27 March 2017
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Home News

Indirect Tax GST 002007

  • Cabinet clears abolition of cesses for GST rollout, government to incur Rs 65,000-crore loss
    Mar 23, 2017
    The Union Cabinet has approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. Following this, the Centre will abolish 16 cesses and surcharges on union excise and service tax as it lays down the path for rolling out Goods and Services Tax (GST) from July. The amendments in the Customs Act, 1962, allow furnishing of information relating to import or export of goods by specified persons to enable analysis and detection of cases of under or over-valuation in imports and exports.
  • Union Cabinet clears four GST supplementary legislations
    Mar 21, 2017
    The Union Cabinet on Monday approved four supporting Goods and Services Tax (GST) legislations in its bid to introduce them before Parliament as early as today. The approved legislations include the Compensation Law, the Central-GST (C-GST), Integrated-GST (I-GST) and Union Territory-GST (UT-GST). According to PTI, these would be introduced as Money Bill.The GST legislations were the only agenda in the Union Cabinet meeting, which was chaired by Prime Minister Narendra Modi. Passage of all the legislations is crucial for the introduction of GST, which is expected to be rolled out from July 1.
  • GST relief for exporters, some refunds to continue
    Mar 21, 2017
    Exporters will continue to get certain duty refunds as incentives after the Goods and Services Tax is implemented. The GST Council has framed the draft laws to ensure that the export sector doesn’t suffer when the new regime is rolled out, likely from July 1. The GST legislation approved by the cabinet and the GST Council has a provision enabling duty drawback in relation to goods manufactured in the country and exported. It’s been defined as rebate of duty or tax chargeable on imported and domestic inputs or input services used in the manufacture of these goods.
  • E-commerce firms to pay up to 1% TCS under GST
    Mar 20, 2017
    E-commerce firms like Snapdeal and Amazon will have to mandatorily deduct up to 1 per cent TCS (Tax Collected at Source) while making payments to their suppliers under the GST regime which is expected to kick in from July 1. The model Goods and Services Tax (GST) law, finalised by the GST Council, provides for 1 per cent TCS to be deducted by the e-commerce operators. The model law provides that every electronic commerce operator, not being an agent, shall collect up to one per cent TCS, as may be notified on the recommendations of the Council, of the net value of taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the operator.
  • GST may add to India Inc's documentation burden
    Mar 20, 2017
    Industry is worried it might face increased compliance burden due to rules under the proposed goods and services tax (GST) regime. Companies would have to upload three returns every month — by the 10th, 15th and 20th of the month after a sale happens, said M S Mani, senior director, indirect tax, Deloitte. According to rules on returns, companies would have to submit details of its supplies or invoices by the 10th of the subsequent month. They have to upload details of purchases of inputs by the 15th of the subsequent month.
  • Finally, GST is coming in July: A primer on India's biggest tax reform
    Mar 18, 2017
    With the Goods and Services Tax (GST) council approving the remaining two of the five bills concerning the tax regime on Thursday, India's most ambitious indirect-tax reform is likely to roll out from July 1. The GST Council capped the proposed cess on aerated drinks and luxury automobiles at 15% and on cigarettes at 290%. It also approved the State GST and Union Territory GST laws. Nod to these laws along with changes in the Central GST and Integrated-GST laws paves way for the introduction of the legislations in Parliament and state assemblies as early as next week. So, how well do you know your GST? Here's a brief explanation of its various aspects:
  • GST Council caps tax on tobacco, luxury cars, pan masala at 15%
    Mar 17, 2017
    The goods and services tax (GST) Council on Thursday approved two more laws — state GST (SGST) and Union Territory GST (UT-GST) — increasing chances of a roll-out of the new indirect tax regime from July 1. Earlier, the council had approved the CGST, IGST and the compensation law.At its 13th meeting held in the Capital, the council also capped the cess on demerit goods or so-called sin tax at 15%, the proceeds of which will be used to compensate states that may face a reduction in revenue once GST is in force.Finance minister Arun Jaitley said the cess would be restricted to five commodities.
  • GST closer to July 1 rollout: 5 draft Bills cleared, demerit goods cess capped at 15%
    Mar 17, 2017
    The Central government moved another step closer towards the implementation of the country’s most ambitious indirect tax reform of Goods and Services Tax which is set to roll out from July 1 this fiscal. The GST Council chaired by Union Finance Minister Arun Jaitley on Thursday approved the drafts of the remaining two key laws namely — State GST and Union Territories GST. Addressing the conference after the 12th GST Council meeting, Jaitley said: “Today the GST Council gave its approval to the State GST and the Union Territories GST laws and cleared the revised drafts of three other crucial bills.
  • Taxes under GST 'to increase a bit', says CBEC Chairman
    Mar 14, 2017
    While the effective rate of indirect taxes under the new Goods and Services Tax (GST) regime still remains unclear, as fitment in tax slabs is under way, the Central Board of Excise and Customs (CBEC) has said that taxes were likely to "increase a bit" from the current level.
  • GST: New rules will have impact on retail chains, restaurants and contractual farming
    Mar 14, 2017
    Even as the government recently brought some parts of agriculture under goods and services tax (GST) gamut, some big retail chains and quick service restaurants (QSRs) may see the impact. This is mainly because contractual farming will now be under the purview of GST.
  • GST positive, but there are concerns Narendra Modi govt will have to address digital payments: Pursuit of a less-cash economy benefits everyone
    Mar 10, 2017
    Eleventh meeting of the GST Council was rather constructive, wherein the Council endorsed the central GST and integrated GST laws. The laws would, now, be vetted from a legal perspective again to incorporate minor changes, post which the same would be tabled before the Cabinet for their approval. Once the laws are cleared by the Cabinet, the same would be presented before Parliament in the second half of the Budget Session around March 22 or so.Post-finalisation of the state and Union territories’ GST laws, a major meeting would be held where fitment of rates for various goods/ services would be presented before the GST Council and approved. T
  • PM hopes for breakthrough on GST legislation
    Mar 10, 2017
    As the budget session of Parliament resumed on Thursday, Prime Minister Narendra Modi hoped there will be a breakthrough on the Goods and Services Tax (GST) bill and that issues will be discussed in a democratic manner." We hope that there will be a breakthrough+ on the GST because all states have positively cooperated. All political parties have also extended cooperation in a positive way," he told reporters outside Parliament.The second leg of the budget session+ resumed on Thursday after about a month-long recess."We are meeting after a break and the budget proposals will be discussed in details," he said.
  • GST demand can be paid in instalments
    Mar 06, 2017
    Tax demand raised by authorities under the proposed Goods and Services Tax (GST) regime can be paid in monthly instalments of up to two years, on a case-by-case basis, in case of financial hardships. The revised draft GST model Bill, approved by the GST Council on Saturday, gives powers to tax officers to allow a taxpayer to pay dues in a staggered manner if he is facing a financial crunch. The move is aimed at improving the scope of revenue recovery without causing hardships to assessees.
  • Liability linkage provision in GST to hit small traders
    Mar 04, 2017
    A provision in the model goods and services tax (GST) law to ensure the smooth flow of credit and minimise tax evasion could hit small businesses and suppliers by favouring bigger and financially stronger ones. The 'liability linkage provision' allows the buyer credit for tax paid on inputs used only if the supplier has paid the tax within a given window. The provision, to be discussed at the meeting of the GST Council on March 4-5, calls for reversal of credit to the buyer in case of noncompliance by the vendor. That is, a buyer would be penalised for the supplier's non-compliance.
  • GST Bill to make peak tax rate 40%, slabs intact for now
    Mar 03, 2017
    The GST levy may go up to 40 per cent after the GST Council proposed raising the peak rate in the Bill to 20 per cent, from the current 14 per cent, to obviate the need for approaching Parliament for any change in rates in future.The model Goods and Services Tax Bill will replace the clause which states the tax rate "not exceeding 14 per cent, with "not exceeding 20 per cent" when it comes up for debate in Parliament during the second phase of Budget session beginning next week.
  • States agree to roll out GST by July: Shaktikanta Das
    Feb 28, 2017
    India's decade-long wait for a national sales tax that will create one of the world's biggest single markets could be almost over by July 1. As per economic affairs secretary Shaktikanta Das the Goods and Services Tax (GST) will be implemented by July 1 and not later as feared earlier on. "GST implementation is a huge one and that is going to be implemented by July 1. Both central and state governments are working on this," Das said.
  • GST: DGFT wants GST Council to create an e-wallet facility to ease exporters fears
    Feb 27, 2017
    Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs, the Director General of Foreign Trade (DGFT) has written to the GST Council, saying that, instead, an e-wallet facility could be created for virtual payment of taxes so that the GST chain is not disrupted.“The provision for no-exemption-and-only-refund (as proposed in the model GST law) will lead to blockage of about R1,85,500 crore annually for manufactured goods exporters,” an official source, with direct knowledge of the DGFT’s move told FE.
  • India must take GST lessons from other nations: CFO
    Feb 21, 2017
    Before the Goods and Services Tax (GST) reform is rolled out, India should take cautious lessons from other nations which have also introduced similar legislation, industry leaders have warned.A report released on Monday by the Confederation of Indian Industry and tax consultancy major Deloitte, which incorporates the views of Chief Financial Officers (CFO) of major companies, said the experience of other nations like Malaysia, Canada resonated with challenges currently being faced by India.
  • What’s the real GST?
    Feb 21, 2017
    In the long run-up to introducing GST, the Government was so focused on State governments and negotiating their claims for compensation that it appeared to have missed the fact that India has seven Union Territories that also need to come on board.Out of the seven, only Delhi and Puducherry have their own legislatures, which would mean that the other five would become tax havens under GST. Being a destination-based tax, supplies to and from Union Territories without Legislature (Daman and Diu, for example) would escape GST. This is certainly not what the Government would have wanted and appears to be a case of drafting dilemmas.
  • GST Council clears compensation Bill
    Feb 20, 2017
    The goods and services tax (GST) Council on Saturday formally approved a Bill for compensating the state governments for any revenue loss they might have to suffer in the first five years in the GST regime, as the constitutionally empowered body entered the last lap of its key legislative business. At its 10th meeting held at Udaipur, the council also resolved to make some clarificatory changes in the model GST Bill — which will be replicated as the central and state GST bills — with a view to amplifying their legal tenability.
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