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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 951 to 975 of 1401 Records Page: 1 ....353637383940414243........ 57
Right policy and decision of the government was shaping the reform in right direction and enhancing growth rate, said Godrej while speaking at the 61st Convocation of leading B-School XLRI School of Management.
Godrej, who was bestowed with Sir Jehangir Ghandy Medal for Social and Industrial Peace on the occasion, expressed confidence that the country would overtake US economy between 2030-40 and China by 2050 to emerge as economic super power of the world.
"I have always been and continued to be very optimistic about India's future especially with the election of a development-oriented government," Godrej said adding that now the number of believers in India's strong future outstripped that of doubters.
Godrej said that his confidence of bright future of India came from his belief in the country's demography, democracy and reform and growth-oriented mindset.
India, which has retained top spot on global consumer confidence index with 133 points in 2016, have been able to mitigate some of the negative consequences of global financial turmoil due to its large consumer market, Godrej said.
Turnover of less than INR. 15 million - 90% of businesses would be administered by States, and the balance 10% by Central Government.
The mechanism for split of the assessees would be based on the risk parameters/ profiles of the users .
In case of complex or contentious issues involved with respect to services (such as place of supply etc), assessment of the same may be undertaken by the Central Government.
States would have the power to levy taxes within 12 nautical miles under GST.
GST is now expected to be rolled out by 1 July 2017 (as opposed to the earlier date of 1 April 2017).
Fitment of rates - The rate committee would finalise rates of different goods and services under GST and submit the same before the GST Council.
The Constitution Amendment Bill for Goods and Services Tax (GST) was approved by The President of India post its passage in the Parliament (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016).
The Government of India is committed to replace all the indirect taxes levied on goods and services by the Centre and States and implement GST by April 2017.
With GST, it is anticipated that the tax base will be comprehensive, as virtually all goods and services will be taxable, with minimum exemptions.
GST will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services.
GST will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system.
GST will have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems.
GST would bring in significant change in doing business in India. Advocacy for best practices, gearing up for changes in processes, training teams and developing IT systems for being GST compliant are the key areas to be assessed.
The Government is committed to introduce GST by April 2017.
The Government is committed to introduce GST by July 2017.
Tax payers need to be GST compliant to be able to test system changes in time. Depending on the operating geographies, size and sector, the changes would be substantial and may require proactive planning with a time-bound action plan.
In order to prepare for the implementation of GST, companies need to understand GST policy development and its implications for scenario planning and transition roadmap preparation.
GST is a value-added tax levied at all points in the supply chain with credit allowed for any tax paid on input acquired for use in making the supply. It would apply to both goods and services in a comprehensive manner, with exemptions restricted to a minimum.
In keeping with the federal structure of India, it is proposed that GST will be levied concurrently by the Centre (CGST) and the states (SGST).
It is expected that the base and other essential design features would be common between CGST and SGST across SGSTs for individual states. Old Query - New Comments are closed. |
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