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Goods and GST Bill passed, Goods and Services Tax - GST |
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Goods and GST Bill passed |
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Dear All, GST Bill is passed in Rajya Sabha on 03. 08.2016. A panel under chief economic adviser Arvind Subramanian has recommended a revenue-neutral rate of 15-15.5%, with a standard rate of 17-18% be levied on most goods and all services. But, there has been no agreement yet on rates of various goods and services, which remains a tricky issue. According to the Bill, passed in the Lok Sabha in May 2015, the rates were to be decided by a GST council headed by the central finance minister with state finance ministers as members. Let us wait. Thanks. Posts / Replies Showing Replies 201 to 225 of 1401 Records Page: 1 ....5678910111213........ 57
Goods and Service Tax (GST) is a destination based consumption tax which is a levy of tax on all goods and services with the objective of expanding the tax base through wide coverage of economic activities , mitigating the cascading effect , reduction of exemptions , enable better compliances etc. thereby resulting into formation of common national market for goods and services .
Goods and Service Tax (GST) is being considered as the biggest ever tax reform of Independent India whereby multiplicity of taxes are subsumed in one tax called GST, though we will have three versions of GST (CGST, SGST and IGST).
According to Chief Economic Adviser Arvind Subramanian’s panel report , “An RNR of anything beyond 15-15.5% will likely result in a standard rate of about 19-21%, which would make India an outlier amongst comparable emerging economies…
Under GST the power will be given to Audit Commissioners to adjudicate matters unlike current regime.
The power to adjudicate confiscation, penalty imposed on tax defaulted in cases involving sum of more than ₹ 1.5Crores will be adjudicated by Audit Commissioner. The cases involving sum of upto ₹ 1.5 Crore will be adjudicated by assistant commissioner.
The power given to Audit Commissioner to adjudicate is with an intention not to pile up the case.
Under current regime, the audit officer sends his note sheet to concern range officer and adjudication kicks off at range / divisional level.
SIAM - Society of Indian Automobile Manufacturers has suggested slab structure to levy GST on Cars and Bikes. SIAM is an apex body representating vehicle and vehicle engine manufacturers in the country.
The eligible Input Tax Credit shown in last return filed under current regime shall be carry forward as opening balance in first return under GST.
GST IS THE BIGGEST INDIRECT TAX REFORMS SINCE 1947
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 process of appointing consultant to help it successfully implement the new tax regime, which will subsume various state levies like octroi and sales tax. According to sources, other states may also go in for consultants to assist the administration in the preparatory work for GST. Among other things, the consultants will be required to suggest organisation structure of the department in the GST regime, strategy for transition period and ways to mitigate risks and checklist of tasks that need to be completed before introduction of GST. Source: http://www.ndtv.com/india-news/states-start-looking-for-consultants-for-gst-1470552
Under the Goods and Services Tax (GST) regime, the number of companies listed in BSE are expected to go up to more than 10,000 in the next ten years from the present 5,500 companies, a stock exchange official said on Friday. "GST is an important framework. Today, there are 5,500 companies listed in the BSE. I would not be surprised in the next ten years, if more than 10,000 companies are listed in the BSE," said stock exchange's Managing Director and Chief Executive Officer Ashish Kumar Chauhan. Source: http://profit.ndtv.com/news/market/article-under-gst-bse-listed-companies-may-go-up-to-10-000-in-ten-years-1465987
GSTN was formed under the previous UPA regime to set up the information technology framework for rolling out the indirect tax regime that will replace a string of local levies. The central government holds 24.5 per cent stake in GSTN while state governments together hold another 24.5 per cent.
The Commerce Ministry has suggested to its Finance Counter part that the exemptions given to exporters shall continue under the new tax regime, GST.
The Commerce Ministry further said that the difference between DTA - domestic tariff area and SEZ- special economic zone should continue under GST.
The provison proposed if first paying tax and then claiming refund would cause hardship to exporters and the above thoughts.
GST seems possible to be in place from 01.04.2016. So assesses should start preparing for GST. Should be referred to Model GST law, rules on registration, pay ment, return refund & FAQs.
First year of implementation of GST would be a challenging period for all the assesses and to the authority as well.
Training is required for the authority and the tax incharge who handles tax in corporates and consultant as well.
Need to anaylses tax implications that would occur in GST by scrutinizing the existing tax paid and comparing the tax that would have to be paid if gst rate is fixed.
Lot of challenges for all assesses to transit from existing tax regime to new tax regime, GST. Right from procurement upto changes in accouting system (SAP, ERP etc.)
Dual GST is proposed because of federal structure. The Centre has certain power to administrate certain work and States has got certain task to administer. Now in GST both centre and state shall have the power to tax transaction on common tax base.
Existing tax payers shall get registration under GST on provisional basis . And upon submission of required documents within given time tax payers shall be given GST registration. The dealers whose turnover is below threshold limit may voluntarily get registration and take input tax credit. The threshold limit is ₹ 10 Lacs and for North Eastern States the limit is ₹ 5 Lacs. There is composition scheme under GST. Those dealers having turnover below ₹ 50 Lacs shall choose this option. Under which a dealer shall pay tax on turnover. The dealer opted for composition scheme cannot collect tax from customers and also cannot avail input tax credit.
GST is on supply of goods and/ or services. The tax accrues to the place of consumption / places of supply. If supply is made from Maharashtra to a customer in Delhi,, then tax accrues to the state Delhi.
Taxable person specified in schedule III is liable to register under GST irrespective of threshold exemption. Old Query - New Comments are closed. |
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