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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 1396 to 1401 of 1401 Records
Army Canteens- Notification No. 6 & 7/2017 In the public interest exempts, the following are exempted from IGST (& also CGST)-
The CSD can claim a refund of 50% on IGST of all input goods received by it for subsequent supply of such goods to the Unit Run Canteens or to the authorized customers of the CSD. This notification shall come into force with effect from the 1st July, 2017.
Inverted Rate Structure- Tax On Inputs>Tax On Outputs- Notification No.5/2017 Refund of unutilised ITC will NOT be allowed, when the ITC is accumulated due to rate of tax on inputs being higher than the rate of tax on the output goods (except nil rated or fully exempted goods). High tax on the imported raw materials compels manufacturers to raise price. On the other hand, foreign finished goods have lower tax rate.. In conclusion, manufactured goods by the domestic industry becomes uncompetitive against imported finished goods. List of goods on which this notification applies.
For UIN & Diplomats Notification No. 13/2017 This notification specifies the conditions applicable –
Panchayat services- Notification No. 11/2017 Constitutional services of the Panchayat are not covered under GST.
News on GST Act The entire framework of GST is based on GST Act. It was devised by the GST Council, which is a committee consisting of the Union Finance Minister (Chairperson), the Union Minister of State, the minister in-charge of finance or taxation or any other minister nominated by each State Government.
News on Rule Changes The GST is a constitutional amendment, and any change in the law will also affect the rules therein. Rules for invoicing, rules for penalty, rules defining the point of taxation – these are just some of the examples of any rule change in the model law. Old Query - New Comments are closed. |
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