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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Detail of GST Council and its Secretariat
Posted Date : 12-Sep-2016 , 07:46:30 pm | Posted By CASANSAAR
The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved setting up of GST Council and setting up its Secretariat as per the following details:
Creation of the GST Council as per Article 279A of the amended Constitution;
Creation of the G...
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Cabinet approves process, formation and functioning of GST council
Posted Date : 12-Sep-2016 , 07:34:41 pm | Posted By CASANSAAR
The Union Cabinet today approved the process, formation and functioning of the Goods and Services Tax (GST) Council. The council will consist of the Finance Minister and State Finance Ministers. It will make recommendations on important issues related to GST, including items and rates.
Pres...
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President hopes Govt will set up GST Council soon
Posted Date : 10-Sep-2016 , 10:16:11 pm | Posted By CASANSAAR
President Pranab Mukherjee on Saturday hoped the government will set up a Goods and Services Tax (GST) Council soon and reduce cascading effect of indirect taxes.
President was speaking at the centenary celeberations of Karur Vysya Bank in Chennai.
The GST,has been ratified by 19-20 stat...
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GST to spur overhaul of CA course syllabus
Posted Date : 09-Sep-2016 , 08:18:33 am | Posted By CASANSAAR
The implementation of the goods and services tax (GST) bill will call for major changes in the chartered accountancy (CA) syllabus. At least two tax papers of the course will see "big changes", the Institute for Chartered Accountants of India has said.
As the GST bill has already been p...
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Arunachal Pradesh assembly ratifies GST bill to simplify taxation
Posted Date : 09-Sep-2016 , 08:06:44 am | Posted By CASANSAAR
Arunachal Pradesh on Thursday ratified Goods and Service Tax (GST) Bill to simplify the taxation by implementing single tax rates across the country. Deputy Chief Minister Chowna Mein, who also holds the finance portfolio, moved the resolution for ratification of the Constitution (One Hundred and Tw...
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President has signed the 122nd Constitutional Amendment Bill on GST
Posted Date : 08-Sep-2016 , 05:11:30 pm | Posted By CASANSAAR
The much-awaited Goods and Services Tax now becomes a law with President Pranab Mukherjee signing the bill after 16 states ratified it.
The government plans to roll out the new indirect tax regime from April 1, 2017. GST, the biggest tax reform since Independence, will create uniform market...
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Have a stiff target for implementation of GST on April 1, 2017 - FM
Posted Date : 07-Sep-2016 , 04:48:04 pm | Posted By CASANSAAR
Finance minister Arun Jaitley said the implementation target of April 1, 2017 is stiff but the government would try to keep it.
"It a stiff target. We are running against time. We would like to give it a try, " Jaitley said in an interactive session at the India Summit organised b...
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States to bear cost of filing tax returns, payments under GST
Posted Date : 07-Sep-2016 , 10:50:14 am | Posted By CASANSAAR
Every tax payment and return filing under the goods and services tax (GST) regime will cost around Rs.50-60, but traders will not have to bear this cost.
Instead, the states will bear this cost as they try to protect the trader base from higher costs and ensure a smooth transition to the GST regi...
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Rajasthan Assembly ratifies GST Bill
Posted Date : 02-Sep-2016 , 06:09:11 pm | Posted By CASANSAAR
Rajasthan Assembly today unanimously ratified the Constitution Amendment Bill on Goods and Services Tax (GST) passed by parliament.
Speaking on the resolution, Chief Minister Vasundhara Raje said that the GST will have a very positive impact and states including Rajasthan will get advantages.
...
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Small traders to be exempted from GST
Posted Date : 02-Sep-2016 , 02:06:55 pm | Posted By CASANSAAR
Small trading having an annual turnover up to Rs 25 lakh will be exempted from goods and services tax and the Centre and states are likely to agree to this limit, Revenue Secretary Hasmukh Adhia said on Thursday.
"There will be an exemption limit for small traders and the...
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GST bill can now go for Presidential assent - FM
Posted Date : 02-Sep-2016 , 08:05:37 am | Posted By CASANSAAR
Government will seek Presidential assent for the landmark Constitution amendment bill for GST as 16 states have ratified the legislation, Finance Minister Arun Jaitley said.
With Odisha approving the constitution amendment at a special assembly session today, 50 per cent of the states have ratifi...
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Goa Assembly ratifies GST Bill
Posted Date : 31-Aug-2016 , 04:33:56 pm | Posted By CASANSAAR
With this, 50 per cent of States have passed the Bill, paving way for the presidential assent, Chief Minister Laxmikant Parsekar said.
The Goa Legislative Assembly on Wednesday unanimously passed a resolution ratifying the amendments to the Constitution to pave way for the presidential assent to ...
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Sikkim Assembly ratifies GST Bill
Posted Date : 30-Aug-2016 , 08:26:12 pm | Posted By CASANSAAR
Sikkim today ratified the Constitution Amendment Bill on Goods and Services Tax (GST), becoming the 12th state to have passed the landmark tax reform.
Eleven states -- Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Madhya Pradesh, Maharashtra and Nagaland, have ...
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Telangana ratifies GST Bill
Posted Date : 30-Aug-2016 , 05:23:14 pm | Posted By CASANSAAR
The Telangana Legislative Assembly and Legislative Council have unanimously passed a resolution giving their nod to the proposed Amendment to the Constitution to pass the GST (Goods and Service Tax) bill.
Telangana has become the tenth State to ratify the Bill.
A special session of the two Hou...
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Nagaland Assembly Passes GST Bill
Posted Date : 30-Aug-2016 , 05:19:24 pm | Posted By CASANSAAR
The Nagaland Legislative Assembly today ratified the Goods and Service Tax (GST) Constitution Amendment Bill.
The bill was endorsed by the House by a voice vote following a brief discussion.
Introducing the bill, Minister for Parliamentary Affairs Kiyanilie Peseyie said the revenue of the stat...
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Goods and services tax-18 per cent or above: States, Centre wrangle over ‘potential losses’
Posted Date : 30-Aug-2016 , 04:48:55 pm | Posted By CASANSAAR
If the current VAT rates across states is anything to go by, a possible move by the GST Council to peg the standard GST rate at around 18% could translate into at least nine states potentially losing out revenues
The government may have hinted at a more than 18 per cent rate for the propo...
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Maharashtra, Haryana ratify GST Constitutional Amendment Bill
Posted Date : 29-Aug-2016 , 11:48:08 pm | Posted By CASANSAAR
Maharashtra Legislature has ratified the Goods and Services Tax (GST) Constitutional Amendment Bill. The proposal was unanimously passed by both the houses at a special one-day session held in Mumbai today.
Earlier today, Maharashtra Finance Minister Sudhir Mungantiwar presented the Bill in state...
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50% of states expected to approve GST by early September
Posted Date : 29-Aug-2016 , 06:15:41 pm | Posted By CASANSAAR
NEW DELHI: With half the state legislatures expected to ratify the Constitution amendment bill to roll out goods and services tax+ (GST) by early September, the Centre is now moving to the next stage — deciding on the contentious issue of fixing the rates — so that the ambitious reform i...
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Bilateral trade with India reaches USD 109 billion, it would get further boost from GST: US
Posted Date : 29-Aug-2016 , 10:48:35 am | Posted By CASANSAAR
US today said bilateral trade with India has reached USD 109 billion and it will get a further boost from new reforms including GST. US Commerce Secretary Ms. Penny Pritzker, who will be on a 3-day India visit from tomorrow, told PTI in an interview that travel and tourism and sub-national engagemen...
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Half of states expected to ratify GST by early September
Posted Date : 29-Aug-2016 , 07:56:34 am | Posted By CASANSAAR
The Constitution amendment bill to roll out goods and services tax (GST) is expected to receive nod of about 50 percent of states by early September.
Expecting this, Centre is working over issues such as fixation of rates in order to roll out the much awaited GST Bill by April, as per a report in...
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