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LATEST DEVELOPMENTS IN GST IMPLEMENTATION

Goods and Services Tax - GST - By: - Dr. Sanjiv Agarwal - Dated:- 10-6-2017 Last Replied Date:- 12-6-2017 - The GST Council meeting held on 3rd June, 2017 at New Delhi succeeded on completing the pending issues on the agenda which inter alia included .....

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d, GSTC has announced 1st July, 2017 only as the date for implementation of GST law. Transition rules have also been cleared with some changes, most important being enhancement of limit of taking credit on closing stock by dealers from 40% to 60% and .....

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ear, though gold has been kept at single rate of 3 percent which is considered moderate. This, however become 6th GST rate, others being 0%, 5%, 12%, 18% and 28%. While cess will be levied on few demerit goods including tobacco products, bidis will b .....

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below ₹ 500) and @ 18% (costing > ₹ 500) Rough diamonds @ 0.25% Biscuits @ 18% Increase on deemed credit to 60% instead of presently proposed 40% if goods in GST slab of 18% or more; 40% if goods are in GST slab of less than 18% Differ .....

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out Committee for anti profiteering to be setup Next (16th) meeting of GSTC on 11 June, 2017 It was also decided to refined 50 percent of tax imposed on defense canteens. While deciding on hike in allowing input tax credit from 40% to 60% in case of .....

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this. It now appears that little home work is left in march up to GST roll out and as such, GST may be a reality w.e.f. 1st July, 2017. The Central Government too, appears to be committed towards this goal, although about 10 states are yet to legisla .....

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tate as well as trade and industry dealing with the State. The next (16th) meeting of GST Council has been scheduled for 11th June, 2017 to review the rates for refinement if the need be and to agree on the implementation of anti profiteering provisi .....

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need for a rigid date of 1st July, 2017. If GST roll out is deferred by one or two months, heavens are not going to tall but would only add to comfort, confidence and ease of compliance and smooth transition. So deferment could be thought of at this .....

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