , 03:03:04 pm | Posted By CASANSAAR
The Central Board of Excise and Customs, CBEC has come out with three draft rules for registration, invoice and payments under Goods and Services Tax, GST. The draft rules were unveiled in less than a week after the first meeting of the GST Council.The Board has invited comments on the rules by Wedn...
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GST exemption threshold fixed for Rs.20 Lakh & for North East States Rs. 10 Lakh
Posted Date : 30-Sep-2016 , 03:01:29 pm | Posted By CASANSAAR
The Goods and Services Tax Council, in its second day of meeting, has struck political consensus on the GST threshold limit.
Finance Minister Arun Jaitley addressing the media after the meet said the threshold limit has been set at Rs 20 lakh.
For North-Eastern and other small states, the li...
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GST Council fails to arrive at consensus on exemption limit; will meet again today
Posted Date : 23-Sep-2016 , 08:06:40 am | Posted By CASANSAAR
The GST Council, which met for the first time on Thursday, failed to arrive at a consensus on the contentious issue of exemption threshold for applicability of the new unified indirect tax – goods and services tax (GST). The meeting, which was chaired by Union finance minister Arun Jaitley, wi...
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GST Council secretariat to have IRS officers
Posted Date : 21-Sep-2016 , 08:11:36 am | Posted By CASANSAAR
The Centre is keen to look into the composition of Goods and Services Tax (GST) council secretariat to ensure postings of Indian Revenue Service (IRS) officers in its key positions, an association representing them said in New Delhi. The development comes after a delegation of IRS officers associati...
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FM sets up WAR ROOM to monitor GST implementation
Posted Date : 20-Sep-2016 , 08:46:37 am | Posted By CASANSAAR
A high-level meeting chaired by finance minister Arun Jaitley last week decided to set up a 'war room' in the finance ministry comprising of top officials of the Revenue department and the Central Board of Excise and Customs for day-to-day monitoring of the implementation of GST
The FM...
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No legal infirmity in GST notifications
Posted Date : 20-Sep-2016 , 08:25:41 am | Posted By CASANSAAR
The Centre on Monday said its recent notifications, setting up the GST Council and putting into immediate effect 19 sections of the Constitutional Amendment Act for Goods and Services Tax, do not bar it from levying excise duty on goods other than petroleum and tobacco. It wasn’t clear whether...
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Centre To Hold Majority Stake In GST Network
Posted Date : 19-Sep-2016 , 11:08:31 pm | Posted By CASANSAAR
The composition of Goods and Services Tax Network (GSTN), a private company tasked to create Information Technology infrastructure for GST, is under examination to give to the Centre majority stake in it.
The government of India presently has 24.5 per cent stake in GSTN while state governments to...
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Govt working hard to implement GST: Cabinet Secretary
Posted Date : 19-Sep-2016 , 11:04:33 pm | Posted By CASANSAAR
Cabinet Secretary P K Sinha on September 17 said that government is working hard to implement the Good and Services Tax from 1st of April next year.
Mr Sinha was speaking at the Chief Secretaries' Conclave organised by industry chamber PHD in New Delhi. Terming the GST as a game changer...
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PM directs officials to complete all steps much before April 1 for smooth roll out of GST
Posted Date : 15-Sep-2016 , 10:07:57 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has directed officials to complete all steps much before 1st April next year for the smooth roll out of GST.
Reviewing the preparedness for GST at a meeting yesterday, Mr Modi asked the officials to ensure that there is no slippage on date of implementation of GST.
...
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CBEC to be renamed as CBIT under GST regime
Posted Date : 13-Sep-2016 , 10:23:55 am | Posted By CASANSAAR
Apex indirect tax body CBEC will be renamed as the Central Board of Indirect Tax (CBIT) once the new national tax framework kicks in from April 1 next year, as per the draft dealing in GST organisational structure prepared by the Centre.
Headed by a secretary-level officer, CBIT will implement th...
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