Government intends to implement GST by 1st April next year - FM
Posted Date : 03-Dec-2016 , 07:39:22 am | Posted By CASANSAAR
The Two Days Goods and Services Tax,GST Council meeting is underway in New Delhi. It will dwell on the issue of jurisdiction over assesees and draft model laws for implementation of the GST regime from April next year. The meeting is being chaired by Finance Minister Arun Jaitley.
The GST Council...
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Constitutional compulsion to roll out GST from Sep next - FM
Posted Date : 02-Dec-2016 , 05:51:27 pm | Posted By CASANSAAR
Citing constitutional compulsion, Finance Minister Arun Jaitley today sought to drive home the point that the Goods and Services Tax has to roll out before September 16 next year as the existing indirect taxes will come to an end by then and it would not be possible to run the country without revenu...
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Govt releases drafts of revised model GST, IGST and GST compenstion laws
Posted Date : 26-Nov-2016 , 04:54:34 pm | Posted By CASANSAAR
Government has released the Revised Draft Model GST Law, Draft IGST Law, and Draft GST compensation law in public domain.
In a series of tweets, Revenue Secretary Hasmukh Adhia said these laws will be considered by GST Council in its meeting scheduled for 2nd and 3rd December and finalised....
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GST Council meeting rescheduled for December 2-3
Posted Date : 23-Nov-2016 , 10:14:55 pm | Posted By CASANSAAR
The GST Council meeting, which would discuss the crucial issue of dual control or who will exercise control over GST assessees -- the Centre or the states -- has been rescheduled for December 2-3, an official said.
The meet was earlier scheduled to be held on November 25.
"The states desi...
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Banks integrating systems with RBI, GST Network to collect tax - FM
Posted Date : 23-Nov-2016 , 08:44:52 am | Posted By CASANSAAR
Banks are integrating their information technology system with RBI and GST Network as they prepare to handle tax deposits under the new indirect tax regime, Finance Minister Arun Jaitley said on Tuesday.
Detailed protocols for integration of the banks' IT system with RBI and GST portal of Goo...
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Centre-State stalemate over GST jurisdiction continues
Posted Date : 20-Nov-2016 , 07:21:28 pm | Posted By CASANSAAR
Stalemate between the Centre and states over administrative control under the proposed goods and services tax (GST) regime continued today with an informal meet called by Finance Minister Arun Jaitley failing to break the deadlock.
Mr. Jaitley’s informal meeting with state finance ministers...
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Centre conducts sensitisation seminar on GST
Posted Date : 19-Nov-2016 , 09:28:24 pm | Posted By CASANSAAR
Racing against time to meet GST deadline, the Centre today held a sensitisation workshop for over 400 officials on the new indirect tax regime which Cabinet Secretary P K Sinha described as moving away from tax exemptions to seamless flow of credit and tax payments.
The workshop, held a day befor...
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3 legislations related to GST bill in government's 'to do' list
Posted Date : 16-Nov-2016 , 10:45:51 am | Posted By CASANSAAR
Amid indications of a stormy winter session in Parliament, the government has listed its legislative agenda which includes bills for rollout of goods and services tax (GST), maternity benefit (amendment) and the surrogacy regulation.
The government is keen to push the passage of the three legisla...
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GST Potal Launched - Get Ready for GST
Posted Date : 08-Nov-2016 , 01:53:14 pm | Posted By CASANSAAR
The Govt has launched GST portal (www.gst.gov.in). The state wise schedule for GST Registration is hosted on the website.
Government has launched GST Portal (i.e., www.gst.gov.in) for the enrollment of existing taxpayers of VAT, Service Tax and Excise for smooth transition to GST. Exis...
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GST Council meeting remains inconclusive on dual control issue
Posted Date : 04-Nov-2016 , 10:32:56 pm | Posted By CASANSAAR
The government says Goods and Service Tax Council meeting remained inconclusive on cross empowerment or dual control issue.
Addressing a press conference in New Delhi at the end of two day meeting of the council, Finance Minister Arun Jaitley said, state Finance Ministers will meet on 20th ...
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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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