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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 701 to 725 of 1401 Records Page: 1 ....252627282930313233........ 57
Intuit, a software provider to small businesses, aims to tap a large number of Indian enterprises with its goods and services tax (GST)-ready software product. With the unified taxation system likely to be implemented in July 1 this year, Intuit, the provider of the accounting software QuickBooks, believes it will have an edge over peers with its experience of GST roll-outs in Malaysia and Australia. QuickBooks is a cloud-based accounting software for small businesses. The product runs on a subscription
Lucas Watson, chief marketing and sales officer, Intuit, said that while the company was better positioned to serve its existing customers once GST was implemented, it could tap a large chunk of the 51 million-odd small businesses in the country. "We need to make sure QuickBooks is ready for GST and we think it is a transformational point. We have 51 million small businesses in India and 12 million are digitally ready today. When you have the GST (compliance) requirement, it will create lot more opportunity for us,” Lucas told Business Standard in an interview.
Ajay Pramod, of Bengaluru-based Etag Software Solutions Pvt Ltd, said that he switched to QuickBooks three years ago from an on-premise accounting software to get access to documents everywhere and save cost too. “We often faced hiccups and failed to meet deadline for invoices before moving to a cloud-based service,” Pramod said.
The Institute of Cost Accountants of India (ICMAI) will train 15 lakh traders from across the country in the next one year in GST basics, its President Manas Kumar Thakur said today. According to Mr. Manas Kumar, ICAI is among several other professional organization who have been assigned this responsibility by the Government. He also said that the number of direct tax assesses in the country will go up once the Goods and Services Tax is installed in the country.
ICAI President Manas Kumar Thakur says, "there were about 22 lakh indirect tax assesses currently across India. And once GST is implemented, this number will go anywhere upto 70 lakhs. "So, the Government wans us to train traders and new assesses in familiarising them with filling in forms etc.
ICAI has already started the training and four hundred traders have been trained so far. "We are creating a pool of trainers who would subsequently train others on the fundamental aspects of the Goods and Services Tax (GST)," he said
Many big retail chains give contracts to farmers for growing certain agricultural products which are then directly sold in the malls. Industry trackers say that such contractual farming would now attract GST. Also some of the multinational Quick Service Restaurants including some renowned burger chains give contracts for potato farming. That too would now attract GST, say industry experts.
Traditional farmers, would not be required to get themselves registered to pay GST. However, those buying products from the farmers may be required pay GST.
Some of the sectors however are still concerned how the GST would impact them. Like many banks and financial institutions may be in for a lot of trouble as they could just see the complexity in paying taxes increase under the incoming goods and services tax (GST). Due to the place of supply regulations in GST framework transactions between two branches of a bank is set to trigger a tax, which could prove to be cumbersome. Indian banks have also approached the government to amend the rules regarding this.
Under GST, the states and the Centre will collect identical rates of taxes on goods and services. For instance, if 18 percent is the GST rate on a product, both the states and the Centre will get 9 percent each called the CGST and SGST rates.
There are some reports in media that GST rates of specific products and services have been finalized. In wake of these false reports, CBEC has clarified that rates have not been finalized as yet.
Finally, GST is coming in July: A primer on India's biggest tax reform
GST on gold and jewellery is still not known as of now. Currently, the sector pays 10 percent import duty, 1 percent tax and 1 percent VAT.
Desirable to rollout GST from Sept 1: J&K Finance Minister Haseeb Drabu wants states to get at least six months' time to iron out operational challenges.
GST: ‘No clarity yet on tax on services a worry’ Despite the rollout date of July 1 for the Goods and Services Tax (GST) drawing closer, there is still no clarity on the tax rate for services under the new indirect tax regime, an auditor firm pointed out on Friday.
GST Council caps cess on demerit goods at 15 per cent Jaitley said the GST Council will meet again on March 31 to approve rules after which fitting goods and services in the four-slab tax structure of 5, 12, 18 and 28 per cent will be taken up.
Improvements in GST feasible as we move along, says Partho Shome
GST Council's next meeting is fixed on March 31.
At the India Today Conclave 2017, PM Narendra Modi said, "GST is an example of delegated democracy. Continuous discussions were held with the states for every clause of the law. GST decision was taken by consensus. All the states have taken the ownership."
Cabinet may consider GST supplementary legislations on Monday A set of four supporting legislations-the Compensation Law, the Central-GST , Integrated-GST and Union Territory-GST -are likely to go together to the cabinet for approval.
Amazon India brings out ‘A-Z GST Guide’ programme The ‘A-Z GST Guide’programme in its pilot phase has already helped train over 5,000 sellers on the Amazon platform to get ready for GST, which is set to be rolled out from 1 July.
Department of Revenue to assess impact of inflation after GST The Department of Revenue which exercises control in respect of matters relating to all the direct and indirect Union taxes is going to study the impact of the most awaited Goods and Services Tax on the inflation graph.
Maharashtra govt gears up for GST, seeks VAT dues
Ecommerce cos to pay up to 1% TCS under GST The model law provides that every electronic commerce operator, not being an agent, shall collect up to one per cent TCS, as may be notified on the recommendations of the Council, of the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the operator
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following four GST related bills: 1. The Central Goods and Services Tax Bill 2017 (The CGST Bill) 2. The Integrated Goods and Services Tax Bill 2017 (The IGST Bill) 3. The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill) 4. The Goods and Services Tax (Compensation to the States) Bill 2017 (The Compensation Bill) The above four Bills have been earlier approved by the GST Council after thorough, clause by clause, discussion over 12 meetings of the Council held in the last six months. The CGST Bill makes provisions for levy and collection of tax on intra-state supply of goods or services for both by the Central Government. On the other hand, IGST Bill makes provisions for levy and collection of tax on inter-state supply of goods or services or both by the Central Government. The UTGST Bill makes provisions for levy on collection of tax on intra-UT supply of goods and services in the Union Territories without legislature. Union Territory GST is akin to States Goods and Services Tax (SGST) which shall be levied and collected by the States/Union Territories on intra-state supply of goods or services or both. The Compensation Bill provides for compensation to the states for loss of revenue arising on account of implementation of the goods and services tax for a period of five years as per section 18 of the Constitution (One Hundred and First Amendment) Act, 2016. Background: The Government is committed to early introduction of GST, one of the biggest reforms, in the country as early as possible. GST Council has decided 1st July as the date of commencement of GST. The Finance Minister in his Budget Speech has mentioned that country-wide outreach efforts will be made to explain the provisions of GST to Trade and Industry. Old Query - New Comments are closed. |
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