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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 851 to 875 of 1401 Records Page: 1 ....313233343536373839........ 57
Blue Star’s Mukundan Menon says the firm has put on hold its investment as J&K has not clarified whether relief in excise duty is going to continue after GST implementation
Goods and Services Tax is India’s biggest reform in India’s indirect tax structure.
UTGST Bill provides for levy of GST on intra-UT supply of goods and services in the Union Territories without legislature.
The Compensation Bill provides for compensation to the states for loss of revenue due to GST for a period of five years.
The introduction of GST bill will help in simplifying administration as it removes multiple taxation systems at every stage of trade model.
With the Union and the States gearing up to introduce GST Bills in their respect Houses, the Union of India has approval the proposal to rename CBEC as Central Board of Indirect Taxes & Customs (CBIC). In this regard the Central Board of Revenue Act, 1963 would be amended to approve the new name for the CBEC.
The Union Finance Minister, Mr Arun Jaitley, has approved a restructuring plan for the CBEC. The Board in its new avataar will have 21 Zones, 101 GST Tax payer Services Commissionerates comprising 15 sub-Commissionerates, 768 Divisions, 3969 Ranges, 49 Audit Commissionerates and 50 Appeals Commissionerates. This will ensure rendering of taxpayer services to all the taxpayers through an indirect tax administration structure, having pan-India presence.
For a robust IT Network, the Directorate General of Systems under CBEC is being strengthened. The Directorate General Tax Payer Services is being expanded for greater out- reach for facilitating smooth transition for the taxpayers to the GST environment. The existing training establishment, to be renamed as National Academy of Customs, Indirect Taxes and Narcotics will have an all India presence, to enable capacity building to the employees of the indirect tax administration of the Centre as well as of the State Governments and to members of Trade and Industry. The renamed Directorate General of Goods & Service Tax Intelligence is also being strengthened and expanded to become an important wing of the Government in its fight against Tax Evasion and Black Money.
The GST Council has set up Working Groups to address peculiar problems of some of the sectors for their hassle-free transition into the new tax regime.
The Working Groups have been directed to take a quick look at the key issues and suggest ways and means to overcome the key concerns. They may interact with concerned administrative ministries and key Industry bodies/associations, professionals and other suitable persons.
With the goods and service tax (GST) set to be rolled out from July 1, the government has set up 10 working groups to address the concerns of industry.
The groups cover banking, telecom, exports, information technology, transport, textiles, MSMEs, gems and jewellery and services received and provided by the government.
Some of the issues that would be tackled by the groups include how to handle services provided between establishments of the same entity without invoice or payment in certain sectors with high volumes of transactions when operations are spread across the country.
Pratik Jain of PwC said, "The move of setting up 10 working groups to address the concerns of industry will provide much needed clarity to the industry on sector specific issues. However, the timeline for submitting the report looks tight."
Commerce and Industry minister Nirmala Sitharaman said Amercian phone-maker Apple’s demand for tax incentives to set up a manufacturing unit in the country will have be looked at after the Goods and Services Tax (GST) is rolled out.
The government has not accepted most of the demands of the iPhone maker, Commerce and Industry minister Nirmala Sitharaman said.
The American tech giant has sought various concessions on taxation and import of components for setting up the Apple manufacturing unit.
Apart from tax sops, Apple also wants relaxation in the mandated 30 per cent local sourcing of components. Earlier reports had said the company would be importing all its components on the grounds that it is bringing in cutting-edge technology to the country.
In January, Apple had indicated to the government that it was ready with a blueprint to begin manufacturing iPhones, but wants fiscal concessions, including Customs duty waiver on imported components.
FM approves the re-organisation of the field formations of the Central Board of Excise & Customs (CBEC) for the implementation of Goods & Services Tax (GST); CBEC is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval.
GST: CST compensation to States: Centre to release ₹ 5834 Crore before Mar 31st.
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