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Goods and GST Bill passed

Goods and Services Tax - Started By: - Ganeshan Kalyani - Dated:- 3-8-2016 Last Replied Date:- 22-7-2017 - 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 i .....

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s Isaac, adding that the states prefer to keep rates on items of mass consumption low. We know that the effective rate on consumer products today is about 30%. It will be considerably brought down. At what level, we will decide later, he said.Thanks. - Reply By Ganeshan Kalyani - The Reply = Sir, the number of registrations that is required to be taken under current indirect tax regime will be minimised in GST regime. But the number of return that will be required to be filed under GST would tre .....

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towards the losses if any, incurred by the States due to implementation of GST. Establishing a mechanism for adjudicating any dispute between Centre and States or between the States, arising out of the recommendations of GST Council.Thanks. - Reply By Ganeshan Kalyani - The Reply = Sir,The Government may take up the Bill for Goods and Services Tax Law possibly in the winter session of the Parliament. Thanks. - Reply By Ganeshan Kalyani - The Reply = Sir, the GST Bill is already passed by both t .....

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Kalyani - The Reply = Sir, FYI.The CBEC has set up a panel to formulate a roadmap under GST on area based exemptions.As an alternative to exemptions, the companies may get the option to pay tax and claim refund thereafter. The will create cash flow issues as the the companies will first have to pay tax and then claim refund of it. Industry experts feel that industry needs assurance on benefits and ease of obtaining such benefits. (Source: From GSTupdates).Thanks. - Reply By Ganeshan Kalyani - Th .....

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neshan Kalyani - The Reply = Sir, Nagaland also ratified GST Bill. - Reply By Ganeshan Kalyani - The Reply = Sir, 13 states have approved the GST Bill. These states include : Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh, Delhi, Nagaland, Mahrashtra, Haryana, Mizoram and Telangana.Thanks. - Reply By Ganeshan Kalyani - The Reply = States that ratified GST Bill.1. Assam (12.08.2016)2. Bihar (16.08.2016)3. Jharkhand (17.08.2016)4. Himachal Pradesh (22.08.2016)5. C .....

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y to agree to this limit. - Reply By Ganeshan Kalyani - The Reply = 50% States have now ratified the Bill. Now the bill may move for Presidential assent. - Reply By KASTURI SETHI - The Reply = Sh.Ganeshan Kalyani Ji, Thanks for updating. You have saved the time of others. Pl. continue. - Reply By Ganeshan Kalyani - The Reply = Thanks for your boosting comment. - Reply By Ganeshan Kalyani - The Reply = Two more States have ratified the Bill - Rajasthan and Puducherry. Thanks. - Reply By Ganeshan .....

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n Kalyani - The Reply = The return, payment and other details of GST is proposed to be maintained in Goods and Service Tax Network (GSTN). GSTN is a company. Thanks - Reply By Ganeshan Kalyani - The Reply = GST Bill I.e. Constitutional Amendment Bill received assent from Hon'ble President Shri Pranab Mukherjee today. Thanks. - Reply By Ganeshan Kalyani - The Reply = Sir, so many taxes are there in our country. One is not aware of all the taxes. So, many issues creep up because of ignorance o .....

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Thanks. - Reply By Ganeshan Kalyani - The Reply = The Central Board of Excise and Customs (CBEC) might be renamed the Central Board of Indirect Taxes (CBIT), as part of an organisational restructuring after national goods and services tax (GST) regime is rolled out. (Source: Business Standard). - Reply By Ganeshan Kalyani - The Reply = To complete the cases of service tax and excise duty pending at various levels, a legacy division will be formed for a period of five years. Thanks. - Reply By G .....

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tandard. - Reply By Ganeshan Kalyani - The Reply = The Union Cabinet today approved the setting up of a GST Council, which will decide the rate of tax under the new Goods and Services Tax (GST) regime.The GST Council will consist of Union Finance Minister, Minister of State in charge of Revenue Department and State Finance Minister. Thanks. - Reply By Ganeshan Kalyani - The Reply = The CGST and IGST will be drafted on the basis of the model GST law. The states will draft their respective State G .....

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://http://indianexpress.com/article/business/business-others/cbec-to-be-renamed-as-cbit-under-gst-regime-3025612/ - Reply By Ganeshan Kalyani - The Reply = The Government is making all its effort to implement GST w.e.f. 01.04.2017. The review of GST preparedness is being done by Prime Minister. Thanks. The assessee need to gear up for GST. The time has come now. It was discussed that atleast 6months time would be required from the date of GST Act coming into effect and to the date of implementat .....

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d October. Existing taxpayers of value added tax, service tax and central excise will be migrated to GSTN, said Navin Kumar, Chairman, GSTN. - Reply By YAGAY AND SUN - The Reply = GST Council is fighting against timeThe government plans to bring in GST from 1 April 2017 and supporting legislation in the winter session, leaving only around two months for the council to finalize all issues - Reply By YAGAY AND SUN - The Reply = India's Reincarnation As A Unified Marketplace Of 1.2 Billion Part .....

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place with standardized tax rates ever. It is also a reminder of the Modi government's serious push for reforms to make it easier to do business in India. Most of India's macro factors have improved recently, earnings of corporate India are steadily improving and the central government is gradually pushing positive policy changes.So, let's take a look at what GST is and how it affects various sectors of the Indian economy.What Is GST?Broadly speaking, governments collect revenues/tax .....

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ndia they account for over 30%.2India's GST is a bold attempt to streamline these indirect taxes and increase tax compliance. Taxes in India are split into an array of federal and state taxes. Not only does every state have its own rate, but each could also levy extra taxes depending on the category of sale (e.g., luxury taxes on high-end hotels, entertainment taxes on movies).GST aims to subsume these taxes under two distinct categories of central and state tax, as shown in the chart below. .....

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ed that the IT backbone of GST is an extremely complex and ambitious exercise as it involves banks, small businesses and states. - Reply By YAGAY AND SUN - The Reply = Proud to be part of GST, network project very complex, says Infosys CEO Vishal Sikka Vishal Sikka, Infosys CEO, on Thursday said that the GST network project was very complex, but was proud to be part of it. Speaking to reporters after making a presentation to Finance Minister Arun Jaitley, Sikka said that there is some weakness i .....

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d, there should not be any interface by me from this podium, by pre-empting the decision of that council by a political party. But certainly there should be no self-congratulatory patting the back by the central government when nine-tenths of the details are yet to come. As we all know, both God and the Devil lies in the details. Let the process start, Congress spokesperson Abhishek Singhvi told reporters. He said there has been a lot of self-congratulatory patting in the back by the Centre, whi .....

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at is decided by the newly-constituted Council, no party should comment, he said. On September 12 the Union Cabinet approved setting up of the GST Council, which will decide on the rate of tax under the new Goods and Services Tax (GST) regime, likely to kick in from April 1, 2017.The GST Council will consist of Union Finance Minister, Minister of State in charge of Revenue Department and state Finance ministers. - Reply By KASTURI SETHI - The Reply = I am thankful to both experts for updating on .....

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ementation -getting the GST Network up and running, training tax officials to handle the new system, and nudging companies to install the necessary software and hardware at their ends - will be hard enough. - Reply By Ganeshan Kalyani - The Reply = Currently, it has been assumed that there will be only three basic rates - a standard rate, a merit rate and a luxury rate. Then there will be zero-rated essentials. - Reply By Ganeshan Kalyani - The Reply = Industry bodies have been asking for more t .....

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By Ganeshan Kalyani - The Reply = Two bills related to biggest tax reform will be taken up in the Parliament s next session - Central GST and the Integrated GST bill. States will approve their own GST bills. - Reply By Ganeshan Kalyani - The Reply = The concern is other than VAT, will the other local taxes too get subsumed in GST or not. Because a major issue, we feel is the Mandi tax - Market fees, which is prevalent in many States. It ranges from 1.5-2 per cent to even 4 per cent in states li .....

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a concern for the industry. We feel being an essential commodity, the taxation should be minimum on the essential commodities.Source :: http://www.thehindubusinessline.com/economy/agri-business/mandi-tax-will-be-a-serious-concern-post-gst-rollout/article9103404.ece - Reply By Ganeshan Kalyani - The Reply = With the implementation of GST, auto manufacturers will certainly feel the ease in doing business. It s not just us saying it, but the industry. In fact, the biggest concern for most is the pe .....

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e government, Its been over 7 years we have been talking about GST and finally its coming so I m very excited about it. It will give a boost to the over all GDP, People expect 1-2% increase in GDP. Source: NDTV.com - Reply By Ganeshan Kalyani - The Reply = http://www.financialexpress.com/fe-columnist/taxpayers-should-assess-which-approach-they-will-use-to-interact-with-the-gstn-system/373987/ - Reply By Ganeshan Kalyani - The Reply = The rate of GST applicable on pharmaceutical formulations is y .....

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com - Reply By Ganeshan Kalyani - The Reply = Since the rolling out of GST seems to be closer to reality with a target date of April 1, 2017, companies have already commenced working towards the transition to GST, and for the ones that have not yet started, would need to have a plan to address the challenges of crash-landing into the GST regime. Given the far-reaching impact of GST across the business organisation and its value-chain across businesses, as part of the process towards effective GS .....

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and 100% GST compliance.Source ey.com - Reply By Ganeshan Kalyani - The Reply = Tax cost on goods The indirect tax cost on most goods is currently on the higher side. This is for the reason that most goods (for e.g. beauty products, most consumer electronics, non-luxury automobiles) attract an excise duty of 12.5% and a VAT of 12.5% to 15% depending on the State. Further, there are numerous cascading of taxes on account of levy of CST, input tax credit retention under the VAT laws, levy of entry .....

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s.However, for some other goods (for e.g. textiles, edible oil, low value footwear) the rate of excise duty is nil whereas VAT in most States is 5%. Thus, the overall tax cost for these kind of goods (after factoring the non-creditable taxes) is about 8 to 9%. If these goods are kept at the standard GST rate of 18% then there would be significant increase in cost for the end customers. Even if these goods are kept at the lower GST rate of 12% there would be an increase in cost for the end custom .....

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ND SUN - The Reply = http://www.financialexpress.com/fe-columnist/chasing-the-gst-deadline-early-movers-can-capitalise-on-options-and-benefit-most/376553/ - Reply By YAGAY AND SUN - The Reply = http://economictimes.indiatimes.com/small-biz/startups/flipkart-makes-first-move-as-ecommerce-sector-prepares-for-gst-rollout/articleshow/54356771.cms - Reply By YAGAY AND SUN - The Reply = http://economictimes.indiatimes.com/news/economy/policy/-after-gst-focus-is-on-labour-reforms/articleshow/54302784.c .....

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ly By YAGAY AND SUN - The Reply = http://indianexpress.com/article/business/business-others/manufacturing-sector-gst-vat-cst-taxation-profitability-realigning-operations-3028054/ - Reply By YAGAY AND SUN - The Reply = http://economictimes.indiatimes.com/wealth/personal-finance-news/gst-to-help-make-economic-commercial-transactions-more-efficient/articleshow/54288446.cms - Reply By YAGAY AND SUN - The Reply = http://www.moneycontrol.com/news/sme/gst-bill-what-isstore-for-manufacturing-smes_742680 .....

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l=http%3A%2F%2Findianexpress.com%2Farticle%2Fbusiness%2Feconomy%2Fsolar-power-equipment-manufactures-express-concern-over-gst-3007881%2F&usg=AFQjCNFkR0X66VutvOrJPDP0qPcWCJkSTA - Reply By Ganeshan Kalyani - The Reply = Thanks Yagay and Sun for sharing the link. But the onlookers can access these links by visiting the respective website. So why we need to paste link This is my view. - Reply By Ganeshan Kalyani - The Reply = The winter session of the Parliament is likely to be advanced to secon .....

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hanks & Best Regards,YAGAY & SUN(Management, Business and Tax Consultants) - Reply By YAGAY AND SUN - The Reply = Government is working overtime on GST: Cabinet Secretary P.K. Sinha Terming GST reform as a game changer , Cabinet Secretary P.K. Sinha today said the government is working overtime to implement the indirect tax regime from April 1 next year. The Constitution (122nd Amendment) Bill, 2016, for introduction of the GST in the country was accorded assent by the President on Septe .....

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ons. Mr. Sinha assured the gathering that the GST and other path breaking reforms that the government has committed to its people will be implemented as promised. A silent revolution is happening and despite teething problems, India would move on to accomplish the objectives and targets set in by the government in all sectors of economic activities with increased participations of all stakeholders to further improve the spirit of governance, he said. The infrastructure sector - roads, civil avia .....

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investors and this is a positive sign, he added. He said the government is focused on innovation and trying to make India an easy simple place to do business. The government has taken various steps to facilitate further improvement, including bringing in the bankruptcy law, e-biz platform for a single channel of approvals and a national company law tribunal, he added. - Reply By Ganeshan Kalyani - The Reply = An app to link check posts under State Governments as well as the Centres is in the wor .....

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Act. If total exemption was not possible , at least tea should be exempted from GST at first point sale made in the public tea auction centres, licensed by Tea Board of India, Tea Trader Association of Coimbatore Chairman U V Saraf Said. - Reply By Ganeshan Kalyani - The Reply = A few section of Industries has started its own preparedness for GST. However, several industries / business assesses shall have to struggle to settle down post GST. At least 'as is' preparation has been started .....

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against the procedures adopted for the conduct of the GST council meeting to be held on September 22 and 23. Read more at:http://economictimes.indiatimes.com/articleshow/54444267.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst - Reply By YAGAY AND SUN - The Reply = 268-page GST FAQs out; e-tailers, aggregators to register Frequently Asked questions (FAq) on GST - Reply By Ganeshan Kalyani - The Reply = FAQS ON GST is published in CBEC on 21.09.2016 Frequently Asked qu .....

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rates on the lines of some European countries - Reply By YAGAY AND SUN - The Reply = Amit Mitra heads for GST rate talks but Mamata Banerjee keeps all guessing. - Reply By Ganeshan Kalyani - The Reply = 268 page FAQs on GST released by CBEC; Over 500 questions answered. Click to Download Frequently Asked questions (FAq) on GST - [PDF] GST - FAQ - Chapter wise / Question Wise - Reply By Ganeshan Kalyani - The Reply = GST Council to hold first meeting today; discussion on threshold and GST Rate l .....

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existing payers of value added tax (VAT), which number about 6.5 million, and about 2 million service tax payers and about 300,000-400,000 Central excise tax payers. - Reply By Ganeshan Kalyani - The Reply = GST council meet: Centre, states agree on timetable for 1 April roll-outKey issues like sharing of administrative control between the centre and states and compensation mechanism to be taken up by the GST council on FridayRemya NairFinance minister Arun Jaitley agreed to the continuation of .....

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orm ever.Some key issues like sharing of administrative control between the centre and states and the mechanism for deciding on the compensation mechanism, law and formula for states will be taken up in the meeting on Friday-the final day of the two-day consultation.On Thursday, the GST council agreed on a compounding scheme for small traders with revenues of up to ₹ 50 lakh wherein they can pay a flat tax to be decided at a future date. However, opinion was divided on what the revenue thr .....

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nd the draft compensation law will be discussed on Friday. The meeting also finalized the rules of business and conduct of the GST council. In the absence of a state finance minister, state government officials will be able to represent the state but won t be able to vote. Issues like tax rates, the threshold level and selection of a vice-chairman have been put off for later.Some states, including Tamil Nadu and Uttar Pradesh, sought more voting powers arguing that their size merits more than on .....

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ded based on the best three revenue earning years over the last five or six years, rather than just looking at the last three years revenues. - Reply By Ganeshan Kalyani - The Reply = The GSTN is a not-for-profit, non-government, private limited company promoted by the Central and state governments. This is going to be a very crucial task and will need to be completed by the end of this year if the GST is to be rolled out by 1 April 2017. At the same time, information technology changes and upgr .....

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l to the 1 April launch, since it s expected to take around four to six months, and a further period of trials, testing and soft launching before it s fully ready for nationwide operation. - Reply By Ganeshan Kalyani - The Reply = Training and preparation of the Central Board of Excise and Customs and state taxation departments is another critical component for making the promise of smoother tax administration a reality-to come to terms with the nitty-gritty of the new law, its implementation an .....

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SUN - The Reply = GST Council resolves threshold and dual control issues. - Reply By YAGAY AND SUN - The Reply = The Confederation of All India Traders (CAIT) today hailed the GST Council s move to fix annual turnover limit for exemption at ₹ 20 lakh. - Reply By Ganeshan Kalyani - The Reply = On GST Council meeting, Finance Minister Arun Jaitley while addressing media said following1. Exemption threshold for GST has been fixed as ₹ 20lacs, while threshold in North East statement has .....

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October. - Reply By Ganeshan Kalyani - The Reply = GST Presentation published in CBEC website. the link is given below.http://www.cbec.gov.in/resources//htdocs-cbec/deptt_offcr/gst-dgtps-12092016.pdf - Reply By Ganeshan Kalyani - The Reply = Returns under GST GSTR 1- Sales Register GSTR 2- Purchase Register GSTR 3- Monthly return form GSTR 4- Quarterly return for compounding dealers GSTR 5- Periodic return by Non-Resident Taxpayer GSTR 6- Return for Input Service Distributor (ISD) GSTR 7- Return .....

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GST cap. - Reply By YAGAY AND SUN - The Reply = Arun Goyal appointed Additional Secretary of GST Council Goyal, a 1985 batch IAS officer of Union Territory cadre, is at present working as Additional Secretary, Project Monitoring Group, Cabinet Secretariat. - Reply By YAGAY AND SUN - The Reply =

GST: Paving the path for greater ease of doing business
The Goods and Services Tax (GST) is one of the most discussed topics amongst business owners, industrialists, organisational leaders .....

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s to appraise them on the impact of GST on the India s indirect tax structure for IT, Telecommunications and Electronics products, solutions and services.Mr Rajeev G. Varaiya, Partner, Damania & Varaiya briefed TAIT members on the various nuances related to GST. He spoke at length about the present taxation structure in India, global adoption of GST, India s Model GST Law, GST compliance and reporting norms, taxes to be subsumed into GST and exclusions from GST. Talking about the benefits of .....

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ly. IT service providers will be able to set-off input GST on the purchase of goods required to set up IT infrastructure, against their output liabilities, even as the cascading effect of multiple taxes decreases. GST being a destination based tax is widely expected to smooth conduct of business in the country with faster movement of goods, easy and unified compliance by reducing classification hassles, and avoid distortions due to multiplicity of levies and exemptions. It will increase market b .....

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anteens, para-military force canteens etc., and refund of Input Tax Credit in case of inverted tax structure. However, he did caution that the overall cost of taxation may rise if CGST, SGST and/or IGST rates are fixed at relatively higher levels. Sharing his viewpoint on the GST legislation, Mr Rushabh Shah, President, TAIT said, Currently, total tax on software is 15% Service Tax and 5.5% VAT, adding up to 21.24% on base price. Software is taxed twice by means of Service Tax and VAT, but with .....

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s owners and finance managers may need to revise their estimates of working capital. There would also be a need to implement robust IT systems and impart staff training at all levels.Posted by: DQINDIA Online - Reply By YAGAY AND SUN - The Reply = Tax department unveils draft rules for registration under GSTIn less than a week after the first meeting of the GST Council, the tax department today came out with three draft rules and their formats relating to registration, invoice and payments which .....

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ims to implement the new indirect tax regime Goods and Services Tax (GST) from April 1, 2017, and to that effect the GST Council will hold its second meeting on September 30. The meeting would finalise rules for GST. The draft rules also provide that if a tax official fails to take action on registration application within a stipulated time frame, the application for grant of registration shall be deemed to have been approved.As per the draft norms, the applicant seeking registration will have t .....

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tration within 7 days from the date for receiving of reply.There will also be a provision for grant of separate registration for business verticals of the same organisation.The rules also provide for suo moto registration of person who are liable but have failed to apply for registration. The rules also provide for physical verification of business premises after grant of registration.Nangia & Co Director Rajat Mohan said, Government is working enthusiastically and is moving with lightening .....

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o prescribe that transporter need not carry any invoice if supplier provides invoice reference number to transporter. - Reply By Ganeshan Kalyani - The Reply = http://www.cbec.gov.in/htdocs-cbec/gstThe draft rules is published for feedback. - Reply By Ganeshan Kalyani - The Reply = FAQs on GST compiled by CBECThe CBEC has published compilation of FAQs on GST covering 24 topics with over 500 questions. This is the first version based on the Model GST Law which has been released in the public doma .....

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iction of the States. The GST Council's decision to keep all the Service Tax Assessees within the jurisdiction of the Central Government goes against the principle and spirit of GST. This is a glaring instance of the Central Government's attempt to impose hegemony on the States in stark and blatant violation of the principles of federalism. The AICCTA demands the Union Finance Minister and the GST Council to reconsider the decision of retaining jurisdiction over 20.87 lakh Service Tax pa .....

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pdated on the CBEC s website. Please click on the appended link to check, at length. http://www.cbec.gov.in/htdocs-cbec/gst/draft-rules-format Draft Return Rules Draft Return Formats GSTR 9B ITC Mismatch Report Draft Refund Rules Draft Refund Formats Draft Registration Rules Draft Registration formats Draft Payment Rules Draft Payment formats Draft Invoice Rules Draft Invoice formats - Reply By Ganeshan Kalyani - The Reply = KPMG and FICCI sign MoU to launch GST awareness campaign across India. .....

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SUN - The Reply = CBEC will take up 50% posts in GST Secretariat, says Najib Shah - Reply By YAGAY AND SUN - The Reply = Life insurers want exemption from GST; general differential rates. - Reply By YAGAY AND SUN - The Reply = If GST tax is capped at 18-20%, it will benefit chemicals industry: Ajay Durrani - Reply By YAGAY AND SUN - The Reply = Indian Textile Industries gearing up for GST, new tax system - Reply By YAGAY AND SUN - The Reply = GST will change the way India does business - Reply .....

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eply = Senior IAS officer Arun Goyal has been appointed as Additional Secretary in the goods and service tax council. - Reply By Ganeshan Kalyani - The Reply = Congress Chief ministers and finance minister are expected to press for an 18%GST cap at the meeting of 3 days gst council beginning Oct 17, and stress that a higher rate would burden the commons man. - Reply By Ganeshan Kalyani - The Reply = Congress rationale is that higher rate will burden the common man and will defeat the very purpos .....

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a representation to the union finance on how GST would adversely affect the film industry . The film chamber has taken the opinion of thr consultant on te issue. And will present before the union finance soon. - Reply By Ganeshan Kalyani - The Reply = In AP and Telangana the the entertainment tax is 24%. If GST is introduced nonloca films will be benefited as the GST Will be less than the entertainment slab now. - Reply By Ganeshan Kalyani - The Reply = HSN (Harmonised System of Nomenclature) i .....

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role in determine coding. However, there will be separate codes for goods and services.Broad rule is as under:- Taxpayers whose turnover is above ₹ 1.5 crores but below ₹ 5 crores shall use 2 digit code;- Taxpayers whose turnover is ₹ 5 crores and above shall use 4 digit code;and- Taxpayers whose turnover is below ₹ 1.5 crores are not required to mention HSN Code in their invoices.Services will be required to be classified per the Services Accounting Code (SAC) - Reply By .....

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essions will be held in Trivandrum (October 6), Chennai (October 7), Kochi (October 19), Vizag (October 20) and Hyderabad (October 21), with more sessions notified in due time. - Reply By Ganeshan Kalyani - The Reply = Composition dealer under GST shall not be able to take input tax credit, nor shall he be able to collect tax from customer. He has to pay tax not less than tax 1%. The dealer can opt for composition at his option. - Reply By Ganeshan Kalyani - The Reply = The threshold for composi .....

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s not affect inter-state supplies. - Reply By Ganeshan Kalyani - The Reply = GSTN stands for Goods and Service Tax Network (GSTN). A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall providea shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders for implementation of GST. The functions of the GSTN would, inter-alia include: (i) facilitating registration; (ii) forwarding the returns to Central a .....

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GSTN would also be integrating the common GST portal with the existing tax administration IT systems and would be building interfaces for tax payers. Further, the GSTN is developing back-end modules like assessment, audit, refund, appeal etc. for 19 States and UTs (Model II States). The CBEC and Model I States (15 States) are themselves developing their GST back-end systems. Integration of GST front-end system with back-end systems will have to be completed and tested well in advance for making .....

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the Services Accounting Code (SAC) - Reply By Ganeshan Kalyani - The Reply = Goods and Service Tax (GST) is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer. - Reply By Ganeshan Kalyani - The Reply = Alcohol for human consumptio .....

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r credit of input tax credit will be available and same will be available as refund to the exporters. - Reply By Ganeshan Kalyani - The Reply = Any supplier who carries on any business at any place in India and whose aggregate turnover exceeds threshold limit as prescribed in a year is liable to get himself registered. However, certain categories of persons mentioned in Schedule III of MGL are liable to be registered irrespective of this threshold. An agriculturist shall not be considered as a t .....

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y By Ganeshan Kalyani - The Reply = A person, though not liable to be registered under Schedule III, may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered taxable person, shall apply to such person. - Reply By Ganeshan Kalyani - The Reply = The proper officer can reject an application for registration after due verification. However it is also provided in sub-section 8 of Section 19, the propoer officer shall not reject the application for regi .....

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how do we address them? We could address them through multiple routes, we could address them by phasing them out over a period of time, we can address them by perhaps giving extra funds, those are decisions which the GST council will be taking and you will get to know soon. Source : CNBC TV18 - Reply By Ganeshan Kalyani - The Reply = Goods and Service Tax (GST) implementation in India would play a pivotal role in improving India's global competitiveness, say Arun Jaitley.A report released by .....

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a period of seven years. It will help in : implementation of Goods and Services Tax (GST) extension of the Indian Customs Single Window Interface for Facilitating Trade (SWIFT) and other taxpayer friendly initiatives under Digital India and Ease of Doing Business of Central Board of Excise and Customs.The implementation strategy for the project will be to ensure readiness of CBEC's IT systems by April, 1, 2017, when GST is to be introduced. The upgrade of the IT systems will be carried out .....

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ystems can be modified by all, '' Revenue Secretary Hasmukh Adhia tweeted.Source: GST updates. - Reply By Ganeshan Kalyani - The Reply = GST is going to change the way of doing business for taxpayers as well as tax officers. Information technology is going to govern things rather than these officers. The taxpayers and the officer's interaction will all be through the Online GSTN Ecosystem now. However , that would not be the only way for interacting with the GST system.GST ecosystem .....

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yani - The Reply = First meeting of GST Council was constructive said Shri Arun Jaitly ji - Reply By Ganeshan Kalyani - The Reply = Additionaldraft rule has been publishedhttp://www.cbec.gov.in/htdocs-cbec/gst/draft-rules-format - Reply By Ganeshan Kalyani - The Reply = tax-vat-for-1-year-after-notification-of-gst-act/ - Reply By Ganeshan Kalyani - The Reply = FM: Government is working on a target date of 1st April, 2017 for the roll out of the Goods and Service Tax (GST) in the country. The Uni .....

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y the Constitution Amendment Act empowers the State Governments to levy sales tax or Value Added Tax (VAT) on the sale of goods till that time i.e. 16th September, 2016. The Finance Minister Shri Jaitley said that so far the Government is following the road map for implementation of GST as per the schedule. The Finance Minister Shri Jaitley was making his Opening Remarks at the Fourth Meeting of the Parliamentary Consultative Committee attached to the Ministry of Finance held here today. The sub .....

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tax rates, exemption list and threshold limits etc. Thereafter, the Members of Consultative Committee who participated in today s Meeting sought various clarifications with regard to GST Law and gave suggestions for its better implementation. Some of the major suggestions include need for absolute clarity and transparency with regard to where taxes will be collected, assessed and where the appeal will be filed in case of GST regime. The members said that it will be challenging task to tackle com .....

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as GST system will work only online. Some of the members appreciated the initiative of the Government in getting the GST law passed by both the Houses of Parliament as well as its commitment to implement it in a time bound manner. The members hoped that this law will bring relief to the common man by exempting certain essential items from GST and moderate rate of taxation on other items which in turn will bring down the prices of common man consumption items as well as cost of living at large. .....

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on service tax assessment. - Reply By YAGAY AND SUN - The Reply = GST Council falters on service tax control. - Reply By YAGAY AND SUN - The Reply = GST Council meeting: Waivers, draft rules okayed; differences over tax assessees - Reply By Ganeshan Kalyani - The Reply = Need clarity on the exemptions given in the current tax regime. Whether it would continue for the time period given . Will have to see. - Reply By Ganeshan Kalyani - The Reply = The area based exemption is going to be now by ref .....

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the staff is a big task. Government is also planning to train the government staffs And dealer. GST is knocking the door. Let us be ready to welcome it and embrace it. - Reply By Ganeshan Kalyani - The Reply = In fact big companies have started doing impact analysis based on previous year data. The AS- IS preparation would help them to analyse the impact of tax change in upcoming GST. Every company/ assessee should carry out this activity. This will help them to understand the change in tax law .....

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y has to have dedicated tax officer who shall carry out complaince under GST. - Reply By Ganeshan Kalyani - The Reply = The information technology also need to be made in line with GST. The reports required for filing of return should come from the system only. Such arrangement would help the dealers to comply with ease and without error. - Reply By Ganeshan Kalyani - The Reply = Now the time has come to gear up for GST. That is we need to attend training , seminars etc. The tax officer in a cor .....

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an Kalyani - The Reply = 6 months to go for GST to come effective , the timeline set by the Govt for implementation. Are the dealers ready to take off their business into the new tax regime. Lot of work for tax officer in a company, For consultant, and department. - Reply By Ganeshan Kalyani - The Reply = So many write ups on GST, So many concerns over the draft rules. So many expectations from GST, So many opportunities for foreign investment, So many tax conplaince reduced, so many tax authori .....

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be allowed to carry over in GST by automatically carry forwarding from last return under current tax regime. Hence the last return under current regime is crucial. Otherwise input credit would be available. - Reply By Ganeshan Kalyani - The Reply = Filing of revised return of last month under current tax regime should be given. Otherwise if mistake happens in the original return then dealer would loose the closing credit. - Reply By Ganeshan Kalyani - The Reply = Seemless credit is aimed under G .....

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ill be replaced by Directorate General of GST Intelligence. - Reply By Ganeshan Kalyani - The Reply = For more assessee focused administration the nation will be divided into twenty four zones and one hundred and seven GST commissionerate. Each commossionerate will have approximately fifteen thousand to twenty thousand assessee base. - Reply By Ganeshan Kalyani - The Reply = To combat between centre and state government will set up Directorate General of Dispute Resolution. - Reply By Ganeshan K .....

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all not mention HSN code in the invoices. - Reply By Ganeshan Kalyani - The Reply = Services will be required to be classified as per Services Accounting Code. - Reply By Ganeshan Kalyani - The Reply = Maharashtra will have 20 GST Commissionerate, The highest among all states. - Reply By Ganeshan Kalyani - The Reply = As per the latest data (up to September 23) of NACEN, 3,074 field officers have been trained as against the target of 60,000. - Reply By Ganeshan Kalyani - The Reply = In its first .....

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and documents required for transportation. - Reply By Ganeshan Kalyani - The Reply = With the Centre moving on to the fast track to meet the April 2017 deadline, the Punjab government has initiated the process of appointing consultant to help it successfully implement the new tax regime, which will subsume various state levies like octroi and sales tax. - Reply By Ganeshan Kalyani - The Reply = the consultant will be imparting training on provisions of the GST Act/Rules and processes to officer .....

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alyani - The Reply = Drawing attention to reviews by some experts on the GST, Ms. Sitharaman said the new tax regime was expected to boost GDP growth by 1-1.50 per cent. At present, the GDP was at 7.5 and the Centre was keen to take it up to at least eight per cent. And, with the GST coming into effect, the GDP could cross nine per cent - Reply By Ganeshan Kalyani - The Reply = Goods and Service Tax (GST) is a destination based consumption tax which is a levy of tax on all goods and services wit .....

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rsions of GST (CGST, SGST and IGST). - Reply By Ganeshan Kalyani - The Reply = According to Chief Economic Adviser Arvind Subramanian s panel report , An RNR of anything beyond 15-15.5% will likely result in a standard rate of about 19-21%, which would make India an outlier amongst comparable emerging economies… - Reply By Ganeshan Kalyani - The Reply = Under GST the power will be given to Audit Commissioners to adjudicate matters unlike current regime. - Reply By Ganeshan Kalyani - The R .....

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his note sheet to concern range officer and adjudication kicks off at range / divisional level. - Reply By Ganeshan Kalyani - The Reply = SIAM - Society of Indian Automobile Manufacturers has suggested slab structure to levy GST on Cars and Bikes. SIAM is an apex body representating vehicle and vehicle engine manufacturers in the country. - Reply By Ganeshan Kalyani - The Reply = The eligible Input Tax Credit shown in last return filed under current regime shall be carry forward as opening balan .....

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it successfully implement the new tax regime, which will subsume various state levies like octroi and sales tax. According to sources, other states may also go in for consultants to assist the administration in the preparatory work for GST.Among other things, the consultants will be required to suggest organisation structure of the department in the GST regime, strategy for transition period and ways to mitigate risks and checklist of tasks that need to be completed before introduction of GST.S .....

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n 10,000 companies are listed in the BSE, said stock exchange's Managing Director and Chief Executive Officer Ashish Kumar Chauhan.Source: http://profit.ndtv.com/news/market/article-under-gst-bse-listed-companies-may-go-up-to-10-000-in-ten-years-1465987 - Reply By Ganeshan Kalyani - The Reply = GSTN was formed under the previous UPA regime to set up the information technology framework for rolling out the indirect tax regime that will replace a string of local levies. The central government .....

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ani - The Reply = The provison proposed if first paying tax and then claiming refund would cause hardship to exporters and the above thoughts. - Reply By Ganeshan Kalyani - The Reply = GST seems possible to be in place from 01.04.2016. So assesses should start preparing for GST. Should be referred to Model GST law, rules on registration, pay ment, return refund & FAQs. - Reply By Ganeshan Kalyani - The Reply = First year of implementation of GST would be a challenging period for all the asse .....

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g tax regime to new tax regime, GST. Right from procurement upto changes in accouting system (SAP, ERP etc.) - Reply By Ganeshan Kalyani - The Reply = Dual GST is proposed because of federal structure. The Centre has certain power to administrate certain work and States has got certain task to administer. Now in GST both centre and state shall have the power to tax transaction on common tax base. - Reply By Ganeshan Kalyani - The Reply = Existing tax payers shall get registration under GST on pr .....

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dealer opted for composition scheme cannot collect tax from customers and also cannot avail input tax credit. - Reply By Ganeshan Kalyani - The Reply = GST is on supply of goods and/ or services. The tax accrues to the place of consumption / places of supply. If supply is made from Maharashtra to a customer in Delhi,, then tax accrues to the state Delhi. - Reply By Ganeshan Kalyani - The Reply = Taxable person specified in schedule III is liable to register under GST irrespective of threshold ex .....

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of improvement in the Model GST Law in line with the government's requirement. The said report will be submitted in coming weeks. - Reply By Ganeshan Kalyani - The Reply = Dealers has more than one business vertical in state can apply for separate GST registration number. Dealers having business is various states need to get registration for each states separately. The dealer upon crossing of exemption threshold limit should apply for GST number. Some time the department can suomoto issue GS .....

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, cancelled, suspended or revoked. FYI - Reply By Ganeshan Kalyani - The Reply = Input service distributor, dealers liable to deduct TDS, casual tax payer, nonresident tax payer, dealers liable to pay tax under reverse charge, dealers impacting interstate supply and such other dealers as may be notified by the government shall required to be get registered irrespective of the exemption threshold limit. The reverse charge is applicable not only on services but also on supply of goods. (Ref. Sched .....

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T is applicable in case of interstate transaction. The taxes related to supply of goods and / or supply is subsumed in GST. However products like petroleum crude, high speed diesel, motor spirit (petrol) , natural gas and aviation turbine fuel shall be out of GST. - Reply By Ganeshan Kalyani - The Reply = Though exemption threshold is given, those dealers who want to apply for registration voluntarily under GST may apply and in such case the dealer shall be able to take input tax credit paid on .....

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to get registration under GST. - Reply By Ganeshan Kalyani - The Reply = Stock transfer /consignment Tranfer is going to be taxed in GST. The working capital of the dealer is going to affect. All confessional forms like Form C, form F , H, I, EI, EII etc is going to be abolished. The objective is pay tax and take credit. No concession. - Reply By Ganeshan Kalyani - The Reply = GST is a biggest tax reformer subsuming indirect tax. All stakeholder need to unlearn the tax provision of VAT/ /CST, S .....

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sioner and other senior officials. Helpline will also be opened to assist the businessmen for registration.Source: GST taxation. Com - Reply By Ganeshan Kalyani - The Reply = Citing the example of the proposed pan-India Goods and Services Tax(GST), the IMF on Friday said the country has shown that progress on reforms could attract investment and boost prospects of India s medium-term growth. - Reply By Ganeshan Kalyani - The Reply = Indian economy is likely to achieve 8% GDP by the fiscal end, t .....

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technology platforms for good ideas to emerge. When it comes to startups we want to talk facilitation more than regulation, said Sitaraman, at a lecture organised by the Chennai International Centre in the city on Saturday. On the industry s demand to levy extra duty on cheap Chinese imports, the minister said that cheaper import of raw materials has made it possible for many small and medium enterprises to flourish, in turn creating jobs.Source: GST taxation .com - Reply By Ganeshan Kalyani - .....

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tisation of all records will be one of the main drivers of GST. Once GST comes into being, the Indian economy will be boosted by 1.5% - Reply By Ganeshan Kalyani - The Reply = Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: • Legally recognized as supplier of goods or services.• Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the .....

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ani - The Reply = Registration to be applied within 30 days from the date when the exemption threshold limit is crossed. - Reply By Ganeshan Kalyani - The Reply = Import of goods into India shall be treated as inter state purchase . The CVD/ SAD will get subsumed and instead IGST would be levied. The credit would be allowed in full. Though both the tax got subsumed in GST, the custom duty is still going to be continued. - Reply By Ganeshan Kalyani - The Reply = Foreign investment is expected to .....

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to the purchaser. Only when supplier has paid the tax the purchaser is allowed the said credit. - Reply By Ganeshan Kalyani - The Reply = Brazil and Canada has dual GST. Similar to that India is going to have dual GST . - Reply By Ganeshan Kalyani - The Reply = CGST: central taxes got subsumed in CGST. States taxes subsumed in SGST and tax on interstate transaction is taxes taxed as IGST. - Reply By Ganeshan Kalyani - The Reply = GST shall be implemented by all the States at the same time. This .....

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shan Kalyani - The Reply = Meeting of GST Council schedule. It is expected that after the meeting is concluded the consensus on GST rate would have been achieved and also on issues related to condensation mechanism. - Reply By Ganeshan Kalyani - The Reply = Department of sales tax of Assam asked the dealers to update the information like mobile number, email id, and such basic information. This is required in order to ease transition from current tax regime to GST. - Reply By Ganeshan Kalyani - .....

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ernment is contemplating asking the Central government to vest with it the administrative control over all tax-payers whose turnover is less than ₹ 1.5 crore, irrespective of goods or services they deal in. The government also wants the Centre to allot the tax-payers whose turnover is above ₹ 1.5 crore in proportion to the number of VAT dealers and service tax assessees dealt at present by the State and Central government tax authorities respectively.

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nts. The committee also favoured proportionate allotment of VAT and service tax assessees.

- Reply By Ganeshan Kalyani - The Reply = GST is a Destination based Tax. Tax is levied on consumption of Goods and Services. The burden of taxation moves from the manufacturing /producing states to the consuming states. The constitution had to be amended because Centre will tax goods beyond the stage of manufacture & states will tax services. Also states to impose interstate tax on Imports. .....

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n Kalyani - The Reply = GST is a tax on Value Addition at every stage. It aims at providing seamless credit at every stage. This will reduce the cascading effect of taxes levied under different Acts. - Reply By Ganeshan Kalyani - The Reply = When goods or services are supplied within the state (Intra State) SGST & CGST would applyWhen goods or services are supplied from one state to another (Inter State) IGST would applyWhen goods or services are imported from different countries IGST (CVD/R .....

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mmendation that these exemptions be replaced by a new system of cash subsidy, official sources said. The government believes that cash subsidy is not sound economics. The policy stance is clear: area-based exemptions are being phased out, but units set up on the promise that the bounty would be available for them for specified periods cannot be duped. The pay-first-get-refund-later policy is already there in Jammu and Kashmir, one of the states where tax holidays are given to industries. Industr .....

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system of tax payment and refund rather than no payment at all, a senior finance ministry official told FE. The official said while doing away with host of exemptions during the GST regime, the GST chain should not break so that an offset of input taxes is available to both units manufacturing the exempt goods and also to units consuming the exempt goods in subsequent manufacture or trade. Area-based exemptions also said to create economic distortion and affect the economic viability of units lo .....

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Reply = Goods fully exempted from the levy of excise duty and VAT by all the states be categorised as exempted goods in the GST regime as well, Federation of Indian Chambers of Commerce and Industry (FICCI) said in a release following a meeting here with the Empowered Committee of State Finance Ministers on the Goods and Services Tax. - Reply By Ganeshan Kalyani - The Reply = FICCI also requested the empowered committee that certain existing exemptions such as the area based exemptions under exc .....

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be four slab GST rates as under: 6% on precious metal, gems, stones, essential food items.12% on FMCG and non-essential food items18% Standard GST rate (most of the goods and service would be covered in this rate)26% some specific items including luxury cars.40% peak rate (this was proposed by Economic advisor which is not ruled out).Source : GST update - Reply By Ganeshan Kalyani - The Reply = The GST Council today met as part of a three-day meeting where it agreed upon a number of contentious .....

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a part of the CPI basket have anyway been decided to be kept out of GST. Source : money control - Reply By Ganeshan Kalyani - The Reply = A panel led by Chief Economic Advisor Arvind Subramanian had earlier proposed a four-tier tax structure of 2-6 percent for precious metals, 12 percent for essential commodities, 16.9-18.9 percent standard rate and 40 percent for demerit goods.Source: money control - Reply By Ganeshan Kalyani - The Reply = Experts say that 26% shall tend to attract more and mor .....

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proposed to be exempt from the tax and 50 percent of the items of common usage will be exempt to keep the inflation under check. - Reply By Ganeshan Kalyani - The Reply = A few hours after the three-day meeting of the newly-formed GST Council commenced, there are indications that there may be another round of discussion required as differences between Centre and the states persist, according to people privy to the meet, reports CNBC-TV18 s Sapna Das. - Reply By Ganeshan Kalyani - The Reply = A .....

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lyani - The Reply = Consensus on GST rate could not be achieved in the GST Council meeting concluded on 19.10.2016. - Reply By Ganeshan Kalyani - The Reply = Consensus achieved on compensation formula in the GST Council meeting. - Reply By Ganeshan Kalyani - The Reply = Compensation formula proposed by GST Council wherein 14% tax revenue growth is estimated for states for a period of first five years, the period for which the states will be compensated for five years from the base year 2015-2016 .....

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w indirect tax regime, Goods and Services Tax (GST), from April 1, 2017. In its meeting with states this week, the Centre has proposed a four slab GST rate structure. The lowest rate proposed is 6 per cent, with two standard rates of 12 and 18 per cent. The peak rate, which will mostly apply to FMCG and consumer durables, will be 26 per cent. Besides, a cess is also likely to be levied on demerit or sin goods and polluting items. According to the Centre s estimates on impact of the 4-slab rate s .....

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igerators, electric fans and cooking appliances may become cheaper with the incidence of taxes on them declining from 29 per cent to 26 per cent post implementation of the GST. Perfumes, shaving cream, powder, hair oil, shampoo, soap, and other toiletry items will become cheaper as they too presently are taxed at 29 per cent. Gas stove, gas burner, mosquito repellent and insecticide may, however, become expensive as they are currently taxed at 25 per cent, lower than the proposed peak rate of 26 .....

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th. Saying that the four tier rate structure was designed in a way that neither the exchequer lose revenue nor does the common man s tax liability increase significantly, Finance Minister Arun Jaitley had said: the effort will be to fit the goods in the closest tax bracket under GST . - Reply By Ganeshan Kalyani - The Reply = The government is making all effort to implement GST by 01.04.2017 - Reply By Ganeshan Kalyani - The Reply = All issues of GST will be discussed in the next GST meeting. - .....

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le GST loss (1)All the states unanimously accepted the formula for the compensation to states.(2) GST COUNCIL suggested 4 rates as below1.6% for essential items2.12% for standard items3.18% for standard items4.26% for luxury itemsHowever the council did nt reached an agreement for the finalisation of rates.The council will meet again . - Reply By Ganeshan Kalyani - The Reply = Gst liability can be paid by debit card, credit card, Neft, rtgs etc. No need to open an account - Reply By Ganeshan Kal .....

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ovider (MSP) for GSTN. - Reply By Ganeshan Kalyani - The Reply = GSTN, a not-for-profit entity incorporated in March 2013, has been set up primarily to provide IT infrastructure and services to the Central and State governments, taxpayers and other stakeholders for implementation of GST. - Reply By Ganeshan Kalyani - The Reply = Amalgamation of the Railways and General budgets has brought the 92-year-old practice to an end. The government proposes to advance the budget presentation date from the .....

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will bring down prices of most of the commodities. But it has been noticed in many countries that traders and firms have raised prices in the garb of GST. There could be a separate price surveillance authority subsequently. We are looking into it, an official said. Services is one area which could be costlier if the standard GST rates are jacked up more than 22%, analysts believe. At present, the services tax rate is close to 15%. In case the standard GST rate is set at 22% or above, services t .....

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r amongst comparable emerging economies… Our recommendations would still place India at the upper end of the standard rates found across comparable countries. It is worth emphasising that the GST is intrinsically a regressive tax and the higher the rate, the greater will be the regressivity. The government is planning to rollout the single most powerful tax reform since independence from April 1, 2017. For that, it will need to pass two GST legislations - CGST and IGST - in the Winter ses .....

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in the manner proposed in GST , so there was strong logic of imposing cess for funding specific purpose task. but now the revenue is proposed to be distributed among states and centre, so why this cess again.The taxes are ultimately going to be collected from the customer , who, in my view are unaware about the discussions and development of GST in actual sense. hence it is the job of trade association, in my view, to represent the authority , requesting the authority to draft tax law keeping al .....

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. the rates may give room to the dealer to mis classify their product in the lower tax bracket to save on tax payment . thus the rates should be such that all items are taxed in 12% and 18% rate and sin tax be 18% plus %. the link is given below for further reading . - Reply By Ganeshan Kalyani - The Reply = In GST council meeting today, four slab have been set at 5%, 12%, 18% & 28% for different items. These tax rate must be approved by Parliament. - Reply By Ganeshan Kalyani - The Reply = .....

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to common use items.Source: NDTV - Reply By Ganeshan Kalyani - The Reply = The peak rate of 28% will apply to luxury goods. Luxury cars, tobacco products and aerated drinks will attract an additional cess on top of the highest tax rate.Source : NDTV - Reply By Ganeshan Kalyani - The Reply = The tax rate agreed upon today must be now be approved by parliament, which meets from November 16 for the winter session. - Reply By Ganeshan Kalyani - The Reply = Fitment or categorization of items for eac .....

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THARRAJEN P S - The Reply = GST regime is round the corner and it will create a substantial change in the Indian Economy.Now the biggest challenge is whether Manufacturers/Traders be relieved from the submission of Concessional Forms like C,F,E-I,E-II,I etc etc etc.As the CST is re introduced as IGST,whether these concessional forms will be abolished or not is a big question.Members valuable views solicited. - Reply By Ganeshan Kalyani - The Reply = Sir concessional form will not be there under .....

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bsequently send to another job worker and likewise, and may, after completion of job-work, allow to- (a) bring back such goods to any of his place of business, without payment of tax, for supply therefrom on payment of tax within India, or with or without payment of tax for export, as the case may be, or (b) supply such goods from the place of business of a job-worker on payment of tax within India, or with or without payment of tax for export, as the case may be: Provided that the goods shall n .....

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Reply By Ganeshan Kalyani - The Reply = The Second day of meeting of GST Council remained inconclusive and state FM s to meet on November 20, 2016 to further discuss and sort out the differences. - Reply By Ganeshan Kalyani - The Reply =

Department of Commercial Taxes Panaji-Goa Procedure for enrollment of existing VAT Dealers on the GST System Portal 1. All registered Dealers under VAT or their Authorized Representatives should visit their respective Ward offices .....

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oprietor/Partners/Directors/Authorized Signatory in JPEG format, max. size 100 KB ; g) Authority letter for Authorized Signatory in PDF or JPEG format, max. size 1 MB ; h) Scanned copy of Bank Pass Book first page and another page showing few banking transactions in PDF or JPEG format, max. size 1 MB before proceeding for online pre-registration. 3. Dealer has to visit www.goacomtax.gov.in Portal and click on the Link Provisional Registration for GSTIN and follow instructions by using provisiona .....

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registration and in case of any difficulties faced in completing online provisional registration, please contact Helpdesk at respective Ward Offices. 7. Please complete your Online Provisional Registration on or before 29/11/2016 and ensure your smooth migration to GST regime and secure all benefits under transitional provisions under the new GST regime. Dipak M. Bandekar Commissioner of Commercial Taxes Government of Goa. Place: Panaji Goa Date: 02/11/2016. - Reply By Ganeshan Kalyani - The Rep .....

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is anyway nervous at the prospect of a Trump win in the US presidential elections.Given the long run-up to the GST agreement, part of the macro benefits such as the formation of a unified market for the country and supply-chain benefits should have been priced into the markets by now. But analysts say the impact of GST-related developments on individual stocks will be felt only after product-wise tax rates are fixed. Also, the multiplicity of rates may lead to a whole lot of litigation by firms .....

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es service tax going up from 15% to 18%.While the aim of multiple tax slabs is to minimize the impact on inflation and government revenues, growth could take a hit in the near term. The perception that goods will become cheaper after the GST could prompt consumers to postpone purchases of high-value consumer goods. Therefore, if the GST is implemented from April 2017, there could be a slightly negative impact on consumer demand in the run up to its implementation (i.e., in Q1 2017), said a Nomur .....

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iven the prevailing ambiguity on many aspects, a Religare Institutional Research report calls GST a leap of faith, adding that even though the structure scores high on progressivity and inflation neutrality, it is against the very essence of a simplified tax regime. There are also challenges such as getting the IT infrastructure in place followed by training of tax officers for a smooth integration.In short, while GST is now likely to be a reality soon, much depends on its implementation.Source .....

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y Ganeshan Kalyani - The Reply = Sharing an article on How India is on a verge of turning its good tax bad.http://www.gstindia.com/gst-how-india-is-on-the-verge-of-turning-its-good-tax-bad/ - Reply By Ganeshan Kalyani - The Reply = Sharing an article on tax rate . CII states that GST rate to be one or two tax slab rate. - Reply By Ganeshan Kalyani - The Reply = Sharing an article on impact of GST rate on company . - Reply By Ganeshan Kalyani - The Reply = Sharing an article - All India Gems and .....

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ani - The Reply = The GST Council at its meeting on November 4 failed to reach a consensus on which category of assessees would be governed by the Centre and which by states. Majority of states want a dual control structure. Below ₹ 1.5 crore turnover, states should tax, above ₹ 1.5 crore, it can be vertical division, Issac said. - Reply By Ganeshan Kalyani - The Reply = Dr Jitendra Singh said that the State of Jammu & Kashmir and the business community will have to come out of t .....

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16, 2017, and if it is not implemented by then, states will not be able to collect their share of taxes, and hence, there is not enough scope to further delay the decision, Jaitley said at an economic editors conference here. - Reply By Ganeshan Kalyani - The Reply = The Centre has circulated the draft goods and services tax (GST) Bills with the states...... - Reply By Ganeshan Kalyani - The Reply = GSTN had received over 300 applications from private firms who were seeking to become GST Suvidh .....

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Tax Department and Gujarat Commercial Tax department has published guidelines to register in GSTN . - Reply By Ganeshan Kalyani - The Reply = The Gujarat government announced the commencement of GST enrolment drive, under which existing tax payers registered under various state and central tax regimes, such as VAT, need to apply online to get the Goods and Service Tax Network (GSTN) number. - Reply By Ganeshan Kalyani - The Reply = The Winter session has begun. but the parliament is unlikely to .....

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India to familiarize them on the important features of GST.The Seminar is being organised by the GST Council in national capital. - Reply By Ganeshan Kalyani - The Reply = The Central Government has circulated the draft of the three GST related Bills -the Central Goods and Services Tax Bill, the Integrated Goods and Services Tax Bill, the Goods and Services Tax (Compensation for Loss of Revenue) Bill - to the State Governments.States have been given seven days to send their suggestions/ comment .....

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e service tax, services would become costlier given that the current service tax rate is 15 and the expected GST rate on most services would be taxed at a standard rate of 18 percent. - Reply By Ganeshan Kalyani - The Reply = The central government would compensate GST related revenue loss to the states for the first five years. - Reply By Ganeshan Kalyani - The Reply = GST is a destination-based tax levied on supply of goods and services simultaneously by both the central and state governments. .....

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most suitable States . - Reply By Ganeshan Kalyani - The Reply = Compliance cost for logistics companies is likely to increase since transporters whose vehicles pass through multiple states would need registration in each of these states to take input credit for expenses incurred in that state. - Reply By Ganeshan Kalyani - The Reply = Supply of goods without consideration are deemed as supply and would be subject to tax under GST regime. Thus free samples and promotional material in case of FMC .....

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sation should be very strong to provide such details. - Reply By Ganeshan Kalyani - The Reply = Every dealer is going to cover under GST . The threshold proposed is so low. This means the compliance is utmost important from seamless flow of credit which Ultimately depends upon the IT of a company . - Reply By Ganeshan Kalyani - The Reply = GST is most significant tax reforms . - Reply By Ganeshan Kalyani - The Reply = All dealers need to be ready to implement GST when the date of implementation .....

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- The Reply = GSTN is a not for profit organisation created for special purpose. - Reply By Ganeshan Kalyani - The Reply = GST will result better tax conplaince under GST due to better network . - Reply By Ganeshan Kalyani - The Reply = Complaince cost under GST is going to increase. - Reply By Ganeshan Kalyani - The Reply = The list of goods covered under the proposed tax structure is expected by the dealers to analyse the impact of increase/ decrease in the business expense income etc due to .....

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e required to file fresh application in the GST Common Portal for the State in which the tax payer desire to seek registration. Also, tax payer needs to inform its Central Jurisdictional Authority. - Reply By Ganeshan Kalyani - The Reply = Government has launched the existing registration migration project under GST. Existing tax payer registered under VAT/ ST/ Excise have to migrate their registration as per allotted dates. - Reply By Ganeshan Kalyani - The Reply = The Lok Sabha had already lis .....

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/gst/revised-gst-lawsThanks. - Reply By Ganeshan Kalyani - The Reply = States will receive provisional compensation from Centre for loss of revenue from implementation of GST every quarter but the final annual number would be decided after an audit carried out by CAG. - Reply By Ganeshan Kalyani - The Reply = Supplies made to SEZ units to be treated as zero rated supplies under GST. - Reply By Ganeshan Kalyani - The Reply = The government is keen to ensure that the three legislations are approve .....

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gits represent the PAN of the tax payer. The thirteenth digit represents the entity number of the same PAN holder in a state. The Fourteenth digit represents the alphabet Z by default and the last digit represents - check sum digit. - Reply By Ganeshan Kalyani - The Reply = The draft law would be taken up for consideration by the GST Council headed by Finance Minister and comprising all States representative at rhe next meeting in December . - Reply By Ganeshan Kalyani - The Reply = Centre to pa .....

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e a game changer. It is an efficient tax system . It will certainty help the consuming States. - Reply By Ganeshan Kalyani - The Reply = GST provisional registrations are started only for those who are already registered with Sales Tax Department. The registrations has not been started for those taxpayers who provide only services. - Reply By Ganeshan Kalyani - The Reply = The government is not in favour of restricting the administration of businesses up to ₹ 1.5 crore to state tax authori .....

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eting on December 11, 12. - Reply By Ganeshan Kalyani - The Reply = Confederation of All India Traders (CAIT) suggested that there should be one single return and single authority to control the taxation system and only then the tax net will be widen and revenue will be increased. However it seems that States would like to retain some administration control with them. - Reply By Ganeshan Kalyani - The Reply = Punjab Pradesh Byopar Mandal (PPBM) says that the processig unit vanished from this bor .....

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y Ganeshan Kalyani - The Reply = Union Finance Minister says, GST Council is deliberating on ways to reduce the taxation process, including assessment by tax officials. Today, each person gets assessed thrice, in each of the three taxations (including VAT and central excise). Now, you will only be assessed once and what one authority assesses, others will have to accept that assessment, he said. - Reply By Ganeshan Kalyani - The Reply = Whether GST will be implemented w.e.f. 01.04.2016 or by Sep .....

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act . - Reply By Ganeshan Kalyani - The Reply = GST is a game changer. It subsumes various indirect taxes both levied by States as well as Central Government . The dealers were to deal with various department like Sales tax, Excise, Octroi etc. which was tedious job. Liasioning with Government department , no doubt, consumes time but also gives stress and tension . The assessment procedure is lengthy . Also appointing an Consultant to take care all these cases with different authority is costly .....

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t tax credit matching task would become a continuous task and there is going to be a huge data uploaded into GSTN and mismatch is ought to happen . Overall there is really a need for deducted staff for gst in a big company . - Reply By Ganeshan Kalyani - The Reply = Return for outward supply is required to be filed by 10th and inward supply by 15th and return to be filed with combined detail by 20th. Also there would be ISD return to be filed and Wct return as well. Thus, a dedicated staff to lo .....

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f GST seems defeated . Now it can be said that old system of having various rate and item schedule kept same under GST . What is new in this ? .This thought of few are correct but they need to rest assure that alteast by subming various tax seamless credit is allowed which in long run would reduce the tax rates. Something is better than nothing . Some change is better than no change. - Reply By Ganeshan Kalyani - The Reply = One of the requirement that need to be taken care is accounting syatem. .....

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shan Kalyani - The Reply = Companies with minimum transaction may not go for higher version accounting software. with lesser data the compliance is managible . - Reply By Ganeshan Kalyani - The Reply = As regard learning GST, conferences are also organised. - Reply By Ganeshan Kalyani - The Reply = The roll-out of the Goods and Services Tax (GST) regime is set to miss the April 1, 2017 deadline. It looks increasingly improbable that the three GST enabling Bills - the Central GST, Integrated GST .....

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rates. - Reply By Ganeshan Kalyani - The Reply = Recently GST Council decided on having a four tier rate structure under GST in India. It sparked a debate on possibility of having a one tax rate structure. CBEC Chief Najib Shah says that How can you possibly have one rate for edible oil and car or for atta and computers. We cannot have one rate. We have to have multiple rates. - Reply By Ganeshan Kalyani - The Reply = Zero-rated supply refers to items that are taxable, but the rate of tax is Ni .....

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the Parliament said, The kacha bill and pakka bill system in our country has helped mobilize back money. GST will help put an end to this. - Reply By Ganeshan Kalyani - The Reply = CII Director-General Chandrajit Banerjee has said : The GST should begin with an absolute limit of four rates as suggested by the Government, and over time, government should commit to converging these four rates to one or two rates. - Reply By Ganeshan Kalyani - The Reply = Tax experts said the April,1 GST rollout d .....

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Parliament but now it appears that the legislations may be placed in the budget session which starts in January. - Reply By Ganeshan Kalyani - The Reply = FM says, The luxury of time is not available to us because 1st April is the first possible day for GST implementation and if that does not happen then the last date constitutionally defined is 16th of September 2017. So the discretion as to when to implement GST is only five months and 16 days and that's why we don't have the luxury of .....

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ive backing , taxes could not be levied. - Reply By Ganeshan Kalyani - The Reply = The GST Council has announced that demerit goods like tobacco will be subject to the highest GST rate of 28 plus an additional cess. Tobacco taxation as a fiscal policy is a 'win-win' situation. It not only increases revenue generation but also reduces the consumption of tobacco especially for the young and poor. - Reply By Ganeshan Kalyani - The Reply = India's GST reform is a historic opportunity to .....

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ased a report card highlighting progress on GST implementation. The report card indicates that Government of India lost no time in implementing the GST so far. It has taken number of important decisions to pave way for roll out of GST with effect from 1st April 2017. - Reply By Ganeshan Kalyani - The Reply = With the introduction of GST most of the central and state taxes / duties will be subsumed under GST . Thus it is expected that the incentives available to domestic manufacturers under the c .....

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eply = Jaitley suggested there is a need that each assessee is assessed only once since central taxes like excise and service tax and state levies like VAT are being subsumed into one. You have the pre-existing (tax) machinery of the Centre and states. (It has to be decided) how the burden of this assessment is going to be shared between the Centre and states and how we cross-empower both the Centre and states, he said further.Saying GST will usher in a common taxation and should lead to a feder .....

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stitutional amendment legislation that allows a national sales tax by subsuming central and state levies. - Reply By Ganeshan Kalyani - The Reply = According to the finance minister, there are about ten important decisions that have already been taken through consensus. The legislations which have to be passed by Parliament and state legislatures are currently in the process of being drafted. - Reply By Ganeshan Kalyani - The Reply = Describing it as an opportune time to invest in India, Prime M .....

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, there will be one tax allowing companies to save from the existing cumulative 25-30% tax burden and reduce it to 17-18% through a single unified tax and the advantage of logistics and processing costs thereof, said K Krishnamoorthy, Chairman, India Electronics & Semiconductor Association. - Reply By Ganeshan Kalyani - The Reply = All entities exempted from payment of indirect tax under any existing tax incentive scheme would pay tax in the GST regime and the decision to continue with any i .....

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masala and tobacco products, over and above the rate of 28% for payment of compensation to the States. - Reply By Ganeshan Kalyani - The Reply = States would be compensated for 5 years for loss of revenue due to implementation of GST, the base year for the revenue of the State would be 2015-16 and a fixed growth rate of 14% will be applied to it. - Reply By Ganeshan Kalyani - The Reply = The threshold limit for exemption from levy of GST would be ₹ 20 lakhs for normal States and ₹ 1 .....

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es with bands of GST. - Reply By Ganeshan Kalyani - The Reply = The GST related draft laws and Provisions for cross empowerment to ensure single interface under GST are under consideration of the GST Council. 99 Sections of the Model GST Law have already been discussed by the Council and remaining Sections will be discussed in the next meeting of the Council scheduled for 22-23 December, 2016. - Reply By Ganeshan Kalyani - The Reply = Winter session of Parliament started in November 16, 2016 and .....

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ral meeting (AGM) of FICCI. - Reply By Ganeshan Kalyani - The Reply = Indian Medical Association has requested the government to exempt healthcare services provided by private hospitals. We feel that that the GST exemption of healthcare services offered to government institutions in the proposed tax structure should be extended to the private sector as well said Dr K K Aggarwal, the national president-elect of Indian Medical Association. - Reply By Ganeshan Kalyani - The Reply = In GST Council m .....

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iscussed 99 sections and a few clauses need to be redrafted. We would change that during the course of time. Hopefully, in the next meeting we would be able to clear the legislation part, Jaitley said.Next GST Council meeting will take place on December 22-23. - Reply By Ganeshan Kalyani - The Reply = Central Board of Excise and Customs (CBEC) yesterday said that it has started the exercise of putting the goods in the four tax slabs. We have started the exercise of putting goods into various tax .....

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ly By Ganeshan Kalyani - The Reply = Proposed model GST Law calls for three monthly statements and annual return at minimum per state. It also speaks of input credit matching. In all likelihood, compliance is set to go up. Therefore, systems should be in sync to throw reports that would enable timely compliance. - Reply By Ganeshan Kalyani - The Reply = As per the proposed GST Law, zero rated supply means any of the following taxable supply of goods and/or services, namely -(a) export of goods a .....

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supply, shall be treated as a supply of such principal supply; (b) a mixed supply comprising two or more supplies shall be treated as supply of that particular supply which attracts the highest rate of tax. - Reply By Ganeshan Kalyani - The Reply = Section 48 of the Revised Model GST Law provides for refund of un-utilized input tax credit to exporter of goods/ services. Under original Model GST Law, 80% upfront refund within sixty days sanctioning clause was inserted i.e. on provisional basis s .....

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most effected since under current law, almost every service provider is operated under centralised registration scheme wherein 2 returns in a year is all they file. Under GST, the dealers need to file their return for every states where they have business operations after getting GST registration . - Reply By Ganeshan Kalyani - The Reply = Real Estate sector is likely to be taxed at 18%. Experts believe that GST rate of 18 per cent would be higher than the current effective rate of VAT and servi .....

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Sumit Lunker said the April 1 rollout deadline seems challenging, as the CGST and IGST laws can be passed only in the Budget Session in early February. Thereafter, states will have to pass the SGST law in their assemblies. After the law is passed, industry would need at least 3-4 months time to be GST ready, especially on the IT infrastructure front. Most IT companies would come out with their patches and updates after the final law is crystallised. July 1 appears to be a more feasible date for .....

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already cleared discussion on 20 chapters and only 7 chapters remain. While the issue of dual control remains unresolved till date, state governments across the country are keen to implement GST at the earliest. I am hopeful that the GST Council in its December 22-23 meeting will arrive at a consensus on the pending issues, he said. - Reply By Ganeshan Kalyani - The Reply = Deloitte Haskins & Sells LLP Partner Prashant Deshpande said practically April 1 deadline looks unachievable because of .....

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, consensus on dual control could not be established.However, to bring this back on track, GST Council meeting was called on December 22-23. Here s what can be expected from 2 day meeting starting tomorrow:1. Finalisation of GST Bills2. Achieve consensus on dual control/ administration. - Reply By Ganeshan Kalyani - The Reply = Central Board of Excise and Customs released Frequently asked Questions (FAQs) in English. Later, for benefit of trade and to achieve wide reach - FAQs are understood by .....

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ystem as well and ensure that they are technology enabled for doing the GST compliances, which is critical for claiming the GST credits. With a bit of delay in the GST implementation, industry will be better geared up for transitioning their systems and processes. says Pratik Jain, partner and leader indirect tax, PwC - Reply By Ganeshan Kalyani - The Reply = The Goods & Services Tax (GST) Council yesterday approved structure of Central Goods & Services Tax (CGST) and State Goods & S .....

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ses accruing on account of the adoption of the new tax regimeThe stage is now set for a dialogue on the final agenda item: cross empowerment. The council will meet on 3-4 January to resolve this issue. - Reply By Ganeshan Kalyani - The Reply = The Centre will impose a cess on luxury items like high-end cars and demerit goods including tobacco, pan masala and aerated drinks, over and above the highest 28%. Under the structure, the clean energy cess and cess on luxury items and demerit goods would .....

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he first five years of the GST roll out. - Reply By Ganeshan Kalyani - The Reply = The council will again meet during January 3-4, to hammer out an agreement on the issue of dual control or cross-empowerment .The original deadline to roll-out GST from April 1, 2017 appears increasingly unlikely. Our effort is to make it early as possible, Jaitley said.Source: money control - Reply By Ganeshan Kalyani - The Reply = Under GST, the states and the Centre will collect identical rates of taxes on good .....

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n Kalyani - The Reply = The Centre is pushing for a vertical division of the assessee-base without a turnover threshold. Under this model, both states and the union government will have oversight powers on a certain fixed proportion based on the number of assessees, rather than the turnover. - Reply By Ganeshan Kalyani - The Reply = Jaitley said that a committee is concurrently working on the classification exercise-a comprehensive list specifying the tax rate that each good and service will att .....

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is being offered for digital premium payments for PSU general insurers should also be extended to other insurers. Source : money control - Reply By Ganeshan Kalyani - The Reply = MS Mani, Indirect tax expert at Deloitte said that clearing CGST is a positive step in the GST process. Demonetisation and GST both are directed towards pushing unorganized sectors into organised, Mani added. - Reply By Ganeshan Kalyani - The Reply = We have cleared the Model GST Law, and all the procedural parts&hellip .....

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id, adding that the cess collections will be exclusively used by the Centre to compensate states. - Reply By Ganeshan Kalyani - The Reply = The centre, on the other hand, is keen on equal division of all assesses between the two authorities to ensure single interface with any one authority in line with constitutional amendment. It has mooted the idea of crossempowerment wherein both authorities can work in tandem on key functions of audit and registration of new assesses - Reply By Ganeshan Kaly .....

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, has resulted in a commensurate reduction in the price of the goods or services supplied.Also, the authority would have powers to impose penalties where the prices of goods or services supplied are not reduced. While the intent of such a proposal cannot be questioned, the industry believes that it will be very difficult to implement and the costs of compliance and administration will significantly outweigh the risks that some businesses will seek to profiteer from the change in indirect tax sys .....

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services tax (GST) regime. - Reply By Ganeshan Kalyani - The Reply = Telecom is an infrastructure service designated as an essential service under the Essential Services Maintenance Act, 1968, and is availed by masses, said Rajan Mathews, director- general of the Cellular Operators Association of India (COAI). - Reply By Ganeshan Kalyani - The Reply = FM impressed upon the gathering the importance of coordination between the Central and the State administration in smooth transition from the old .....

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- The Reply = While the entire enrolment process is online driven, users are facing various challenges in conversion. Sales tax bar association (Delhi) has written to Delhi VAT Commissioner highlighting problems faced by dealers. - Reply By Ganeshan Kalyani - The Reply = Union Minister for Parliamentary Affairs H N Ananth Kumar today expressed hope about the roll out of the Goods and Services Tax (GST) regime from coming April, saying the government is pushing ahead with the agenda. - Reply By G .....

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y Ganeshan Kalyani - The Reply = In GST Council meeting beginning today - GST Council is expected to form consensus on Dual Control administration and discuss IGST Law. Thereafter, present the laws before parliament in budget session. - Reply By Ganeshan Kalyani - The Reply = Not even a single assessee registered in J&K has converted to GST. The reason being state government has not participated in this grand transition to GST plan.Currently, J&K is outside the purview of Service Tax. J& .....

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nd Industry Minister Nirmala Sitharaman said refund of taxes takes about six to eight months and hence it is necessary to give an ab-intio exemption . - Reply By Ganeshan Kalyani - The Reply = Concept of centralised registration did not find space under the Model GST Law. This meant that every service provider who has single/ centralised registration will have to de-centralise and register in multiple states. Implying, multi fold increase in compliance. Mutiple assessments, audits, litigation et .....

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ndia by virtue of their business e.g. Telecom operators like Airtel, Vodafone and Banks like ICICI, HDFC. - Reply By Ganeshan Kalyani - The Reply = The gst enrolment process kicked off on 8th November 2016. As per the figures released in GSTN in only 7 states/UT more than 50% assessees have enroled under GST.Following States are ahead in GST enrolment with maximum number assesses. These are:1. Gujarat - 78.52%2. Madhya Pradesh - 77.68%3. Chhattisgarh - 74.66%4. Rajasthan - 67.7%5. West Bengal - .....

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cise duty and collections from other indirect taxes (excluding customs) that the Centre expects to earn between April to September, instead of full-year projections. - Reply By Ganeshan Kalyani - The Reply = Nasscom President R Chandrashekhar highlighted the issue of de-centralized registration under GST. He said that under IT sector contracts are central but services are provided from multiple locations and are delivered within and outside India. This raises serious challenges with invoicing an .....

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stoms Excise & Narcotics (NACEN) has released video tutorials to explain registration and refunds under GST in very simple way. You can watch the video from below links:1. Refunds under GST2. Registration under GSTThe videos explain how refunds and registration process would work under GST. Hope you find them useful! - Reply By Ganeshan Kalyani - The Reply = There is some thinking of an increase in the service tax rate in case the GST is not implemented from April. A higher rate will help im .....

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under service tax law for exemption is likely to raised from ₹ 10 lacs to ₹ 25 lacs. Increasing the cap will suit startups and other small scale ventures to stay out of service tax net. It also eases compliance and administrative hassles some bit for them. A government official said. - Reply By Ganeshan Kalyani - The Reply = Goods and Services Tax will usher in a very simple and less burdensome taxation regime as it will be a single rate indirect tax which can be paid by debit/credit .....

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edure, it will become very very simple for the people to pay taxes, Adhia said. - Reply By Ganeshan Kalyani - The Reply = GST taxes can be paid by way of NEFT, RTGS, cheque, and debit/credit cards etc. - Reply By Ganeshan Kalyani - The Reply = GST is a very very simple thing to follow, it is going to be very easy for all of you. There will not be any border restriction when you move goods from one state to another. And many of the small small taxes will go away. It will be one unified tax, Adhia .....

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ile 51 per cent is controlled by private companies, including HDFC, ICICI Bank among others. Some of these private entities are controlled by foreign institutional investors (FIIs). - Reply By Ganeshan Kalyani - The Reply = Nagesh Rao, nodal officer and Joint Commissioner of Commercial Taxes, VAT Division, Mysuru, said the window for registration for migration in Karnataka is January 1 to 15. This would ease the process of registration as there is a dedicated line and bandwidth, which would ensu .....

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Kalyani - The Reply = The Rajasthan state government will incorporate the provisions of Goods and Service Tax (GST) in the budget even if its implementation is delayed by the Centre beyond April.The budget will have separate heads under GST and well-laid guidelines of tax distribution. Sources claim the budget will be presented like every year in the same format but with additional features. - Reply By Ganeshan Kalyani - The Reply = Companies will now start locating manufacturing plants on the .....

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iday would not be extended after September 16 when GST comes into force. - Reply By Ganeshan Kalyani - The Reply = GST regime is slated to subsume state levies like VAT or CST. Under GST, the taxes would be collected by a state where the goods are sold and not where the goods are manufactured. - Reply By Ganeshan Kalyani - The Reply = The Budget session will conclude by the first week of February. It may not be possible for the government to introduce the GST Bill in the Budget session of the Le .....

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businesses would be divided in the ratio of 50:50 between Central Government and the States. - Reply By Ganeshan Kalyani - The Reply = GST is now expected to be rolled out by 1st July 2017, as opposed to the earlier date of 1st April 2017. - Reply By Ganeshan Kalyani - The Reply = Addressing media post conclusion of ninth GST Council meeting, FM Arun Jaitley has said that the new deadline for GST rollout is July 1. - Reply By Ganeshan Kalyani - The Reply = GST Council would meet again on Feb 18 .....

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ased to 16 or 18 percent in the Union Budget. This would result in higher revenues to centre as compared to GST regime where rate is likely to be lower for some selected services. - Reply By Ganeshan Kalyani - The Reply = The trade and industry should familiarise themselves with the goods and services tax (GST) to be rolled out later this year and make all efforts in coordination with the tax departments to make it a success, says Commissioner of Customs, Central Excise and Service Tax B Hareram .....

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ral adverse effects to the economy if there is any increase in power tariffs due to the new tax regime. - Reply By Ganeshan Kalyani - The Reply = It is estimated that the Government shall levy tax between 12 per cent and 18 per cent on services, depending on its classification based on essential and non-essential services as a move towards the final GST rate. - Reply By Ganeshan Kalyani - The Reply = The GST will replace multiple indirect taxes like the central excise, sales tax, VAT and service .....

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g a service charge tax of around 14.5-15% for all broadcast services like Television that includes Cable and DTH also films and digital content. Besides this, an entertainment tax of around 8-12% is further levied increasing the average tax to as much as 25%. However, once GST comes into play, consumers would have to pay a single tax that can be anything between 18-20%. Hence, the overall tax burden on consumers is set to reduce. - Reply By Ganeshan Kalyani - The Reply = Under GST, service tax o .....

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icantly improve the ease of doing business in India. - Reply By Ganeshan Kalyani - The Reply = Mr. Rakesh Bhargava, director, Taxmann, said that July 1 is more realistic deadline for the rollout of GST. It's a welcome step. The government seems to have felt the pain of the industry and decided to give it ample time to make the required changes before getting GST implemented, he said. - Reply By Ganeshan Kalyani - The Reply = While the goods and services tax (GST) tax structure has been annou .....

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ed GST rates. - Reply By Ganeshan Kalyani - The Reply = In a letter to Arun Jaitley, the All India Association of Group B Central Excise Gazetted Executive Officers, said the decision to transfer 90% of service tax assessees to states is not supported by any lawful and logical base and therefore, the decisions taken by GST Council is not correct. - Reply By Ganeshan Kalyani - The Reply = The Association further said that the service tax assessees falling within the annual turnover limit of ͅ .....

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nto a single market, boost revenues through better compliance and simpler procedure - Reply By Ganeshan Kalyani - The Reply = Since inception of the GST council last year, eight meetings have already taken place during which most of the issues between the States and Centre got resolved and the Government has now been able to reach a broader consensus on the model GST legislations and the same have been sent to the Ministry of Law for review. - Reply By Ganeshan Kalyani - The Reply = The GST Coun .....

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Sales tax as well as state-level taxes such as, VAT or sales tax, Entertainment tax, Entry tax, Purchase tax, Luxury tax and Octroi will subsume in GST. - Reply By Ganeshan Kalyani - The Reply = Petroleum and petroleum products will be subject to GST on a date to be notified by the GST Council. Alcohol for human consumption will be out of GST; states will continue to levy taxes on alcohol. Tobacco products will be subjected to separate Excise Duty by the Centre over and above GST. - Reply By Gan .....

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taxable base, would attract an additional cess over and above the higher rate of 28 per cent, Revenue Secretary Hasmukh Adhia told reporters. - Reply By Ganeshan Kalyani - The Reply = With most services likely to attract a tax of 18 percent under GST, finance minister Arun Jaitley will likely raise the existing service tax rate in the budget for 2017-18 to align it closer the GST rate. - Reply By YAGAY AND SUN - The Reply = Vijay Kelkar backs single GST rate, says it's easier to roll out - R .....

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Over 50,000 officers are planning to protest on 30 January against the decision which they estimate will leave as many as 40% of CBEC employees without work - Reply By YAGAY AND SUN - The Reply = JAM, GST and DeMon make for gain with short-term pain: Arvind Narayanan, DBS Bank - Reply By YAGAY AND SUN - The Reply = Keep healthcare out of GST purview: Assocham - Reply By YAGAY AND SUN - The Reply = GST tableau in Republic Day parade. - Reply By YAGAY AND SUN - The Reply = GST to ease loan access .....

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raised the GST issue in Parliament. Referring to the IRS officers and other Customs and Central Excise officials, present at the meeting, as colleagues , he called upon them to take up the issue collectively to the Centre by involving the trade. On the issue of delays in the promotion of Customs officers, the MP said the CAT judgment on the applicability of reservations was referred to the Supreme Court and the latter suggested an amendment of the Constitution in this regard. The Amendment Bill .....

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notice of the Centre. Commissioner of Customs B. Hareram underlined the importance of Data analysis in Custom clearances and other port-related services and activities. He spoke about the expansion of port and other allied activities, congestion at ports, establishment of Container Freight Stations and various aspects of customs, tariff and non-tariff barriers. Chief Operating Officer of VCTPL Sushil Mulchandani spoke on data sharing and appreciated the proactive role played by the Custom offici .....

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olices. Global Growth Faltering . Brexit and its Implications. Effect of Demonetisation Disruption on GST - Reply By YAGAY AND SUN - The Reply = Customs and excise officials upset with GST administration deal with states - Reply By YAGAY AND SUN - The Reply = GST: Centre, States reach consensus over dual control, rollout likely from July 1 - Reply By KASTURI SETHI - The Reply = Still the situation is fluid. The possibility of further postponement to 1.9.2017 cannot be ruled out. - Reply By Ganes .....

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- The Reply = Tech players brace for GST impact, want manufacturing norms to ease. - Reply By YAGAY AND SUN - The Reply = Solar players expect tax incentives in budget, uncertainty over GST remains. - Reply By YAGAY AND SUN - The Reply = Budget 2017: Lower tax rates, definitive GST plan and other expectations post demonetisation Considering this rough run-up, there are high expectations of the government announcing various feel-good factors in the Budget 2017. - Reply By YAGAY AND SUN - The Repl .....

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alyani - The Reply = GST council is going to meet on 18th February. - Reply By Ganeshan Kalyani - The Reply = The rate of GST product wise is expected to analyse the impact on there working capital and on business. - Reply By Ganeshan Kalyani - The Reply = Compliances are going to be a big concern for big industries having huge transaction and having many branches. It is also going to be a big concern for service industries. Untill now they have single centralized registration for service tax. U .....

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ia should start with a uniform low rate GST. - Reply By YAGAY AND SUN - The Reply = Union Budget: Encouraging to see govt committed to GST in 2017 It was great to see that Arun Jaitley preferred to avoid making changes in the current excise and service tax regime since GST is around the corner - Reply By YAGAY AND SUN - The Reply = With GST roll-out, we are cautious of indirect tax forecast for FY18. - Revenue Secretary - Reply By YAGAY AND SUN - The Reply = Services are likely to be taxed at a .....

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a opened - Reply By YAGAY AND SUN - The Reply = GST To Smoothen Taxation, Bring In Transparency: Experts At an interactive awareness programme for start-ups, the experts said the government is expected to resolve the queries of entrepreneurs regarding GST. - Reply By YAGAY AND SUN - The Reply = GST roll out next fiscal: Is the govt looking at changing the financial year? - Reply By YAGAY AND SUN - The Reply = GST decisions under states' pressure, reverse them: IRS - Reply By YAGAY AND SUN - .....

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- Reply By YAGAY AND SUN - The Reply = GST to simplify tax structure, boost revenue mop up - Reply By YAGAY AND SUN - The Reply = All cesses, barring petroleum, to be merged in GST: Hasmukh Adhia It was decided that even though all other cesses would be subsumed in the GST, the Centre would continue to levy clean environment cess on coal, peat and lignite. - Reply By YAGAY AND SUN - The Reply = IT and technology companies want relaxation of manufacturing norms as GST approaches. - Reply By YAGA .....

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sue that deals with assessee jurisdiction, deferring target for its roll-out to July 1. I am trying my best (on deadline of April 1). There was a broad view that July 1 appears to be a more realistic date for the implementation, Jaitley said at a press briefing after today's GST Council meet ended. We discussed cross empowerment issue whole day but..., Jaitley said. He, however, said there were agreements on some other issues, including an agreement that integrated GST (law) will be mutually .....

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ultiple indirect taxes. Broadening of the tax base with reductions in exemptions/concessions. Creation of a unified common market. Simplified/uniform tax compliance and administration across India. - Reply By YAGAY AND SUN - The Reply = As GST may be introduced at a short notice owing to political compulsions, the time available for businesses to analyse the impact of GST and make changes across business functions will remain a significant challenge. An effective and seamless transition to the n .....

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cted that they are likely to get a shorter window to prepare for the transition. Hence, businesses need to accord high priority on the transition in order to realise the full-scale benefits of GST. - Reply By YAGAY AND SUN - The Reply = Time is of the essence - act now As GST may be introduced at a short notice owing to political compulsions, the time available for businesses is less. - Reply By YAGAY AND SUN - The Reply = Anti-profiteering provision in GST law is retrograde. Section 4 of the Co .....

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cult under GST, says revenue secretary Apple has asked for 15-year CVD on imported components to begin manufacturing in India. - Reply By YAGAY AND SUN - The Reply = Concessions to Apple under GST regime not feasible: Hasmukh Adhia - Reply By YAGAY AND SUN - The Reply = Cesses set to go with GST see increase in Budget Budget pegs the cess and surcharge collections for FY18 at ₹ 2.96 lakh cr - Reply By YAGAY AND SUN - The Reply = Startup Oasis organised awareness session on Impact of GST on .....

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on countervailing duty on imported components, as GST does not allow for individual exemptions. - Reply By YAGAY AND SUN - The Reply = Centre assures realty sector of revenue neutral GST rate. - Reply By YAGAY AND SUN - The Reply = Credai, the apex body of private real estate developers, today said that it is expecting a revenue-neutral GST rate without any adverse impact on realty prices, a relief for the sector. - Reply By YAGAY AND SUN - The Reply = Credai expects GST rate to be neutral for .....

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BC-TV18 in an interview on the sidelines of the Edelweiss India Conference. - Reply By YAGAY AND SUN - The Reply = CAIT to train 5,000 traders as 'Master Trainers' for GST The Confederation of All India Traders (CAIT) today said it will prepare 5,000 trade leaders across the Country as 'Master Trainers', who will be responsible to empower and educate the trading community about Goods and Services Tax (GST). - Reply By YAGAY AND SUN - The Reply = GST positive for fiscal consolidat .....

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lso continue and will clear all the pending cases of VAT in near future and after that they may cease to function. - Reply By YAGAY AND SUN - The Reply = Realty will pick up post GST implementation, says Adi Godrej Adi Godrej, Chairman, Godrej Group on Wednesday said that realty will pick up post implementation of Goods and services tax (GST). GST can add 1.5-2% to GDP, he said. - Reply By YAGAY AND SUN - The Reply = Blue Star J&K plant awaits clarity on GST compensation Air conditioning and .....

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meeting on February 18, said Ram Tirath, Member, Central Board of Indirect Taxes. - Reply By Ganeshan Kalyani - The Reply = Model Goods and Services Tax (GST) law, which is presently being examined by the department of law, is likely to be finalised by the end of this month, said a senior official from the Finance Ministry. The model law will set the path for rolling out of the GST from July 1, 2017. - Reply By Ganeshan Kalyani - The Reply = In the second leg of Budget session, which is starting .....

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Draft Model Goods And Services Tax (GST) Law. - Reply By YAGAY AND SUN - The Reply = Cong says govt delaying GST implementation Congress today accused the government of being insensitive towards implementing GST and said the blame for delaying the key tax reform measure for three years should be on the Modi dispensation. - Reply By YAGAY AND SUN - The Reply = Land, real estate should be brought under GST: Delhi deputy CM - Reply By YAGAY AND SUN - The Reply = Govt hopeful of passing GST bills in .....

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y By YAGAY AND SUN - The Reply = Differentiated tax in GST good for beverages sector: Coca-Cola The Atlanta-headquartered beverages giant said differentiated tax structure will be an opportunity for it to expand its products range in the country. - Reply By YAGAY AND SUN - The Reply = 4-tier GST rate may lead to classification disputes: Study - Reply By YAGAY AND SUN - The Reply = Film and television industry lobbies for lower GST rate Anything more than a 5% rate would be damaging to the indust .....

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Avendus' Andrew Holland Valuations are challenging. We are seeing early signs of pick-up from demonetisation but its not a V-shape pick-up and will not be a V-shaped recovery - Reply By YAGAY AND SUN - The Reply = Cos rush to merge arms for better efficiency under GST. - Reply By YAGAY AND SUN - The Reply = Adi Godrej expects double-digit GDP growth once GST kicks in Going ahead, remonetisation will spur the company s earnings in the fourth quarter ending March 2017, Godrej Group Chairman A .....

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Y AND SUN - The Reply = Apply higher tax on tobacco products under GST:Experts - Reply By YAGAY AND SUN - The Reply = GST could raise solar tariffs by 10%: Report - Reply By YAGAY AND SUN - The Reply = Solar tariffs in India may rise by nearly 10 per cent if current tax exemptions are curtailed under the proposed Goods and Services Tax (GST) regime, a local think-tank dealing with energy and environment issues has said. India's emerging solar sector could see tariffs rise by nearly 10 per ce .....

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ustry bats for lower rate of GST; says over 5 per cent tax will hamper the growth - Reply By YAGAY AND SUN - The Reply = Here s how CIOs can manage the complexities arising out of GST.In an interview with ETCIO.COM, DD Mishra, Research Director, Gartner explains the various ways in which GST will impact the IT systems and how CIOs can manage the complexities arising from it. - Reply By YAGAY AND SUN - The Reply = Retailers seek early implementation of GST Industry body Retailers Association of I .....

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aw itself. - Reply By YAGAY AND SUN - The Reply = GST Council meeting: States allowed to tweak taxpayer division after consulting CentreConcession over & above 90:10 division of taxpayers below ₹ 1.5-cr threshold. - Reply By YAGAY AND SUN - The Reply = The road to GST: a thin margin of error. Not just a tax change, it is being looked at as a business transition-and that means CEOs must get it right. - Reply By YAGAY AND SUN - The Reply = GST Council to finalise draft model GST law tomo .....

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to compensate states for revenue loss. - Reply By Ganeshan Kalyani - The Reply = The GST Council has formally approved the compensation law and the same would now be tabled before the cabinet for their approval. With regard to revised draft of the laws the same would be vetted and presented in the next meeting of GST Council to be held on 04 and 05 March 2017. - Reply By YAGAY AND SUN - The Reply = India should learn from other nation's GST experience: CII-Deloitte Report Countries like Mal .....

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YAGAY AND SUN - The Reply = What's so great about GST? The judgment is reserved until we find out how the amended Goods and Services Tax Bill works. It is true that it is difficult to stand up to perverse majoritarian governments. But knocking out Parliament's working is too big a price to pay for unruly dissent. We cannot deny Parliament as theatre, but its cessation by bad behaviour is bad theatre. It does not matter which party is in power. After this amendment, Parliament needs be pu .....

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e burden of taxation on the consumer - especially the poor. The third, probably the primary reason for this change, is to enable the business and trading community to have a smooth run in their transactions, tax accounting and against harassment. To that extent, this change is really part of the reforms from 1992 to make business easier and make India one market. It is inextricably connected with opening up India for investment - especially with respect to goods and services. In the Select Commi .....

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emoving the application of the doctrine of repugnancy (state laws not to infringe Union laws unless approved by the President) to make state GST laws subject to the power of the Union's exclusive GST power over interstate goods and services. Complexity The Union and states will operate in different areas. As a consequence of this empowerment, many cobweb taxes (sales tax, VAT, customs, octroi, entry tax, purchase tax, luxury tax, service taxes, etc) are swept away and divided into the two ne .....

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to put an important part of the economy on hold. We can see this as partial concessions to ideology (prohibition) and practicality (petroleum). But the practicalities of deferment needed rigorous working out. But part of what is claimed for GST is as deceptive as the story of the dahi seller who dreams he will sell more and more earthen pots of dahi until the one he carries falls. I can understand the claim of a smoother machinery of indirect taxes. But in July 2016, PM Modi claimed that this wo .....

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away from economic adviser Arvind Subramanian's statement GST is fiendishly, mind-bogglingly complex to administer . The jury is still out on fixation of the percentage especially as the Union suggests that the rate is likely to be 18 per cent or more. The states lobby for more and the consumers for less. Coincidentally, a nine-judge bench is hearing whether tax is an impediment to freedom of trade, inclining to the view that it does not. Also read - GST Bill will rob us of all the fun The .....

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cond cheer because GST is an important change to simplify the tax structure. On the third cheer, judgment is reserved until we find out how it works. - Reply By YAGAY AND SUN - The Reply = 4-tier GST rate may lead to classification disputes' - Reply By YAGAY AND SUN - The Reply = Delhi Government extends deadline for registering on GST portal. - Reply By YAGAY AND SUN - The Reply = With GST all set to be rolled out, there are some concerns that remain for India Inc says Pratik Jain of PWC. - .....

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n which will last for more than a quarter. He added that GST will enable the organised sector to perform better depending upon tax rates on paints. - Reply By YAGAY AND SUN - The Reply = No sign of restructuring Telangana commercial taxes department before GST. - Reply By YAGAY AND SUN - The Reply = ST to reduce documentation for logistics firms: CBRE - Reply By YAGAY AND SUN - The Reply = Road to GST: Public will benefit from anti-profiteering clause, say experts MS Mani, Senior Director, Deloi .....

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tion to GST. - Reply By YAGAY AND SUN - The Reply = Parliament session: GST must be put in fast-forward mode After a lull of almost a month, the GST Council met last week for the tenth time since its first meeting in September 2016. - Reply By YAGAY AND SUN - The Reply = GST: Health groups seek higher taxes for tobacco - Reply By YAGAY AND SUN - The Reply = Control over territorial waters, inter-state transfers key to GST Bills The council has sought the views of a law committee on the matter. - .....

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bile app launched by the ministry can be downloaded for free on Android platforms. The iOS version will be made available shortly, an official statement said. - Reply By YAGAY AND SUN - The Reply = तीन सदस्यीय होगा जीएसटी अपीलीय ट्रिब्यूनल. - Reply By YAGAY AND SUN - The Reply = Setb .....

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nt launches GST app to facilitate smooth transition to new tax regime The CBEC GST app will help taxpayers migrate to GST, provide toll free numbers and videos and reading material on GST and put up draft laws and rules. - Reply By YAGAY AND SUN - The Reply = The GST: so far so good, but not good enough The proposal departs from the expert view that an ideal GST should have a few exempted commodities and a single rate for all commodities - Reply By YAGAY AND SUN - The Reply = GST: Here s why leg .....

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; 1.5 crore turnover, the split was 50:50 between the Centre and states. - Reply By Ganeshan Kalyani - The Reply = GST Council led by FM Arun Jaitley met for the 10th time in Udaipur today to finalise compensation and GST Laws. This is the first GST Council meeting held outside Delhi. - Reply By Ganeshan Kalyani - The Reply = GSTN has created prototype for various return forms, payment challan etc. A preview of the same is being shared through this pdf document with following purpose:- To give a .....

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mport of goods and IGST on import of services. It is likely that under GST, rate of Duty Drawback could be limited to the amount of BCD paid on imported inputs used for exported goods/services. - Reply By Ganeshan Kalyani - The Reply = The much-touted Good and Services Tax (GST) will be rolled out on July 1, 2017 and is likely to bring in a uniform experience to the existing Herculean system. But, Gaurav Dua, Head-Research of Sharekhan feels that India's biggest tax reform may disrupt earnin .....

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odi showering concern over the recent decisions taken by the Goods and Services Tax (GST) Council pertaining to 90:10 division of control over tax assessees below annual turnover threshold of ₹ 1.5 crore. - Reply By Ganeshan Kalyani - The Reply = The Association further mentioned in the letter as The decision seems to be one-sided in favour of states weakening sovereign function of the Centre regarding levy and collection of taxes. Our apprehension is that GST in this form may not bring th .....

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have to file 3 Service Tax returns in one year. In GST era, they will have to file 61 returns per state, per year, after taking registration in each state in which they have presence. So, a major Bank like SBI, which has branches in all 35 states and Union Territories, will end up filing over 2,000 returns annually. This does not seem to be in the spirit of ease of doing business, as it will lead to severe rise in compliance costs, it said. - Reply By Ganeshan Kalyani - The Reply = Eleventh meet .....

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he laws are cleared by the Cabinet, the same would be presented before the Parliament in the second half of the budget session. - Reply By Ganeshan Kalyani - The Reply = Even though change in the peak rate will not alter the four-slab rate structure of 5%, 12%, 18% and 28% agreed upon last year, but is only a provision being built into the model law to take care of contingencies in future. This means the central GST and state GST can be up to 20% each, leaving the scope for a maximum levy at 40% .....

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the taxpayer. Most of the compliances would be automated, and there would be minimal physical interface between the taxpayer and Government officials - Reply By Ganeshan Kalyani - The Reply = All goods and services used in the course or furtherance of business eligible for input tax credit eligible on all goods and services except for a few restrictions specified in the law - Reply By Ganeshan Kalyani - The Reply = Concept of Input service distributor (ISD) to continue to allow the flow of credi .....

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Reply = The cap of peak rate of tax under the GST Law has been increased from 28% (14% CGST +14% SGST) to 40% (20% CGST + 20% SGST ). - Reply By Ganeshan Kalyani - The Reply = Once SGST and UTGST Laws are approved by the GST Council, GST officials will start classifying different goods and services into the four-tier rate structure of 5%, 12%, 18%, 28%. - Reply By Ganeshan Kalyani - The Reply = A proposed flat 12 per cent GST on biscuits will be a grave injustice to the poor as biscuits retaile .....

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xcise but attract value added tax in states. The association wants this distinction to continue under the GST, which is to be implemented from July 1. - Reply By Ganeshan Kalyani - The Reply = Experts point out that GST being levied on branch transactions could be cumbersome because of the enormous number of financial transactions being carried out and because it will be impossible for banks and finance institutions to value services provided by one branch to another and then pay GST on that. Ba .....

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ine for introducing the GST, parliament must pass three bills, which spell out the operational details of the new tax, before its current session concludes on April 11. The long-awaited GST will replace a slew of central and state levies, transforming Asia's third-largest economy into a single market for the first time. Proposed tax rates range from five to 28 per cent, with 12 per cent and 18 per cent being the standard rates. It has not been decided yet which tax rates will apply to which .....

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ress, has created frequent disruptions to stall legislation. Technically, Money Bills can be cleared even without a discussion on the Upper House, but the opposition will allege that violates basic democratic principles for a reform as crucial as the GST. The GST is expected to make business simpler and reduce business transaction costs. The Congress has said in the past that it will not accept the rate of tax being presented in a Money Bill, which would not need the Rajya Sabha's approval. .....

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O - Reply By YAGAY AND SUN - The Reply = GST: Why Modi-Jaitley team will face challenges in Parliament and outside The model GST draft bill allows maximum tax rate at 40 per cent even as the effective tax rates range between five and 28 per cent. The Congress has been demanding for a levy cap at 18 per cent. - Reply By YAGAY AND SUN - The Reply = Teething troubles 1.0: GST induces conflicts among state governments. - Reply By Ganeshan Kalyani - The Reply = Under GST, HSN (Harmonised System of No .....

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ate to 20 per cent, from the current 14 per cent, in the model goods and services tax Bill to preclude the requirement of approaching Parliament for any change in rates in future. - Reply By Ganeshan Kalyani - The Reply = The government is keen to pass the much-awaited legislations related to the GST during the month-long session which will continue till April 12. - Reply By Ganeshan Kalyani - The Reply = The Export Promotion Council for EOUs and SEZs (EPCES) today urged the government to exempt .....

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said in a statement. - Reply By Ganeshan Kalyani - The Reply = The GST Laws (CGST and IGST) cleared by Council and UT-GST Law will now be taken up in Parliament in the second half of budget session beginning March 9. Government sources said the GST legislation will likely be taken up as money bills during the second half of the Budget session starting March 9. This means they can t be rejected by the Rajya Sabha, where Prime Minister Narendra Modi s government doesn t have a majority. - Reply B .....

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e know told PTI. - Reply By Ganeshan Kalyani - The Reply = There shall be levied a tax called the central/state goods and services tax (CGST/SGST) on all intra-state supplies of goods and/or services… at such rates as may be notified by the central/state government but not exceeding 14 per cent on the recommendation of the Council and collected in such manner as may be prescribed, the draft law states. - Reply By Ganeshan Kalyani - The Reply = The central and state officials will soon sta .....

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Secretary Hasmukh Adhia said there were demands that restaurants should be included in the composition scheme, particularly those with less turnover. So the Council decided that there would be a composition scheme for restaurants up to a turnover of ₹ 50 lakh and the rate for them is 5 per cent. So the remaining restaurants, they will come in the regular service tax rate, Adhia said. - Reply By Ganeshan Kalyani - The Reply = The most talked about highlight of the Model GST Law (November d .....

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if the tax cost of a product under GST regime gets reduced vis-a-vis tax cost of such product under non-GST regime, such benefit should be passed on by the supplier to the recipient of the supply.The model GST Law in its current shape does not throw light on procedural aspects as to how this task will be undertaken, when does it start, how will excess profit be measured etc.Such a concept was introduced in Malaysia too while implementing GST wherein price control was done through amendments to P .....

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ing provision to ensure passing of reduction in cost under GST to consumers. - Reply By Ganeshan Kalyani - The Reply = Government kick started the process of migrating existing VAT/ Service Tax/ Excise Duty registrations to GST called GST Enrolment in November 2016 wherein tax payers had to enroll themselves with GST Portal. Post completion of enrolment, a provisional ID is issued. - Reply By Ganeshan Kalyani - The Reply = The final Registration Certificate will be issued within 6 months of veri .....

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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 - Reply By Ganeshan Kalyani - The Reply = .....

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opportunity for us, Lucas told Business Standard in an interview. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = The Institute of Co .....

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ident 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.Mr. Manas Kumar also said that the Institute of Cost Accountants of India has set a target of training 15 lakh traders from across India in the coming one year in GST basics. - Reply By Ganeshan Kalyani - The Reply = .....

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multinational Quick Service Restaurants including some renowned burger chains give contracts for potato farming. That too would now attract GST, say industry experts. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = Some of the sectors however are still concerned how the GST would impact them. Like many ba .....

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ll 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. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By YAGAY AND SUN - The Reply = Finally, GST is com .....

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x 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. - Reply By YAGAY AND SUN - The Reply = 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 .....

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the ownership. - Reply By YAGAY AND SUN - The Reply = Cabinet may consider GST supplementary legislations on MondayA 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. - Reply By YAGAY AND SUN - The Reply = Amazon India brings out A-Z GST Guide programmeThe A-Z GST Guide programme in its pilot phase has already helped train over 5,000 sellers on the Amazon platform to get read .....

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= Ecommerce cos to pay up to 1% TCS under GSTThe 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 - Reply By YAGAY AND SUN - The Reply = The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has appr .....

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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 Good .....

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s, 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. - Reply By YAGAY AND SUN - The Reply = Draft GST laws ready for Parliament, but money bill route is problematic Rajya Sabha, in which the BJP does not have majority, cannot reject finance bills. - Reply By YAGAY AND SUN - The Reply .....

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r on India's biggest tax reform - Reply By YAGAY AND SUN - The Reply = I want entire country to discuss, understand GST, says Narendra Modi - Reply By Ganeshan Kalyani - The Reply = As per the draft GST Law, every person who, on the day immediately preceding the appointed day, is registered or holds a license under an earlier law, shall be liable to be registered under this Act with effect from the appointed day. - Reply By Ganeshan Kalyani - The Reply = Provisional ID is a 15 digit number w .....

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neshan Kalyani - The Reply = According to the Japanese financial services major, the GST council is making steady progress and is expected to be implemented in the July-September quarter this year. - Reply By Ganeshan Kalyani - The Reply = As per reports, though the impact of GST is likely to be minimal, growth numbers are expected to get affected in the run up to its implementation. - Reply By Ganeshan Kalyani - The Reply = Commenting on the issue, a Nomura Official told the media, In the near .....

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s wide geographical reach built around large consumer hubs and centralized technology infrastructure, Vulcan is all set to emerge as the network of choice for companies looking to become GST compliant in a short span. The design of the network is eminently suited to the requirements of the impending GST regime, which is a destination based tax. - Reply By Ganeshan Kalyani - The Reply = Refund under VAT includes refund of tax on goods and/or services exported out of India or on inputs or input se .....

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t of the claimed amount on a provisional basis.3. Tax refund will be directly credited to the bank account of applicant.4. Refund to be granted within 60 days from the date of receipt of complete application. Interest is payable if refund is not sanctioned within 60 days.5. Refund claim along with documentary evidence is to be filed online without any physical interface with tax authoritiesThanks. - Reply By Ganeshan Kalyani - The Reply = Pepsico Chairman and CEO Indra Nooyi is learnt to have pi .....

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oth states and center is looking into it. The aim is that closest slab should fit in most of the commodities. - Reply By Ganeshan Kalyani - The Reply = Strong representations are being filed to continue existing exemptions available to SEZs through Commerce Minsitry.Shah further said the exemptions will have to be minimum in GST. Exemptions promised will either phase out slowly or will be supported through Budgetary routes. - Reply By Ganeshan Kalyani - The Reply = The most talked about highligh .....

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For e.g. service provides do not credit of VAT paid on inputs procured. Such VAT paid only adds onto the cost. - Reply By Ganeshan Kalyani - The Reply = Hard quote interpretation of Section 163 of Model GST Law mandates passing on of the benefit accrued because of additional input tax credit or reduced tax rate to consumer. - Reply By Ganeshan Kalyani - The Reply = Currently, lot of industries are plagued with different types of credit restrictions. For e.g. service provides do not credit of VAT .....

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does it start, how will excess profit be measured etc.Such a concept was introduced in Malaysia too while implementing GST wherein price control was done through amendments to Price Control and Anti-Profiteering Act, 2011 in 2014 read with Pric (e Control and Anti-Profiteering (Mechanism to determine unreasonably high profit)(Net profit margin) Regulations, 2014.These regulations specify a certain period during which increase in net profit margin will be under consideration through checks like .....

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efund system is preferred over tax exemption because an uninterrupted chain of value addition with tax at each stage is integral to the proposed tax on consumption. - Reply By Ganeshan Kalyani - The Reply = The UAE minister was speaking in Dubai on 24 February after a joint press conference with Christine Lagarde, Managing Director of the International Monetary Fund (IMF) that VAT is expected to be introduced at a rate of 5% on 1 January 2018, with some limited exceptions including basic food it .....

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ood Sense Triumphs, Chidambaram once said. - Reply By Ganeshan Kalyani - The Reply = Industry body FICCI said it is looking forward to introduction of the much-awaited Goods & Services Tax (GST), saying it would be a very significant step in the field of indirect tax reforms in India. - Reply By Ganeshan Kalyani - The Reply = Introduction of GST would make Indian products competitive in the domestic and international markets. - Reply By Ganeshan Kalyani - The Reply = Biggest benefit of GST i .....

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will break the input tax chain. - Reply By Ganeshan Kalyani - The Reply = The proposed GST would subsume various central (Excise Duty, Additional Excise Duty, service tax, Countervailing or Additional Customs Duty, Special Additional Duty of Customs, etc.), as well as state-level indirect taxes (VAT/sales tax, purchase tax, entertainment tax, luxury tax, octroi, entry tax, etc). - Reply By Ganeshan Kalyani - The Reply = The Goods and Services Tax (GST) Council has recently approved the final dr .....

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equires them to adopt technology and become part of a digital economy. Under the new indirect tax regime, every taxable person needs to furnish their tax details online. - Reply By Ganeshan Kalyani - The Reply = Under the current regime, businesses have the option to file manual challans. However, the new law requires them to comply via the online mode only. Every supply to a registered person needs to be reported through the GSTR-1 form. In addition, GSTR-2 and GSTR-3, which are inward supply d .....

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d as Input Service Distributors. - Reply By Ganeshan Kalyani - The Reply = Returns under GST are to be filed digitally through a common portal at https://www.gst.gov.in. The portal is maintained by GSTN, a non-government, private limited company promoted by the Central and state governments with the specific mandate to build the IT infrastructure and the services required for implementing GST. - Reply By Ganeshan Kalyani - The Reply = Industry is waiting with bated breath for the draft GST rates .....

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re the key incremental expenses incurred/to be incurred by businesses in embracing GST. - Reply By Ganeshan Kalyani - The Reply = India would be implementing an imperfect GST, wherein crucial sectors like oil & gas, electricity, have been left out of the GST net and they have to continue with the current indirect tax structure that we currently have. - Reply By Ganeshan Kalyani - The Reply = The compliance prescribed under the GST regime requires every taxable person making a supply to uploa .....

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point out that there are basically two types of fraud committed by businessmen - first is unilateral, where under invoicing or over invoicing is done only by one of the two people transacting. And then there is bilateral. Some experts said while unilateral frauds would drop drastically, bilateral ones may be difficult to detect even under GST framework. - Reply By Ganeshan Kalyani - The Reply = Goods and Services Tax (GST) is finally expected to be rolled out from July 1, 2017. - Reply By Ganesh .....

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in tobacco taxation in India and bring a fair relief to the tobacco farmers without compromising on its tobacco control goals, said Murali Babu, General Secretary, FAIFA in a statement. - Reply By Ganeshan Kalyani - The Reply = GST is an opportunity to remove tax arbitrage in tobacco taxation and disincentivise illegal and contraband products which have been flooding the Indian market. GST is also an opportunity to remove discrimination among various classes of tobacco farmers. There should not .....

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al 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). - Reply By Ganeshan Kalyani - The Reply = The Confederation of All-India Traders (CAIT) raised their concern over the GST clause which links availability of input tax credit to payment of tax by their suppliers. - Reply By Ganeshan Kalyani - The Reply = Under the GST law, input credit against taxes paid by the purchaser can be availed of o .....

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i Shome has said that the success of the goods and services tax (GST) hinges on the preparedness of businesses to comply with the new levy. - Reply By Ganeshan Kalyani - The Reply = GST is meant to create a seamless common market and the Centre is hopeful of rolling out the new levy on July 1. - Reply By Ganeshan Kalyani - The Reply = GST excludes real estate, electricity and alcohol besides petroleum products that will be brought under the net subsequently. - Reply By Ganeshan Kalyani - The Rep .....

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ax disputes would go down before implementation of Goods and Services Tax as it is disposing of cases quickly, an official said. - Reply By Ganeshan Kalyani - The Reply = Currently there are about 88,000 pending cases with the tribunal. We are trying to dispose the cases as quickly as possible given the constraints of members and funding, said President of Customs, Excise and Service Tax Appellate Tribunal (CESTAT) Justice Satish Chandra. - Reply By Ganeshan Kalyani - The Reply = We are disposin .....

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led out, the revenue would be split between the Centre and the states in almost equal proportion. - Reply By Ganeshan Kalyani - The Reply = While the C-GST will give powers to the Centre to levy GST on goods and services after Union levies like excise and service tax are subsumed, the I-GST is to be levied on inter-state supplies. - Reply By Ganeshan Kalyani - The Reply = The S-GST will allow states to levy the tax after VAT and other state levies are subsumed in the GST. - Reply By Ganeshan Kal .....

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r compensating states for any loss of revenue from GST implementation in the first five years. - Reply By Ganeshan Kalyani - The Reply = Prime Minister Narendra Modi emphasised the importance of clearing the landmark reform, the national Goods and Services Tax (GST), which the government wants to roll out on July 1. - Reply By Ganeshan Kalyani - The Reply = The long awaited GST will replace a slew of central and state levies, transforming Asia's third-largest economy into a single market for .....

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a or Upper House can only recommend changes, not insist on them. - Reply By Ganeshan Kalyani - The Reply = The GST is expected to make business simpler and reduce business transaction costs. - Reply By Ganeshan Kalyani - The Reply = The Union Cabinet has cleared amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. - Reply By Ganeshan Kalyani - The Reply = 16 cesses and surcharges on union excise .....

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e Reply = It also approved repeal of the Central Excise Tariff Act, 1985 and amendment or repeal of the provisions relating to Acts under which cesses are levied. - Reply By Ganeshan Kalyani - The Reply = In addition, new clauses are proposed to be incorporated in the Customs Act to provide for furnishing of information on import and export of goods to detect under or over-valuation and misuse of export promotion schemes. - Reply By Ganeshan Kalyani - The Reply = Existing tax payers are required .....

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= As per the latest government data only 11.22% of taxpayers who are registered under Service Tax Act but not registered under State VAT have migrated to GST. While it appears that tax payers are delaying to migrate, the other side of coin is that GSTN has not been able to provide provisional ID and password (required for migration to GST) in all cases. - Reply By Ganeshan Kalyani - The Reply = Migration is the foremost step that a tax payer needs to undertake in order to move to GST regime. Mig .....

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mplemented this year. - Reply By Ganeshan Kalyani - The Reply = Automobiles in India are taxed under the following parameters at the moment: Excise duty (ranging from 12% to 27%), infrastructure tax (1% to 4%) VAT (12.5% to 14.5%), octroi / entry tax (specific states) (4% to 6%) and road tax. - Reply By Ganeshan Kalyani - The Reply = The GST for cars will subsume Excise duty, infrastructure tax and VAT. Octroi is most likely to be abolished under GST as GST is a destination based tax that is lev .....

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le, when supplier and place of supply is in one state. However, if the supplier and the place of supply are located in different States, then IGST is payable. - Reply By Ganeshan Kalyani - The Reply = As per revised Model IGST Law, place of supply involving movement of goods shall be the location of the goods where movement of goods terminates for delivery to the recipient. - Reply By Ganeshan Kalyani - The Reply = Where supply does not involve movement of goods; the place of supply will be the .....

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consumption on board, the place of supply will be Bangalore. - Reply By Ganeshan Kalyani - The Reply = The location of supply of goods exported from India shall be the location outside India. - Reply By Ganeshan Kalyani - The Reply = Revised Model IGST Law provides that any service provided directly in relation to an immovable property including services provided by architects, interior decorators, surveyors, engineers and other related experts or estate agents, any service provided by way of g .....

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Jaitley said. - Reply By YAGAY AND SUN - The Reply = Jaitley hopes GST roll out from July 1 to make goods cheaper - Reply By YAGAY AND SUN - The Reply = Jaitley says tax collection will improve after GST roll out. - Reply By YAGAY AND SUN - The Reply = KitKat is a biscuit and Parachute Coconut oil is edible! That's the new topic for GST debate - Reply By YAGAY AND SUN - The Reply = Consumer goods distributors, wholesalers to bear the brunt of GST. - Reply By YAGAY AND SUN - The Reply = With .....

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l to GST on Uber rides: The top seven ways this budget will help or hit your pocketbook. - Reply By YAGAY AND SUN - The Reply = GST coming soon, but don t expect quick benefits; rich valuation to stall stocks. - Reply By YAGAY AND SUN - The Reply = GST debate now continues on categorisation of products. - Reply By YAGAY AND SUN - The Reply = GST: Modi govt can't levy taxes if Parliament doesn't pass 4 Bills till Sept 15. - Reply By YAGAY AND SUN - The Reply = If the GST fails to roll out .....

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r of goods or services and place of supply of goods or services are located in same State, then CGST and SGST is payable. - Reply By YAGAY AND SUN - The Reply = Cabinet clears abolition of cesses for GST rollout, government to incur ₹ 65,000-crore loss - Reply By Ganeshan Kalyani - The Reply = If the supplier and the place of supply are located in different States, then IGST is payable. - Reply By YAGAY AND SUN - The Reply = FAITH hands over GST representation to Ministry of Finance Hospit .....

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ll look relative unattractively placed. - Reply By YAGAY AND SUN - The Reply = Service contracts set to be renegotiated under GST - Reply By YAGAY AND SUN - The Reply = Some of the service contracts are set to be renegotiated under the goods and services tax (GST) framework as it levies different tax rates in some peculiar situations, said industry trackers. - Reply By YAGAY AND SUN - The Reply = Expect an atmosphere of stability once GST is implemented: Godfrey Philips - Reply By YAGAY AND SUN .....

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e 3 months enough for industry to prepare for GST, ask experts. - Reply By YAGAY AND SUN - The Reply = Blue Star stalls ₹ 220-crore investment in J&K over GST query - Reply By YAGAY AND SUN - The Reply = 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 - Reply By Ganeshan Kalyani - The Reply = Goods and Services Tax is India s biggest reform in India s indirec .....

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very stage of trade model. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = The Union Finance Minister, Mr Arun Jaitley, has approved a restructuring .....

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ng 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 renam .....

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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. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = The groups cover banking, telecom, exports, information .....

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tting 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. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalya .....

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he company would be importing all its components on the grounds that it is bringing in cutting-edge technology to the country. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By YAGAY AND SUN - The Reply = GST- Chemical industry will grow to $226b by 2020: Sitharaman. - Reply By YAGAY AND SUN - T .....

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al. - Reply By YAGAY AND SUN - The Reply = GST: CST compensation to States: Centre to release ₹ 5834 Crore before Mar 31st. - Reply By YAGAY AND SUN - The Reply = Companies, consultants grope in the dark to meet GST deadline. - Reply By YAGAY AND SUN - The Reply = GST Council meet: No e-wallets for exporters, but tax refunds in 7 days. - Reply By YAGAY AND SUN - The Reply = Last gasp tasks: GST bills and rate fitment process. - Reply By YAGAY AND SUN - The Reply = GST Network gearing up to .....

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tive assemblies. - Reply By YAGAY AND SUN - The Reply = GST: Bhopal Cuts dwon transportation costs, - Reply By YAGAY AND SUN - The Reply = GST on fast-track, but businesses still not on network. - Reply By YAGAY AND SUN - The Reply = GST Boon or bane for realty? - Reply By YAGAY AND SUN - The Reply = Exempt low-cost housing from service tax under GST: Venkaiah Naidu - Reply By YAGAY AND SUN - The Reply = GST would reduce tax load on property buyers. - Reply By YAGAY AND SUN - The Reply = Don t k .....

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f industry WITH the Union Government setting the stage for the passage of the GST Bills, 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. Some of the key issues are: i. Services provided between establishments of same entity without invoice or payment in certain sectors with high volumes of transactions with operations spread on a country-wide basis; ii. Compliance challenges for small and medi .....

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ansport sector together with compliance challenges; vii. Critical infrastructure of the country viii. Exports, including value addition and manufacturing in domestic tariff area (DTA) for export /EOUs and SEZs. ix. Government services to obtain clarity as to what constitutes a taxable supply for consideration. Recognizing all such concerns, it has been decided to set up some Working Groups to address the concerns of some key sectors: a. Banking, Financial : Upender Gupta, Commissioner, GST and I .....

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AR) i. Gems and Jewellery : Reyaz Ahmad, Director TRU j. Services received and provided by : D. P. Nagendra Kumar, Pr. Commissioner the Government 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. The emphasis of the Groups would be on procedural simplification and possible ra .....

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meeting held on 17.03.2015, decided for payment of 100% CST compensation to the States/UTs for year 2010-11, 75% CST compensation for year 2011-12 and 50% CST Compensation for year 2012-13 to be worked out as per guideline dated 22.08.2008. Accordingly, full CST compensation for year 2010-11 and 2011-12 has been released to the States during FY 2014-15 & 2015-16. ₹ 11709.4 cr. CST compensation is admissible to States/UTs for year 2012-13. Out of which 1st installment of CST compensatio .....

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2017 20:57 IST Cabinet approves Amendment of in the Customs and Excise Act, relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST Regime Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the following proposals: i. Amendment to the Customs Act, 1962; ii. Amendments to the Customs Tariff Act, 1975; iii. Amendment to the Central Excise Act, 1944; iv. Repeal of the Central Excise Tariff Act, 1985; and v. Amendment .....

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toms Act and various other laws under which Customs officials have been authorized to effectively implement these laws; and ii. Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent upon roll out of GST will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes. - Reply By YAGAY AND SUN - The Reply = GST Suggestion: Schedule containing list of Capital Goods be annexed to the Draft Law and should includ .....

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he Reply = The input tax credit if any left in electronic credit ledger be allowed to be set off against future liability or be refunded. - Reply By YAGAY AND SUN - The Reply = A State-wise single registration for a taxpayer for filing returns, paying taxes, and to fulfil other compliance requirements. Most of the compliance requirements would be fulfilled online, thus leaving very little room for physical interface between the taxpayer and the tax official. - Reply By YAGAY AND SUN - The Reply .....

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equired to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain. The annual turnover threshold in the Special Category States (as enumerated in Article 279A of the Constitution such as Arunachal Pradesh, Sikkim, Uttarakhand, Himachal Pradesh, Assam and the other States of the North-East) for not taking registration is ₹ 10 lakhs. - Reply By YAGAY AND SUN - The Reply = A business entity with turnover up to ₹ 50 la .....

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- Reply By YAGAY AND SUN - The Reply = In order to ensure that ITC can be used seamlessly for payment of taxes under the Central and the State Law, it has been provided that the ITC entitlement arising out of taxes paid under the Central Law can be cross-utilised for payment of taxes under the laws of the States or Union Territories. For example, a taxpayer can use the ITC accruing to him due to payment of IGST to discharge his tax liability of CGST / SGST / UTGST. Conversely, a taxpayer can use .....

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efund, within seven days of filing the application for refund by an exporter, ninety percent of the claimed amount on a provisional basis. - Reply By YAGAY AND SUN - The Reply = In order to ensure a single administrative interface for taxpayers, a provision has been made to authorise officers of the tax administrations of the Centre and the States to exercise the powers conferred under all Acts. - Reply By YAGAY AND SUN - The Reply = An agriculturist, to the extent of supply of produce out of cu .....

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egime. - Reply By YAGAY AND SUN - The Reply = An anti-profiteering provision has been incorporated to ensure that the reduction of tax incidence is passed on to the consumers. - Reply By YAGAY AND SUN - The Reply = In order to mitigate any financial hardship being suffered by a taxpayer, Commissioner has been empowered to allow payment of taxes in instalments. - Reply By YAGAY AND SUN - The Reply = GST changes: Enabling provision for peak 40% rate Council suggests change from present 28%, with C .....

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of 20 per cent each for Central GST (CGST) and state GST (SGST), from 14 per cent in the current draft, taking the limit to 40 per cent from 28 per cent. - Reply By YAGAY AND SUN - The Reply = Central Board of Excise & Customs (CBEC) has initiated the process of migration of its existing Central Excise/Service Tax assessees to GST and a 24x7 Helpdesk (Through Toll-Free number and Email) started for the purpose. - Reply By YAGAY AND SUN - The Reply = PAN is mandatory for migration to GST. Hen .....

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is also sending Emails/recorded telephonic messages to all registered CENTRAL EXCISE / SERVICE TAX assessees requesting them to migrate to GST. Outreach programmes such as Awareness Workshops/ Training for CENTRAL EXCISE/SERVICE TAX assessees are being organized all over India at the Commissionerate and Divisional offices of CBEC. - Reply By YAGAY AND SUN - The Reply = All existing CENTRAL EXCISE/SERVICE TAX assessees are requested to migrate as early as possible, latest by 31-03-2017. - Reply B .....

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ply By Ganeshan Kalyani - The Reply = Goods and Services Tax (GST) is slated to unify good and services under one tax. This entails unification (re-organisation) of government tax office organisational structure. - Reply By Ganeshan Kalyani - The Reply = CBIC will continue to perform Central Excise levy & Customs functions. CBIC will have 21 Zones,101 GST Tax payer Services Commissionerates. - Reply By Ganeshan Kalyani - The Reply = FM Arun Jaitley, today, has approved re-organisation of fie .....

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ortal has initiated a portal to check status of conversion of existing registration to GST. - Reply By Ganeshan Kalyani - The Reply = Tax payer can now check whether the existing registration has successfully migrated to GST. - Reply By Ganeshan Kalyani - The Reply = Tax payer can now check whether the existing registration has successfully migrated to GST. For the same tax payers need to follow following steps:1. Select the concerned state from the drop down.2. For the purpose of reference numb .....

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will be revised for 80,000 items in the country depending on the type of product and the ingredients used in its manufacturing. While rates have not yet been disclosed for any product or service, the GST regime will be applicable from July 1, 2017. - Reply By Ganeshan Kalyani - The Reply = The concern raised on anti-profiteering clause in GST is primarily for the reason that tracking all registered companies could pose to be a challenge. - Reply By Ganeshan Kalyani - The Reply = MS Mani, Senior .....

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n Kalyani - The Reply = There has been a four-rate GST structure of 5 percent, 12 percent, 18 percent and 28 percent that has been finalised for the country. This will subsume all other taxes including excise, value-added tax and octroi. - Reply By Ganeshan Kalyani - The Reply = Mani explained that companies could even argue that their overall costs including production and manpower have gone up, leaving little room to keep rates low. - Reply By Ganeshan Kalyani - The Reply = There is a possibil .....

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t has cleared amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. - Reply By Ganeshan Kalyani - The Reply = As a result of abolishing cesses and surcharges, 16 cesses and surcharges on union excise and service tax will get abolished as a pre-cursor to rolling out Goods and Services Tax (GST) from July. - Reply By Ganeshan Kalyani - The Reply = Amendments or repeal of various provisions of other .....

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n Kalyani - The Reply = In addition, new clauses are proposed to be incorporated in the Customs Act to provide for furnishing of information on import and export of goods to detect under or over-valuation and misuse of export promotion schemes. - Reply By Ganeshan Kalyani - The Reply = GST Provisional ID is a 15 digit number which should be read in the following manner:1. First 2 digits reflect state code2. Next 10 digits are your PAN3. Next digit represents entity number of the same PAN holder .....

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. For the first time login, you need to provide username and password that you received from the State VAT/Centre Tax Department. This username is a provisional ID. - Reply By Ganeshan Kalyani - The Reply = A Nomura report has said that the implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points. - Reply By Ganeshan Kalyani - The Reply = Over time, it is expected that the elimination of cascading taxe .....

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y Ganeshan Kalyani - The Reply = According to the Japanese financial services major, the GST council is making steady progress and is expected to be implemented in the July-September quarter this year. - Reply By Ganeshan Kalyani - The Reply = Godrej Group chairman Adi Godrej on Saturday hailed demonetisation and the proposed GST bill, stating that believers in India's strong future outstripped its doubters. - Reply By Ganeshan Kalyani - The Reply = Demonetisation helped checking black money .....

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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. - Reply By Ganeshan Kalyani - The Reply = 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 d .....

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neshan Kalyani - The Reply = Turnover of less than INR. 15 million - 90% of businesses would be administered by States, and the balance 10% by Central Government. - Reply By Ganeshan Kalyani - The Reply = The mechanism for split of the assessees would be based on the risk parameters/ profiles of the users . - Reply By Ganeshan Kalyani - The Reply = 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 .....

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ani - The Reply = 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). - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = With GST, it is anticipated that the t .....

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complete overhaul of the current indirect tax system. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = GST would bring in significant change in doing business in India. Advocacy for best practices, gearing up for changes in processes, train .....

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tantial and may require proactive planning with a time-bound action plan. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = 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 .....

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e Reply = Both CGST and SGST would be levied on the basis of the destination principle. - Reply By Ganeshan Kalyani - The Reply = Exports would be zero-rated, and imports would attract tax in the same manner as domestic goods and services. - Reply By Ganeshan Kalyani - The Reply = As India gets ready for its biggest tax reform in decades, industries such as ecommerce, banking and insurance, logistics and others will get another chance to resolve any niggles they have with the goods and services .....

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mporary blips, GST will usher in economies of scale and efficiencies, says Narayanan.He also said, while you might have some initial teething issues which is bound to be there in a fiscal change of this magnitude, I believe it can unleash economies of scale and economies of efficiencies that can be quite significant in the context of the country. And in such a case, these kind of temporary aberrations would be seen as blips. - Reply By Ganeshan Kalyani - The Reply = All four bills (The Central G .....

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Goods and Services Tax (GST) bills may have reached the final lap with their introduction in the Parliament on Monday but informed sources told DNA Money the road from here to the final of the proposed unified indirect tax could get stretched with the government seriously looking at shifting the date of the new tax going live from July 1 to September 1. - Reply By Ganeshan Kalyani - The Reply = This could be done to give industry more time to prepare for the new indirect tax regime and for furth .....

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e GST Council, which comprises of finance ministers and officials from all states and is responsible for working out the broad contours for the draft bills, is slightly behind schedule. - Reply By Ganeshan Kalyani - The Reply = There have been representations by various industry and trade lobbies to the government for an extension of the GST deadline. - Reply By Ganeshan Kalyani - The Reply = Another source said many leading industrialists have communicated directly to the Prime Minister Narendr .....

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provisional ID given for enrolment purposes or Permanent Account Number. - Reply By Ganeshan Kalyani - The Reply = In addition to above, the Central Board of Excise and Customs (CBEC) has announced the availability of an additional e-sign services by NSDL, from 04 April 2017. E-sign service is an online electronic signature service that can facilitate an Aadhaar holder to digitally sign a document. This will promote the signing of enrolment applications using Aadhaar number of the authorised sig .....

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rvices Tax (GST) Council approved the drafts of four sets of rules and finalized five others on Friday making steps towards GST roll out. These rules are for Valuation, Composition, Input Tax Credit and Transition. Five other rules involving registration, payment, refund, invoices and returns, the drafts of which were already approved. - Reply By Ganeshan Kalyani - The Reply = As government moves nearer to implementation of Goods and Services Tax (GST) in India, it has provided India Inc. one la .....

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cise Duty registrations was set at 31st March 2017. - Reply By Ganeshan Kalyani - The Reply = Considering delay in rolling out laws and lack of preparation the timeline of GST enrollment is extended up to 31st April, 2017. - Reply By Ganeshan Kalyani - The Reply = Under GST a provision of payment of GST under reverse charge by a registered person upon procurement from un-registered person is provided. - Reply By Ganeshan Kalyani - The Reply = GST Bills were introduced as 'Money Bill' in .....

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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. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan .....

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goods into the four tax slabs already decided. - Reply By Ganeshan Kalyani - The Reply = The Govt. wanted to include real estate in GST but the States opposed to including same in first year. - Reply By Ganeshan Kalyani - The Reply = 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 crore .....

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he rules for Goods and Services Tax (GST) regime. - Reply By Ganeshan Kalyani - The Reply = In the reply no. 997 Dated: 1-4-2017 to issue id 110747, please read as 30th April 2017. - Reply By Ganeshan Kalyani - The Reply = 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 Bil .....

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ally benefit from lower, uniform prices across the country. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = There would be four tax slabs of 5, 12, 18 and 28 .....

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. - Reply By Ganeshan Kalyani - The Reply = 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. - Reply By Ganeshan Kalyani - The Reply = Companies will have to overhaul their accounting systems, which may involve one-time investment costs. - Reply By Ganeshan Kalyani - The Reply = The government has trained 49,000 officers of t .....

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As Central Board of Indirect Taxes and Customs (CBIC) - Reply By Ganeshan Kalyani - The Reply = 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 .....

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would be done through a document especially designed for this purpose. The said document would contain the amount of input tax credit being distributed. - Reply By Ganeshan Kalyani - The Reply = 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 .....

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tions and why it has been reintroduced is a mystery to us because it makes things more complex, especially for service providers, M.S. Mani, senior director at Deloitte Haskins Sells LLP said. - Reply By Ganeshan Kalyani - The Reply = Existing tax payers are required to migrate to Goods and Services Tax (GST) regime. This GST enrolment activation drive kicked off in November for VAT registrants and in January for Service Tax and Excise registrants. Deadline to migrate is set at 30th April 2017. .....

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Reply By Ganeshan Kalyani - The Reply = With goods and services tax (GST) now close to reality and the government aiming for rollout by July 1, Former Finance minister, P Chidambaram thinks October 1 would be the best time to rollout GST. - Reply By Ganeshan Kalyani - The Reply = In an exclusive interview to CNBC-TV18, Former Finance minister, P Chidambaram says people need more time to adjust to change in the tax regime. ?It's undesirable to set such a tight roll-out target for GST,? adding .....

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compliance provisions and a lack of clarity on compoundable offence. I think people should be given enough time to adjust. The second aspect is that the GSTN has to be proved in a trial. The Finance Minister spoke of 30 billion invoices a day. If that number if right, it is a humongous number. Is the GSTN capable of processing all that without glitches? I think the GSTN should be allowed to run it on a trial basis for a month or two before you actually launch GST, he told The Financial Express. .....

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that authority will devise its own procedure. It?s clearly open to abuse,? Chidambaram told the paper.Also, there are separate bodies that deal with cases of profiteering already. In this case, why should an income tax official be given the right to take decision, which ideally should have be in hands, he asked. - Reply By KASTURI SETHI - The Reply = There is every possibility that GST will be implemented from 1.9.2017 or 1.10.17. - Reply By Ganeshan Kalyani - The Reply = As India Inc. awaits i .....

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sue, said Sudhir Kapadia, national tax leader at EY in India. If they get decided too late, then in all fairness the government should consider an extension of time. - Reply By Ganeshan Kalyani - The Reply = GST is not just change in tax rate or type of tax. It entails huge change in pricing, valuation, processes - procurement and supply including supply chain. It also impacts the IT system of a company, from invoicing formats to generating input and output reports. - Reply By Ganeshan Kalyani - .....

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ating as yet, Prakash Kumar, chief executive of GSTN throws some light on it. He said Regularity in uploading the invoices, filing of returns and taxes will be the main criterion for rating the taxpayers. The ratings will be updated at periodic intervals and also will be put up in the public domain, .The rating would be made publicly available on the GST Network (GSTN) website as tax authorities intend to build peer pressure among companies to ensure compliance. This rating score will be updated .....

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d at periodic intervals and also will be put up in the public domain, .The rating would be made publicly available on the GST Network (GSTN) website as tax authorities intend to build peer pressure among companies to ensure compliance. This rating score will be updated at periodic intervals. - Reply By Ganeshan Kalyani - The Reply = With the assent of Hon'ble President of India, to four supporting legislations of on GST i.e. CGST, IGST, UTGST and Compensation Cess after getting it passed fro .....

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ent of movement, furnish information relating to the said goods in Part A of FORM GST INS-01, electronically, on the common portal and (a) where the goods are transported by the registered person as a consignor or the recipient of supply as the consignee, whether in his own conveyance or a hired one, the said person or the recipient may generate the e-way bill in FORM GST INS-1 electronically on the common portal after furnishing information in Part B of FORM GST INS-01; or (b) where the e-way b .....

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rry the e-way bill even if the value of the consignment is less than fifty thousand rupees. Provided further that where the movement is caused by an unregistered person either in his own conveyance or a hired one or through a transporter, he or the transporter may, at their option, generate the e-way bill in FORM GST INS-01 on the common portal in the manner prescribed in this rule. - Reply By Ganeshan Kalyani - The Reply = The Commissioner or an officer empowered by him in this behalf may autho .....

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lso be made available through SMS. - Reply By Ganeshan Kalyani - The Reply = UNDER GST RULE - ELECTRONIC WAY BILL MANDATORY FOR CONSIGNMENTS ABOVE ₹ 50,000.00 W.E.F. 01.07.2017. - Reply By Ganeshan Kalyani - The Reply = CBEC releases draft rules on Accounts and Records, Appeals and Revision and Advance Ruling under GST.The Government has invited comments on these drafts rules from the stakeholders by 27th April, 2017. - Reply By Ganeshan Kalyani - The Reply = Every registered person who ca .....

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signee, whether in his own conveyance or a hired one, the said person or the recipient may generate the e-way bill in FORM GST INS-1 electronically on the common portal after furnishing information in Part B of FORM GST INS-01. - Reply By Ganeshan Kalyani - The Reply = Where the e-way bill is not generated under clause (a) and the goods are handed over to a transporter, the registered person shall furnish the information relating to the transporter in Part B of FORM GST INS-01 on the common port .....

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Ganeshan Kalyani - The Reply = Any transporter transferring goods from one conveyance to another in the course of transit shall, before such transfer and further movement of goods, generate a new e-way bill on the common portal in FORM GST INS-01 specifying therein the mode of transport. - Reply By Ganeshan Kalyani - The Reply = Where multiple consignments are intended to be transported in one conveyance, the transporter shall indicate the serial number of e-way bills generated in respect of ea .....

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Facilitation Centre notified by the Commissioner, within 24 hours of generation of the e-way bill. - Reply By Ganeshan Kalyani - The Reply = A registered person may obtain an Invoice Reference Number from the common portal by uploading, on the said portal, a tax invoice issued by him in FORM GST INV-1, and produce the same for verification by the proper officer in lieu of the tax invoice and such number shall be valid for a period of thirty days from the date of uploading. - Reply By Ganeshan Ka .....

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tate movement of goods. - Reply By Ganeshan Kalyani - The Reply = The Commissioner shall get RFID readers installed at places where verification of movement of goods is required to be carried out and verification of movement of vehicles shall be done through such RFID readers where the e-way bill has been mapped with RFID. - Reply By Ganeshan Kalyani - The Reply = Physical verification of conveyances shall be carried out by the proper officer as authorized by the Commissioner or an officer empow .....

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rtal. - Reply By Ganeshan Kalyani - The Reply = Sharing an article. Pls click on the link below.http://www.gstindia.com/gst-rules-one-leg-still-stuck-in-old-taxes/ - Reply By Ganeshan Kalyani - The Reply = Goods and Services Tax (GST) is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff. In a nutshell, only value addition will be ta .....

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ion> Prime Minister Narendra Modi today said the states should make legislative arrangements without delay for GST rollout from July 1. - Reply By Ganeshan Kalyani - The Reply =

- Reply By Ganeshan Kalyani - The Reply = The proposed rules for movement of goods in the goods and services tax (GST) regime, which requires the transporters to generate e-way bills on the GST portal, would involve substantial costs in installing radio frequency identification devices (RFIDs) at several posts. Experts say that there is no clarity on who will foot the bill for the infrastructure. - Reply By Ganeshan Kalyani - The Reply = The .....

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adu and Himachal Pradesh have shown keen interest in passing SGST Bill very soon. However, Odisha has some reservations over calculation of compensation to the states for loss of revenue.. - Reply By Ganeshan Kalyani - The Reply = Tamil Nadu Chief Minister Edappadi K Palaniswami said that his government would soon place the S-GST bill in the assembly for consideration and passage. A historic reform of indirect taxes in India has been achieved with the passage of the Central GST (C-GST), Integrat .....

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ation loss Odisha Chief Minister Naveen Patnaik said Odisha has actively participated in the deliberations of the GST Council. We are on course to enact necessary State GST legislation. - Reply By Ganeshan Kalyani - The Reply = Fourteen state legislatures will approve their respective State Goods and Services Tax (SGST) laws by mid-May, according to Revenue Secretary Hasmukh Adhia. - Reply By Ganeshan Kalyani - The Reply = Addressing a GST Conclave here on Tuesday, he said all states were expect .....

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ight stay at the same level. - Reply By Ganeshan Kalyani - The Reply = Though a majority of the services would see service tax rising to 18% under the GST regime from the current 15%, most services would get the benefit of input tax credit on purchases and, therefore, the overall tax incidence wouldstay the same, he said. However, there could be a marginal increase in tax for some services, Mr. Adhia added. - Reply By Ganeshan Kalyani - The Reply = The GST Council s next meeting is scheduled for .....

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frastructure and services for implementation of GST).Mr. Kumar said it would help in healthy competition among taxable persons. - Reply By Ganeshan Kalyani - The Reply = Prices will not increase due to higher incidence of tax and, instead, are likely to come down under the Goods and Services Tax (GST) regime, the central government said on Tuesday. - Reply By Ganeshan Kalyani - The Reply = Almost 60 per cent of the income of the Centre and states comes from items that attract 14 per cent value a .....

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ice tax) will become equivalent to 15 percent. There will not be much of an increase in service tax. There could be a marginal increase of tax for some services, he said. It is a possibility that there will be more than one rate for service tax. It is not necessary all services will attract 18 percent tax. Abatement will be kept in mind. For a few services, the rate will be decided keeping in mind abatement (relief) that it attracts. For such services, rate will be less that 18 percent, Adhia ad .....

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ng of supply invoices giving details about the auto reversals that have happened for invoices issued by a supplier. - Reply By Ganeshan Kalyani - The Reply = If a taxpayer tries to evade tax, the GSTN software will be able to detect that and downgrade the compliance rating, the Secretary added. - Reply By Ganeshan Kalyani - The Reply = Adhia said the government plans to roll out GST from July 1. Our full effort is to roll out GST from July 1 and I urge trade and industry to not be complacent, he .....

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the July 1 roll-out, sources told FE, adding that an early announcement could give rise to market distortions and hoarding. Unlike the West, India has a price-sensitive market where any indication of minor increase or decrease in tax rates tempts the consumers to rate buy a product. This rate buying is not a good indication for any economy as it may result in black marketing and hoarding, Rajat Mohan, director-indirect taxation, Nangia & Co said. - Reply By Ganeshan Kalyani - The Reply = Alt .....

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w down production till July 1 if it s known that a commodity will be taxed at a lower/higher rate under GST. But these are business decisions an entrepreneur needs to take, especially since transition rules allow only 40% of input tax credit on excise tax paid on the closing stocks, which may not be sufficient for many businesses, Archit Gupta, founder and CEO, Cleartax.com said. - Reply By Ganeshan Kalyani - The Reply = The source reiterated that the GST rate for an item will be, to the extent .....

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sinesses. - Reply By Ganeshan Kalyani - The Reply = Professionals and businesses need time to access the impact of reduced tax rates and we feel the time is short in case the announcement of tax rates is made near to the date of implementation, especially for FMCG companies which would have numerous products with different rates, a source said. - Reply By Ganeshan Kalyani - The Reply = HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxp .....

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Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future. - Reply By Ganeshan Kalyani - The Reply = We expect that the goods and services tax (GST), which is targeted to be applied starting in July, will help raise India's medium-term growth to above 8 per cent, as it will enhance production and the movement of goods and services across Indian states, the IMF official said. - Reply By Ganeshan Kalyani - The Reply = With the introduction .....

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ply = Use of technology would facilitate efficient tax administration for registration, filing of returns, data exchange and efficient investigation, supervising, auditing and performance analysis. The implementation of GST from July 1, 2017, would not only allow logistics companies to set up just a few and big warehouses region wise, but also allow them to follow the hub-and-spoke model for freight movement from the warehouses to different manufacturing plants and wholesale and retail outlets. .....

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mer industries and increasing dispersal in demand, we may see investment opportunities in the areas such as road transportation, railways, multimodal logistics parks, online retail logistics and value-added services. - Reply By Ganeshan Kalyani - The Reply = Besides the logistic sector, GST implementation will also create a true unified national market in India and this is expected to make Indian economy more efficient and prosperous. Companies such as TCI express, Transport Corporation of India .....

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the Centre and states to ensure a smooth transition to the goods and services tax, which is the biggest indirect tax reform to create a unified market. Malaysia, which introduced GST two years ago, educated businesses and customers, but that did not suffice. India should be prepared better for the switch over to avoid any choas. So, rules must be clear, and the tax administration well-equipped to handle GST. Ideally, the new levy should be rolled out three months after the publication of GST ru .....

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for various taxes like VAT, Excise etc in the present taxation regime. But with the roll out of GST, there would be a single tax and accounting for this will be very simple. It can be done through an offline excel form provided by GST Network. If someone uses this form for keeping record of purchase and sales, then he can use this for filing return. Thus, compliance would be minimised, he said. - Reply By Ganeshan Kalyani - The Reply = Adhia, who is spearheading implementation of the Goods and .....

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to implement Goods and Services Tax (GST) from July 1, 2017, they are leaving no stone un-turned to get existing tax payers migrated to GST. - Reply By Ganeshan Kalyani - The Reply = There are over 80 lakh Value Added Tax (VAT) and Excise duty payees in the country. Out of these over 75 per cent of VAT and 73 per cent of the central excise assessees have switched to the GST Network (GSTN). Meanwhile, only a meagre 34 percent service taxpayers have made the shift. - Reply By Ganeshan Kalyani - T .....

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essed gratitude towards migrants by thanking them. It further adds that the Enrolment process has closed with effect from 1st May 2017. Data of all those who have signed the enrolment form will be migrated to the new GST System. - Reply By Ganeshan Kalyani - The Reply = As per the GST portal, The enrolment window will reopen at a later date for taxpayers who could not enrol themselves as well as for those who enrolled but did not sign the enrolment form. - Reply By Ganeshan Kalyani - The Reply = .....

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to keep different law books for filing return for various taxes like VAT, excise etc in the present taxation regime. But with the rollout of GST, there would be a single tax and accounting for this will be very simple. It can be done through an offline excel form provided by GST Network. If someone uses this form for keeping record of purchase and sales, then he can use this for filing return. Thus, compliance would be minimised, he said. - Reply By Ganeshan Kalyani - The Reply = Faced with mul .....

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ment of businesses under GST continues to lag, with only about 70 per cent of them migrating as of the April 30 deadline.Migration of service tax and Central excise assessees to GST was also low at 43.73 per cent and 24 per cent, respectively.The issue is likely to be taken up at the GST Council meeting in Srinagar on May 18 and 19. Unless we have tested the GSTN how can we say we are ready? Then there are 14 draft GST rules in the public domain, which are yet to be finalised. We also have no cl .....

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irms if GST started from September 1, pointed out an official.However, businesses, too, are getting anxious about the final rules and fitment of commodities. Talks have only been taking place about goods; what about services? Here again there is no clarity, Jain added. It will be a race to the finish. If the GST Council finalises the rates and rules in the May meeting, companies will still need some time to tune their systems. With the planned anti-profiteering authority, everyone wants to be ve .....

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f concern in some quarters is the passage of the State GST Bills. Only five States have passed the SGST Bill, although the Finance Ministry expects all States to enact it by May 31.Source: Hindu Business Line - Reply By Ganeshan Kalyani - The Reply = The Uttar Pradesh cabinet have also approved the SGST Bill today. The decision was taken at the fifth cabinet meeting of the state government headed by Chief Minister Yogi Adityanath.With this, Uttar Pradesh and Uttarakhand becomes sixth and seventh .....

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in the session commencing from May 15. - Reply By Ganeshan Kalyani - The Reply = The Finance Ministry will be setting up a new dedicated team to dispose of the cases related to tax issues pending before the Central Board of Excise and Customs (CBEC) before the implementation of the Goods and Services Tax (GST) regime. As per the ministry sources, a separate Legacy Commissionarate will be established at the zonal level, which will be headed by Commissioner level officer whose responsibility will .....

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r V of RGST Act 2017. below is excluded from ITC : (d) goods or services or both received by a taxable person for construction of an immovable property (other than plant and machinery) on his own account including when such goods or services or both are used in the course or furtherance of business; - Reply By Ganeshan Kalyani - The Reply = In my view goods or services used for construction of immovable property is excluded from the definition of input tax credit. - Reply By Ganeshan Kalyani - T .....

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Kalyani - The Reply =

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icial added. - Reply By Ganeshan Kalyani - The Reply = All the above reports will be submitted before the council's next meeting, which will then decide whether certain industries will get exemptions in the new indirect tax regime, the official said. The apex indirect tax body was also instructed by the Prime Minister's Office to follow certain parameters while fixing GST rates closer to the existing tax rates, another senior finance ministry official told Bloomberg Quint. - Reply By Gan .....

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icantly different, Jaitley said while addressing the Confederation of Indian Industries annual summit. - Reply By Ganeshan Kalyani - The Reply = The GST Council has finalised four rate categories of 5, 12, 18 and 28 per cent after unifying levies like central excise, service tax and VAT. Fitment will be done by adding the total incidence of current taxation (central plus state levies) and then putting the good or service in the tax bracket closest to it. - Reply By Ganeshan Kalyani - The Reply = .....

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ing provision in the Central Goods and Services Tax Bill, which asks for passing the benefits on tax reduction to consumers. - Reply By Ganeshan Kalyani - The Reply = The GST laws approved by Parliament have incorporated an anti-profiteering provision to ensure that the reduction of tax incidence is passed on to the consumers. - Reply By Ganeshan Kalyani - The Reply = The all important and most powerful body-GST Council has released its logo. Arun Goyal, additional secretary, GST Council tweeted .....

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es where goods are stored, including goods in transit. If the goods are found to be stored elsewhere than the declared place, a tax would be payable as if they were supplied by the same entity. - Reply By Ganeshan Kalyani - The Reply = Considering the government s stated intention of introduction of GST with effect from 01 July 2017, it would be a very difficult task for the industry to make changes in the IT systems to adhere to the record-keeping requirements, said PwC India s tax and regulato .....

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cial services providing companies like ERP companies and Tax Accounting Software Providers etc. - Reply By KASTURI SETHI - The Reply = Latest news is that Govt. is firm to implement GST from 1.7.17 despite hurdles with determination to remove the hurdles. Let us see what happens. - Reply By Girish D - The Reply = Dear All,Any views on continuing of upfront duty exemptions under the export promotion schemes, such as EOU, STP, EHTP, EPCG, Advance Authorisation etc., under the GST regime? - Reply B .....

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movie tickets with entertainment tax expected to come down. - Reply By Ganeshan Kalyani - The Reply = Cigarettes, branded jewellery and other high-end goods, rail, bus and flight tickets and mobile phone calls are expected to be costlier in the GST regime. Service - Reply By Arunachalam siva - The Reply = Dear all experts, I need your help on the following points1. I we fail to make payment to supplier within 180 days from date of invoice, credit has to be reversed. can we take credit once we co .....

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JAIPRAKASH RUIA - The Reply = Dear Sir,for point No. 2, there may be two scenario.a) GST liability is paid by supplier on advance received from customer and at the time of supply, supplier raise the invoice by charging the GST reduced by what has been discharged on advance payment by mentioning the same in invoice.b) GST liability is paid by supplier on advance received from customer and at the time of supply, supplier raise the invoice by charging full GST as applicable and at the time of paym .....

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likely implementation date of GST, to avail IGST credit on Imports or GST refund on exports. The declared GSTIN would be validated for correct IEC/ PAN linkage. - Reply By Ganeshan Kalyani - The Reply = During GSTIN registration, ensure declaration of correct IEC and the same PAN [earlier registered with DGFT for getting IEC]. In case of any difference in PAN declared for GSTIN vis-à-vis the PAN declared for IEC registration, amendment of PAN in IEC may be undertaken immediately.All conc .....

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Kalyani - The Reply = The GST Network, the company providing IT backbone for GST rollout, has received as many as 160 applications from firms that have evinced interest in acting as GST Suvidha Providers. - Reply By Ganeshan Kalyani - The Reply = The GSTN in December last year had named 34 firms, including Tata Consultancy Services, Deloitte Touche, EY and Tally Solutions, to act as GST Suvidha Providers (GSPs). - Reply By Ganeshan Kalyani - The Reply = The fitment of rates of goods were discus .....

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nted, Indian companies are rushing to bring in experts to help prepare the accounting and information technology systems for the tax-system overhaul. That s created a windfall for international professional services firms, including PricewaterhouseCoopers LLP and KPMG LLP. - Reply By Ganeshan Kalyani - The Reply = The Revenue Secretary Dr Adhia had reviewed the progress on enrollment of existing taxpayers. As on 30th April 2017, when Phase-1 of enrollment was closed, 60.5 lakh taxpayers out of 8 .....

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otes of all the State Governments taken together shall have a weightage of 2/3rd of the total votes cast in that meeting. One half of the total number of members of the GST Council shall constitute the quorum at its meetings. - Reply By Ganeshan Kalyani - The Reply = Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities. - Reply By Ganesha .....

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ervices Tax (GST) regime. As per the ministry sources, a separate Legacy Commissionarate will be established at the zonal level, which will be headed by Commissioner level officer whose responsibility will be to resolve the cases which are pending before the department. - Reply By Ganeshan Kalyani - The Reply = Migration of existing assessees to GST is a challengeable issue. 30.03.2017 was fixed as the deadline for migration to GST by the existing assessees. It is reported that only 70% of them .....

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ver to avoid any choas. So, rules must be clear, and the tax administration well-equipped to handle GST. Ideally, the new levy should be rolled out three months after the publication of GST rules to make transition smooth for businesses. - Reply By Ganeshan Kalyani - The Reply = Testing of the GSTN is under progress. - Reply By Ganeshan Kalyani - The Reply = The provision of input tax credit in the upcoming GST tax regime, scheduled to roll out from July 1 this year, will be beneficial for the c .....

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l input tax credit (ITC). While prima facie, the GST rate does appear higher than the current taxation regime, in which majority of construction contracts fall under the nature of work contracts (which is overlapping between supply of services and supply of goods) and a combination of service tax and VAT is applicable, Icra said. - Reply By Ganeshan Kalyani - The Reply = Declaration of valid GSTIN in Customs documents (BE/SB) would be mandatory w.e.f. 0000 hrs of 01-07-2017, the likely implement .....

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by GSTN from 01-06-2017 to 15-06-2017 for updation of IEC in GSTIN. - Reply By Ganeshan Kalyani - The Reply = GST Council is meeting for the 15th time today to finalise pending draft rules namely transition, accounts and records, return filing, advance ruling etc.GST Council will also finalise taxes to be levied on six commodities, including gold, textiles and biscuits, as the Centre and states gear up to roll out the new indirect tax regime from July 1. - Reply By Ganeshan Kalyani - The Reply = .....

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, 2017, is a question mark, the IBA has conveyed to the Parliamentary Standing Committee on Finance. - Reply By Ganeshan Kalyani - The Reply = Banks are one of the few sectors which have to make humongous changes in their system infrastructure and thus, getting ready for GST is not an average ask by any stretch of imagination. - Reply By Ganeshan Kalyani - The Reply = The speculation of government postponing GST roll out to Sept 1, 2017 will find some fuel with this update. There have been conce .....

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rules for GST returns. It also released formats of returns to be filed under GST. (Download GST Return formats) - Reply By Ganeshan Kalyani - The Reply = Under GST, primarily a tax payer is required to file following: 1. GSTR 1- Details of outwards supplies of goods or services 2. GSTR 2- Details of inward supplies of goods or services 3. GSTR 3- Monthly return Tax payers under composition scheme is required to file quarterly return under GSTR 4. - Reply By Ganeshan Kalyani - The Reply = What re .....

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new indirect tax regime.The council had to also fix rates for commodities like biscuits, cigarettes, beedis, agricultural equipment, precious metals and textiles. The rate on lottery tickets was also taken up for consideration. - Reply By Ganeshan Kalyani - The Reply = Key takeaways from today s meeting are:1. GST Rules cleared including transition and return filing.2. GST Council will set up committee to look into complaints regarding anti-profiteering clause.GST Rates1. Solar Panels - 5%2. Pac .....

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sticking to the target date of July 1: FM Arun JaitleyWith government putting all the requisite law in public domain, it is now upon industry to get ready for GST before July 1. - Reply By Ganeshan Kalyani - The Reply = A waybill is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods. Typically it will show the names of the consignor and consignee, the point of origin of the consignment, its destination, and route. A provison of e-wa .....

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nsporter on the common portal3. The person in-charge of conveyance will be required to carry the invoice or bill of supply or delivery challan, and a copy of the e-way bill or the e-way bill number, either physically or mapped to a Radio Frequency Identification Device (RFID) embedded on to the conveyance.4. Where multiple consignments are intended to be transported in one conveyance, consolidated e-way bill shall be generated carrying serial number of e-way bills generated in respect of each su .....

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rough such RFID readers where the e-way bill has been mapped with RFID.7. Provision of physical verification goods can be carried out by officer upon proper authorization from Commissioner. - Reply By Ganeshan Kalyani - The Reply = Inspection of Goods8. A summary report of every inspection of goods in transit shall be recorded online by the proper officer in Part A of FORM GST INS - 03 within twenty four hours of inspection and the final report in Part B of FORM GST INS - 03 shall be recorded wi .....

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g CENVAT credit. Now registered under GST. Can assessee avail CENVAT credit on goods received(invoice issued before GST) after appointed date ? - Reply By Ganeshan Kalyani - The Reply = In the transition stock the cenvat credit is allowed to those possessing duty paid document. If there is no such document then 60% of credit of central GST payable is eligible. - Reply By Ganeshan Kalyani - The Reply = Principally, import of goods is governed by Customs Act followed by other indirect tax levies. .....

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their old inventories ahead of the July 1 rollout of the goods and services tax (GST) and minimize their losses. Television-sets, refrigerators, air-conditioners and washing machines now have their price tags slashed. Discounts vary, depending on the life of the old stock and the cost price: Retailers say they would make a loss of about 6 per cent on unsold stock purchased before May, and about 14 per cent on one-yearold inventories, against which input credits cannot be availed. - Reply By Gane .....

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- gifts and extended warranties - to boost sales since retailers and distributors have stopped picking up stock to clear the existing inventory, two senior industry executives said. - Reply By Ganeshan Kalyani - The Reply = It's almost a mid-year Diwali for consumers in June, as most retailers will be doling out huge discounts to clear inventory before GST is rolled out. Retailers want to liquidate their entire stock as they cannot bear the load of the remaining 40 per cent central GST whic .....

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By Ganeshan Kalyani - The Reply = According to industry executives, some of the large consumer electronic retail chains are sadd led with old inventory of more than ₹ 100 crore each. These would make a big dent on their margins, since the white-goods makers have come up with compensation schemes for unsold stock purchased only in May and June. The old inventory would also include products that are on display on the shop floor, since several of them tend to be a year old and eventually sol .....

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sed allowing 100 per cent credit in case of highvalue items priced above ₹ 25,000 based on the tracking of the product, even without documents detailing the actual payment of excise duty. However, the industry awaits clarification on the definition of tracking and whether it's on the MRP, base price, or market operating price. - Reply By Ganeshan Kalyani - The Reply = Godrej Appliances business head Kamal Nandi said if the industry can avail benefit of 100 per cent credit, around 25 pe .....

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She has not felt the need to apply for a sales tax number. My business is very small and doesn't require sales tax registration, says the Gurgaon-based entrepreneur. But this will soon change because Dhingra plans to take her business online. The Goods and Services Tax (GST), which comes into effect from 1 July, requires all e-commerce businesses, including tiny outfits like Dhingra's, to register under the new tax regime. - Reply By Ganeshan Kalyani - The Reply = In Surat, textile manu .....

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dia, a platform for finance professionals, only 38% of the 1,100-odd respondents said they were ready for the rollout on 1 July. The others either needed more time or their clients were not fully prepared. - Reply By Ganeshan Kalyani - The Reply = The GST is not just a tax reform or even a business reform. It is a lifestyle reform that will change the way business is conducted in the country, says Minal Agarwal, a chartered accountant who advises corporate houses on GST compliance and related is .....

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ts. Many small entrepreneurs feel they can bypass the GST if their turnover is less than ₹ 20 lakh. That is true, but this exemption comes with its own set of problems. If you are not in GST, the businesses you supply to will have to bear the burden of your compliance. They may eventually switch to vendors who are registered under GST, she warns. It is adviced even if you are a small business with a turnover of less than the GST threshold of ₹ 20 lakh, get yourself registered. - Repl .....

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ng supported by integrated learning modules. This single software can be used to do full GST compliance, says Archit Gupta, founder and CEO of ClearTax.in. - Reply By Ganeshan Kalyani - The Reply = Taxmann, a leading name in tax and corporate law and a GST Suvidha Provider, has also introduced One Solution, an integrated software that does all the GST-related compliances. Though the rates vary depending on the size of the organisation, they start as low as 99 paise per invoice. - Reply By Ganesh .....

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ks. - Reply By Ganeshan Kalyani - The Reply = GST will require a very high level of compliance. Out go the hand-written ledgers, accounting books and notepads. Everything will now be online and will need to be updated regularly. A business will have to file 37 returns in a year (three returns per month and one annual return) per state. If it does business from offices in more than one state, the number of returns will go up accordingly. A business with a offices in three states will have to file .....

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yani - The Reply = Though the composition scheme requires lesser GST compliance, it has several drawbacks. For one, only businesses which operate within a particular state can opt for this. Plus, opting for composition breaks the chain of seamless input tax credit. Those who buy from a composition dealer will not be able to take credit of any input tax. A composition dealer cannot levy and collect any tax from its buyers. Should the composition dealer purchase from registered persons, he will no .....

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poor score leads to loss of business, warns Minal. - Reply By Ganeshan Kalyani - The Reply = Credit rating provision is what many tax professionals are worried about. They fear the compliance score will be used to assess the credibility of a business. This could wipe out small businesses that face cash-flow problems and delay payments. Since their problems will now be public knowledge, buyers will avoid this company leading to further payment delays. This will slowly, but with certainty, drive .....

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CA Club India online forum. Deferring the roll-out will not help. The government should stick to the 1 July deadline, says Lakshmipriya, AVP Finance, Bankbazaar.com. - Reply By Ganeshan Kalyani - The Reply = Lakshmipriya says there are likely to be teething troubles when such a massive change is introduced, but over time these problems will get ironed out. The level of compliance is very high under GST.We hope the government is lenient towards compliance lapses so that businesses get used to the .....

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op, it will be beneficial to get your company registered under GST. We wish your business good luck and prosperity. - Reply By Ganeshan Kalyani - The Reply = All imports shall be deemed as inter-State supplies and accordingly Integrated tax shall be levied in addition to the applicable Custom duties. - Reply By Ganeshan Kalyani - The Reply = The IGST Act, 2017 provides that the integrated tax on goods imported into India shall be levied and collected in accordance with the provisions of the Cust .....

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mpensation to States) Cess Act, 2017. - Reply By Ganeshan Kalyani - The Reply = The value of the goods for the purpose of levying integrated tax shall be, assessable value plus Customs Duty levied under the Act, and any other duty chargeable on the said goods under any law for the time being in force as an addition to, and in the same manner as, a duty of customs. - Reply By Ganeshan Kalyani - The Reply = The value of the imported article for the purpose of levying cess shall be, assessable valu .....

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ut tax credit of the integrated tax paid at the time of import shall be available to the importer and the same can be utilized by him as Input Tax credit for payment of taxes on his outward supplies. The integrated tax shall, in essence, be a pass-through to that extent. - Reply By Ganeshan Kalyani - The Reply = The Basic Customs Duty (BCD), shall however, not be available as input tax credit. - Reply By Ganeshan Kalyani - The Reply = The place of supply of goods, imported into India shall be th .....

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after GST? - Reply By Ganeshan Kalyani - The Reply = Cars will be taxed at the top rate plus a cess in the range of 1% to 15%. Small cars will be charged 1% cess on top of 28% tax, mid-sized cars will attract 3% cess and luxury cars 15% cess on top of the peak rate. - Reply By Ganeshan Kalyani - The Reply = Luxury cars are likely to get cheaper under GST. Currently, a consumer bears 45-55%. Under GST, the tax incidence will come down to 42-43%. - Reply By Ganeshan Kalyani - The Reply = In all li .....

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an Kalyani - The Reply = Mid segment cars currently carry effective tax rate of around 40-48% (including cascading effect of VAT).Under GST, mid segment cars are to be taxed at 40-43%. Again, there is not much change and thus, it may not translate into price hike. - Reply By Ganeshan Kalyani - The Reply = Buyers of hybrid cars are in for a disappointment as these are proposed to be taxed at the highest GST rate bracket of 28% in addition to attracting of 15% cess. Keeping environmental concern i .....

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T rates and currently studying the effects that might emerge out of the GST implementation, said Roland Folger, managing director and chief executive at Mercedes Benz India Pvt Ltd. - Reply By Ganeshan Kalyani - The Reply = With the maximum cess on luxury cars getting capped at 15%, and with a GST rate of 28%, the maximum duty one is likely to pay is 43%, said Rajeev Pratap Singh, auto practice head at Deloitte Touche Tohmatsu India Pvt Ltd. - Reply By Ganeshan Kalyani - The Reply = Units in Spe .....

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under GST, a proviso has been created to Rule 1 mandating a SEZ Unit to take a separate registration under GST.This interpretation is based on overall understanding and intention of registration provisions under GST. Every person (X Ltd.) is required to take registration in each state from supply is made. Also, this interpretation keeps government s intention to track SEZ supplies and exemptions separately on track.If we drill each word and put together harmonious interpretation with registratio .....

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aunch requirement of separate registration for SEZ Unit/s from its other units as if it is a distinct business vertical.On in depth reading, the provision creates ambiguity by sprouting following possible interpretations:1. Each SEZ unit will be required to take separate registration2. All SEZ units covered under one Zone will be required to take one common GST registration3. All SEZ units in one particular state will be required to take one common GST registration - Reply By Ganeshan Kalyani - .....

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tation draws support from the fact that every SEZ compliance is unit-wise in existing regime as well.2. All SEZ units covered under one Zone will be required to take one common GST registrationBased on this interpretation, X ltd will be required to take 3 registrations - one registration for 2 units in infospace, one for 2 units in Silokhera (remember, the provision reads a person having a unit(s) in a Special Economic Zone.. shall make a separate application for registration) and one registrati .....

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to help tax payers do timely and convenient compliance are being developed. These players are called Application Service Provider (ASP) and these third party applications will connect with GST system via secure GST System APIs. The service providers developed these secure channels are called GST Suvidha Provider (GSP) . - Reply By Ganeshan Kalyani - The Reply = Role of ASPASPs will focus on taking taxpayers raw data on sales and purchases and converting it into the GST returns (in case of multi .....

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you: 1. Invoice data upload (B2B and large value B2C). 2. Upload GSTR-1 (return containing supply data) which will be created based on invoice data and some other data provided by the taxpayer. 3. Download data on inward supplies (receipts or purchase) in the form of Draft GSTR-2 from GST Portal created by the Portal based on GSTR-1 filed by corresponding suppliers. 4. Do matching of purchases made and that downloaded from GST portal. Finalize the same based on his own purchase (inward supply d .....

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egration with customer software (ERP, Accounting systems) that tax payers and others are already using for their day to day activities.5. Assisting in input tax credit matching. - Reply By Ganeshan Kalyani - The Reply = Outcome of today's GST Council meeting Rate of 28% will be maintained for all cinema tickets above ₹ 100. For those below ₹ 100, it will be reduced to 18%, FM Arun Jaitley says Received representation for about 133 goods. After considering representation, the GST .....

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ed. - Reply By Ganeshan Kalyani - The Reply = Addressing the media at a press meet after the gst council meeting held today , Finance Minister Arun Jaitley said that the rates have been revised after getting feedback from industry players. - Reply By Ganeshan Kalyani - The Reply = Arun Jaitley said: After considering the recommendations, the GST Council has reduced the tax level in 66 out of 133 items on which representations were made by the industries. The reductions, he said, were based on tw .....

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28% to 18% School bags revised from 28% to 18% Exercise books revised from 18% to 12% Coloring books revised from 12% to nil Pre-cast concrete pipes revised from 28% to 18% Cutlery revised from 18% to 12% Tractor components revised from 28% to 18% Computer printers revised from 28% to 18% - Reply By Ganeshan Kalyani - The Reply = Another important item on which GST has been reduced was the entertainment tax on cinema. Under the GST, there will now be two categories for movie tickets. For tickets .....

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es want, through the DBT (Direct Benifit Transfer), the state can refund the GST of regional cinema. - Reply By Ganeshan Kalyani - The Reply = For workers in industries like textile, diamond processing etc, where the workers take the work home, 18% tax that is now being charged will be fixed at 5% because the GST for these sectors have gone down as well. - Reply By Ganeshan Kalyani - The Reply = The next meeting for the GST Council will be on June 18th. - Reply By Ganeshan Kalyani - The Reply = .....

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ciations with respect to rates after 03 June. After considering the principle of equivalence, changing consumption pattern and possible inverted tax structure, the Government has reduced tax rates on 66 items. - Reply By Ganeshan Kalyani - The Reply = Description of Goods Updated rate Initially proposed rate Printers* Tractor Components School bags Dental wax Cinema tickets of value upto INR 100 18% 28% Packaged food including pickles, toppings, instant food, sauces, ketchups, etc. Exercise book .....

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for the payment of tax under composition of tax option for traders, manufacturers and restaurants to INR 75 lacs from the previous INR 50 lacs. The service providers continue to remain ineligible to opt for the composition scheme. - Reply By Ganeshan Kalyani - The Reply = The GST Council has also approved the accounts and records rules. However, the anti-profiteering rules are under preparation and will be released upon finalisation. It was mentioned that the release of anti-profiteering rules .....

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of transactions between J&K and other states and refund of CGST paid in case of goods manufactured in excise free zones await clarification as well. - Reply By Ganeshan Kalyani - The Reply = The industry now has a week's time to make any further representations on GST rates as the next council meeting will be held on 18 June. - Reply By Ganeshan Kalyani - The Reply = Overall, the decisions taken by the council meeting are positive and demonstrate a constructive dialogue with the Governm .....

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ates on lottery taxes and e-way bills will be decided. - Reply By Ganeshan Kalyani - The Reply = Twenty Four (24) States have passed the State GST (SGST) Act till yesterday i.e. 5th June, 2017 while 7 States viz. Meghalaya, Punjab,Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal have yet to pass the State GST (SGST) Act. - Reply By Ganeshan Kalyani - The Reply = List of States that have passed the SGST Bill:1. Telangana2. Bihar3. Rajasthan4. Jharkhand5. Chhattisgarh6. Uttarakha .....

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lment of existing taxpayers will be in readiness well in time for the July 1 implementation date. - Reply By Ganeshan Kalyani - The Reply = The Central Board of Excise & Customs is being renamed as the Central Board of Indirect Taxes & Customs (CBIC), after getting legislative approval. The proposed CBIC shall, inter alia, supervise the work of all its field formations and Directorates and assist the Government in policy making in relation to GST, continuing Central Excise levy & Cus .....

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spreading through social networking apps and sites on delay in GST roll out. Through a tweet, Dr. Adhia said The rumours about GST implementation being delayed are false. Please do not be misled by it. - Reply By Ganeshan Kalyani - The Reply = After the end of the seventeenth meeting of the GST Council, the Government has categorically reiterated the introduction of GST from 01 July. - Reply By Ganeshan Kalyani - The Reply = Considering the preparedness of the Industry, the GST Council has rela .....

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Ganeshan Kalyani - The Reply = The new registrations under GST would start from 25 June. - Reply By Ganeshan Kalyani - The Reply = The Government also clarified that the provisional GST Number allotted to the taxpayers would be the final GST Number and this would not change. - Reply By Ganeshan Kalyani - The Reply = Details of relaxed return filing procedure under GST (Applies for July and August 2017) - Reply By Ganeshan Kalyani - The Reply = The official date of introduction date of GST has be .....

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of what you are reporting to each entity. - Reply By Ganeshan Kalyani - The Reply = What this eventually means is that it was easier to be a non-compliant earlier. I could rely on my chartered accountant and tell him, Okay, this year I want to pay this much tax, please prepare my books accordingly. But, now this would become very difficult because others have reported to GSTN and hence tax authorities know all the details. - Reply By Ganeshan Kalyani - The Reply = One of the fundamental shifts .....

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JUNE 17 ER1. Can we use & Utilize these closing balances in carry forward to G S T returns and to use GST payable from JULY 17 from the Electronic credit ledger of GST and Can GSTN allow these credits for utilization of GST payable .Request your guidance pleaseThanking youv Swaminathan - Reply By Ganeshan Kalyani - The Reply = No sir you cannot carry forward the utilised credit of education cess and secondary higher education cess to GST. - Reply By Ganeshan Kalyani - The Reply = Principal .....

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ntract attracted two levies - value added tax at the rate of 5% and service tax depending on the work. Also, no ITC was available to the builders.Though the levy under GST is set at a higher, 18% rate, it is accompanied by ITC availability. Builders thus get to avail ITC accruing on purchase of raw materials such as cement, steel and bitumen. In effect, the net [tax] will not be 18%, he said, addin g the change, however, had given rise to a lot of doubts among the builders. They are also concern .....

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