Goods and service tax bill passed

Our full effort is to roll out GST from July 1 and I urge trade and industry to not be complacent, he said. And upon submission of required
documents within given time tax payers shall be given GST registration. Narendra Modi govt s push to pass legislation, how it will help businesses
and common manGST would be beneficial for all the stakeholders and would provide a much needed boost to the reform agenda of the
government. Migration of service tax and Central excise assessees to GST was also low at The retailer, thus, buys the good at Rs The reason
being state government has not participated in this grand transition to GST plan. The service providers continue to remain ineligible to opt for the
composition scheme. GST Council was formed on 12th September A senior executive with a leading consumer electronics chain said the company
is even sacrificing margins to clear out stock. Therefore, if a single rent deed is executed it will be treated as a service comprising entirely of such
service which attracts highest liability of service tax. 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. Pls click on the link below. This poses several challenges for
businesses, the most critical being IT systems readiness, where changes can only start once the laws are finalised. Again, there is not much change
and thus, it may not translate into price hike. Why the outgoing Act and Rules are referred to keep them alive. This would imply greater
expenditures for exporters since refunds will materialise only after several months. The GST rates will remain broadly in line with the existing rates.
These have been summarised below: After the law is passed, industry would need at least months time to be GST ready, especially on the IT
infrastructure front. Also read GST to be simple with 1 pc additional tax removal, say experts. We will go with what the majority decides, he said.
They want it to be delayed by a quarter or two. They also charted the steps to be taken over the next few months to meet the deadline. With the
Centre moving on to the fast track to meet the April deadline, the Punjab government has initiated the process of appointing consultant to hel. The
functions of the GSTN would, inter-alia include: Amendment or repeal of the provisions relating to Acts under which cesses are levied. Every
supply to a registered person needs to be reported through the GSTR-1 form. As a prelude to it, Finance Minister Yanamala Ramakrishnudu held
a preparatory meeting here on Friday. The formula under which it is being done has also been explained, and therefore, nobody is going to taken
by surprise, it s not going to be very signi. A approaches B for customs clearance work in respect of an import consignment. The peak rate, which
will mostly apply to FMCG and consumer durables, will be 26 per cent. Amendment to the Customs Act, ; ii. Meet other applicable compliance.

Maharashtra passes Goods and Services Tax bill

The Centre and states joined hands to hammer out a structure of GST resolving all contentious issues through consensus in the true spirit of
cooperative federalism in the country, he told the House. Issues raised by sectors employing large work force and with vast disparity, e. The rates
would be notified on the recommendations of the GST Council. GST bills and rate fitment process. We have started the exercise of putting goods
into various tax slabs. 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. No tax will be payable on exports of goods and services, howev. This could wipe out small businesses that face cash-flow problems
and delay payments. The validity period of a bill is dependent on the distance the goods have to be transported. Dealers having business is various
states need to get registration for each states separately. GST is also an opportunity to remove discrimination among various classes of tobacco
farmers. No input tax credit shall be admissible to a composition taxpayer, he said. These have been summarised below: Now, you will only be
assessed once and what one authority assesses, others will have to accept that assessment, he said. The multiple rates will make things complicated
from a compliance perspective and could dilute some benefits of the GST system. Lalit Nambiar Domestic liquidity flows into the equity market
seemed to have bolstered valuations given that all other asset classes including reality, gold, fixed deposits. It will make the movement of goods
cheaper and seamless across the country. As we all know, both God and the Devil lies in the details. I'm this regard three States has already
passed it. 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 Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future. Net of tax will be
paid on that count there should be no doubt, he said, pointing out that projects involving more consumption of cement and steel, the ITC would
be. First session will be in Mumbai. GSTR 2- Details of inward supplies of goods or services 3. Meet other applicable compliance. However, the
new law requires them to comply via the online mode only. It is an efficient tax system. Since their problems will now be public knowledge, buyers
will avoid this company leading to further payment delays. EC, headed by the then West Bengal Finance Minister Asim Dasgupta, submits report
to the central government, which offers its views and comments in October and December of that year. But, Gaurav Dua, Head-Research of
Sharekhan feels that India's biggest tax reform may disrupt earnings growth of companies for a few quarters. 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. The
Amendment Bill was passed by the Rajya Sabha but unfortunately before it could be passed by the Lok Sabha, it was dissolved and after elections
no one took up the cause. Having said that everybody is aware of the fact that there are several exemptions which have long gestation period
which will continue to be there, so. One can register online by logging on to gst. It will be another economic disaster after note ban if it doesn t
address traders concerns Manish Sisodia on Tuesday hit out at the Centre saying that if GST talks don't address traders' concerns then it will be
yet another economic disaster after note ban. If that number if right, it is a humongous number. They want it to be delayed by a quarter or two.
Otherwise if mistake happens in the original return then dealer would loose the closing credit. Understanding the concept, law of GST and training.
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. Also in case of intra-state stock transfer there is no VAT liability. According to the Centre s
estimates on impact of the 4-slab rate structure on CPI inflation, items like chicken and coconut oil which currently suffer a tax incidence of 4 per
cent will be taxed at 6 per cent under the GST regime. The rates at which individual items are to be taxed is yet to be decided, which could explain
 the lack of enthusiasm in the market, whic. The government is planning to rollout the single most powerful tax reform since independence from
April 1, The VAT also does not subsume a host of other taxes imposed within the states such as luxury and entertainment tax, octroi, etc. After the
law is passed, industry would need at least months time to be GST ready, especially on the IT infrastructure front. The end-consumer will bear
only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages. Council will decide on the rate.
Migrating to GST does not in any way just mean conversion of registration or change in name of tax, it entails change in IT systems, processes,
supply chain, invoicing, compliance etc. Let's work together to keep the conversation civil. Early movers can capitalise on options and benefit
mostUnder the GST regime, the credit eligibility of a company will largely depend upon suppliers GST compliances. This is completely misplaced,
he said. Jaitley also agreed to the continuation of the empowered committee of state finance ministers-the representative body of states-for
discussions on matters other than GST. It consolidates outward supplies, inward supplies, tax payable, ITC etc. Capt Abhimanyu said the GST
would go a long way in doing away with the 'Inspector raj' as there will be a minimal interface between the taxpayers and the authorities. The
government had relaxed return filing procedure for first two months i. We cannot have one rate. Once we see how much money is collected from
these taxes, we can certainly look at th.

Goods and Services Tax (GST) Bill, explained | The Indian Express
The design of the network is eminently suited to the requirements of the impending GST regime, which is a destination based tax. However, pazsed
the supplier and the place of supply are located in different States, then IGST is payable. Goods and service tax bill passed can understand the
claim of a smoother machinery of indirect taxes. We have to have multiple rates, Re. Let us see what happens. Small and medium-scale
taxpayers paxsed been given gill option of composition. By registering, the dealer gets a legal status of goods and service tax bill passed.
Electricity has also been goods and service tax bill passed out of GST. Guidance and support to discharge correct tax compliance is expected in
new tax regime. Again, there is not much change and thus, it may not translate into price hike. Such arrangement would help the dealers to comply
with ease atx without error. While the increase in compliance may be manifold for service providers but may not be as much for traders or
manufacturers. It s not just us saying it, but the industry. He said people hav. It also impacts the IT system of a company, from invoicing formats to
generating input and output reports. The returns mechanism is designed to assist the taxpayer to file returns and avail ITC. India by virtue of their
business e. Services received and provided by: Turnover in previous FY No. The only silver lining was that substantial progress seems to have
been made on discussions with respect to laws and broad consensus was reached for provisions up to Chapter 20 sservice of total 27
chapterssaid Pratik Jain, partner and glods indirect tax, at consultancy firm PwC. CENVAT does not extend to value addition by the distributive
trade below the stage of manufacturing; even manufacturers cannot claim set-off against other central taxes such as additional gokds duty and
surcharge. 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, in read with Pric e Control and Anti-Profiteering Mechanism to determine nad high profit Net profit margin
Regulations, The Bill was passed after nearly one hour of discussion. The next 10 d. You can watch the video from below links: The budget will
have separate heads under GST and well-laid guidelines of tax distribution.