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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 1001 to 1025 of 1401 Records Page: 1 ....373839404142434445........ 57
Government has extended the deadline to migrate existing registration (a.k.a GST Enrolment) to 30th April 2017 for all existing registrations to be migrated across state and centre.
“The voluntary enrollment process started six months ago and 73 per cent of the businesses have registered. We will be extending time till April 30, for the others to enroll,” Prakash Kumar, CEO, Goods and Services Tax Network said.
Draft rules for input tax credit, valuation, transition and composition scheme have been released for public comments and will be taken up for finalization in next GST Council meeting on May 18-19 in Srinagar.
Experts believe that since few rules are yet to be finalized by the GST Council in it’s next meeting, 2-3 months is very short period for industry to prepare for GST roll out. Companies need to have their systems, processes ready with revised structural requirements. Revenue Secretary had admitted that outreach to industry would be a tough task.
The council will take up on May 18-19 the last big remaining task of fitting individual goods into the four tax slabs already decided.
The Govt. wanted to include real estate in GST but the States opposed to including same in first year.
Under the GST Regime, the HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods. Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2-digit code and the taxpayers whose turnover is ₹ 5 crores and above shall use 4-digit code. Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices.
The Central Government has issued draft rules for credit, valuation, transition and composition and amended rules relating to registration, invoicing, payment, refunds and returns issued earlier. With this, the Government has issued most of the rules for Goods and Services Tax (GST) regime.
In the reply no. 997 Dated: 1-4-2017 to issue id 110747, please read as 30th April 2017.
The Rajya Sabha Today (06.04.2017) passed Four Bills viz 1.The Central Goods and Services Tax Bill, 2017, 2.The Integrated Goods and Services Tax Bill, 2017, 3. The Goods and Services Tax (Compensation to States) Bill, 2017 and 4. The Union Territory Goods and Services Tax Bill, 2017.
GST New Rules released on 1st April 2017 by Govt. covers Transition, Composition, Valuation, Input Tax Credit, Payment, Refund, Registration & Invoicing in GST regime.
With the GST, a product can move from Kashmir to Kanyakumari without fear of double taxation or having to comply with state-by-state tax laws. Producers will find it easier to maintain accounts as it’s all digital, and consumers eventually benefit from lower, uniform prices across the country.
The Goods and Services Tax (GST) will replace nearly a dozen central and state levies into a single national sales tax. It will make the movement of goods cheaper and seamless across the country. It would be far simpler than the current system, where a good is taxed multiple times and at different rates.
There would be four tax slabs of 5, 12, 18 and 28 per cent, plus a levy on taxes on luxury items like cars, aerated drinks and tobacco products to compensate states for any revenue losses in the first five years.
The GST council is yet to decide which goods fall in which slab. The GST rates will remain broadly in line with the existing rates. To keep inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
With the implementation of GST, consumers will not be subjected to double taxation. All taxes that are levied while purchasing good will include both the central government’s taxes as well as the state government’s taxes.
Companies will have to overhaul their accounting systems, which may involve one-time investment costs.
The government has trained 49,000 officers of the states and the Centre.
GST Network (GSTN)-GST's IT infrastructure arm-and CBEC together will now conduct trainings so that businesses know how to file their returns.
Logistics companies stand to gain as it becomes easier to ferry goods across India. Other sectors largely depend on the fine print of the GST, including exemptions.
In GST Era, The CBEC Will be Renamed As Central Board of Indirect Taxes and Customs (CBIC)
Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax (UTGST) or integrated tax (IGST) paid on the said services to a supplier of taxable goods or services or both having same PAN as that of the ISD.
An ISD is required to obtain a separate registration. The threshold limit of registration is not applicable to ISD. The registration of ISD under the existing regime (i.e. under Service Tax) would not be migrated in GST regime. All the existing ISDs will be required to obtain fresh registration under new regime in case they want to operate as an ISD.
The distribution of credit would be done through a document especially designed for this purpose. The said document would contain the amount of input tax credit being distributed.
The input tax credit of input services shall be distributed only amongst those registered persons who have used the input services in the course or furtherance of business. The common credit used by all the recipients can be distributed by ISD on pro rata basis i.e. based on the turnover of each recipient to the aggregate turnover of all the recipients to which credit is distributed. Old Query - New Comments are closed. |
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