21 January 2017
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Indirect Tax GST 002007

  • After liberal concessions by Centre, GST council inks breakthrough, new tax regime roll-out on July 1
    Jan 17, 2017
    In a breakthrough that has cleared the long-gathered clouds over the goods and services tax (GST) and brightened the prospect of its roll-out from July 1 this year, the Centre and states on Monday resolved to share the entire GST assessee base — over 10 million at last count — without sacrificing the principle that no taxpayer will have to report to more than one authority.At the ninth GST Council meeting here, the Centre made significant concessions to bring states, including the defiant ones, on board.
  • Centre, states clear bulk of laws for GST
    Dec 24, 2016
    The Centre and states covered significant distance on the path towards rollout of goods and services tax (GST) when they cleared the bulk of laws for central and state GST. But the April 1, 2017, deadline for implementation of the country's biggest indirect tax reform is almost ruled out as there was no headway on the contentious issue of division of administration.
  • GST Council meet cut short, no roll-out in April, 2017
    Dec 12, 2016
    The country’s journey that started more than seven years ago towards an indirect tax system that militates against cascading of taxes, seemed to prolong further on Sunday, after the sixth session of the Goods and Services Tax (GST) Council was cut short for want of any signs of a consensus on the sharing of administrative powers between the Centre and states. While the council was to meet on Monday too, it has now been convened on December 22-23.With some states alleging the demonetisation move undermined the spirit of cooperative federalism that has hitherto guided the council, the earlier the relevant laws can be taken up by Parliament now is in the Budget session in January, as the ongoing Winter Session ends on December 16.
  • These 34 companies to make your GST play less taxing
    Dec 09, 2016
    The Goods and Services Tax Network (GSTN) which is building the technological infrastructure for the implementation of GST, has finalised 34 companies as the GST Suvidha Providers (GSPs), which will offer support and services to help tax payers and businesses in compliance. The GSTN had released an initial list of 48 companies from over 200 applications it had received last month.These companies, which were shortlisted based on eligibility criteria, had to move through the second round of qualification by showcasing their technical capabilities through a demonstration of a functioning model as a GSP with effective tax payer-oriented services.
  • Ceding control of GST admin to states will disempower centre: CBEC
    Dec 09, 2016
    Giving in to the states’ demand for sole control of tax administration of taxpayers below Rs 1.5 crore threshold under the goods and services tax (GST) regime will disempower the Centre, a top official of the Central Board of Excise and Customs has said, suggesting that breaking the deadlock over the issue could be difficult. "The debate and discussion have only been on whether the Central government should be kept out of a certain category of goods. We seriously believe that while I empower you, you cannot disempower me," CBEC chairperson Najib Shah said at an event organised by industry body Assocham."In effect, by saying that you cannot be there in a certain category of goods, you are disempowering me which we have our reservations about."
  • GST jurisdiction a difficult issue, hopeful of Apr roll-out:FM
    Dec 08, 2016
    Pinning hopes on quick resolution of the "difficult issue" of tax jurisdiction with states, Finance Minister Arun Jaitley today said that Goods and Services Tax regime will be rolled out from April next year. Jaitley said the implementation of GST is bounded by a calendar deadline as the Constitutional Amendment provides that the existing indirect tax regime can continue only till September 16, 2017.
  • GST Council meet: States not okay on power sharing issues, want control over businesses with turnover under Rs 1.5 cr
    Dec 03, 2016
    With a seeming agreement between the Centre and states on Friday regarding the three draft laws for the goods and services tax (GST), whether the new comprehensive indirect tax will roll out from the April 1 next year solely depended on resolving the thorny issue of division of administrative powers by the GST Council on Friday, the first of a two-day meeting.“The Centre’s is an intransigent stance. We are unwilling to allow a purely vertical split of the administrative powers.
  • Downloading videos, books from foreign websites will attract tax in GST regime
    Nov 29, 2016
    Online and digital transactions, including those such as hailing cabs through an online aggregators are likely to fall under goods and services tax (GST). Though the draft model GST law is silent on aggregators, tax experts say the relief may be short-lived. Aggregators, who are already liable to pay service tax, may subsequently be included in the ambit once the GST rules are notified, they say.The draft model GST law has proposed that e-commerce players would have to deduct one per cent tax at source each for Centre and State tax, but has remained silent on the treatment for aggregators such as those which provide cab hailing services, food or room booking facilities or even those that help find professionals for home requirements. “The concept of aggregator was done away with in the draft model law but it is likely to be governed under e-commerce operator provisions,” said BMR Advisors in a note.
  • GST now likely on movies, music from foreign sites
    Nov 28, 2016
    If you download a movie or music item from a foreign site, such as A pp lei Tunes, your bill will rise due to the proposed goods and services tax, if the revised draft model Bill becomes law. So, no relief from the service tax, which anyway would be imposed on foreign firms from December 1 even under the existing system.If you download a movie or some music from a site based abroad, such as the iTunes Store, your bill will rise due to the proposed goods and services tax (GST), if the revised draft model Bill becomes law.
  • Ecomm Cos Need to Register in States under GST
    Nov 28, 2016
    Ecommerce players such as Amazon and Flipkart would be required not just to collect tax at source but also register in each state under the proposed goods and services tax (GST) regime as both the central and state laws provide for the levy, reports Deepshikha Sikarwar.
  • Banks integrating systems with RBI, GSTN to collect GST, says Finance Minister Arun Jailtley
    Nov 23, 2016
    Banks are integrating their information technology system with RBI and GST Network as they prepare to handle tax deposits under the new indirect tax regime, Finance Minister Arun Jaitley said today. Detailed protocols for integration of the banks' IT system with RBI and GST portal of Goods and Services Tax Network have been prepared and finalised by RBI and the Goods and Services Tax Network (GSTN), respectively, in consultation with the Government of India, he said.
  • About 80 items likely on GST exemption list
    Nov 23, 2016
    About 80 items are likely to make it to the exemption list under the proposed goods and services tax (GST), including grains, green coconut, poha, unprocessed green tea leaves, and non-mineral water. Items such as coffee and processed foods like biscuits, rusk, butter and cheese currently exempted from excise duty, may draw GST.There are currently around 300 items in the exemption list from central excise duty and 90 from the states value added.
  • GST: Centre, states fail to resolve dual control issue
    Nov 21, 2016
    The Centre and states on Sunday failed to resolve the contentious dual control issue as to which set of taxpayer is assessed by whom, making the November 25 meeting crucial if the government is to meet the April 1 deadline for the roll out of the goods and services tax (GST). Officials from Centre and states will meet on Monday to reach a solution ahead of the meeting of the GST Council on November 25.
  • Parliament winter session agenda: From GST to corruption, govt looks to get key bills cleared
    Nov 16, 2016
    Even as the demonetisation move threatens to swamp the winter session of Parliament beginning on Wednesday, the Centre has lined up three key goods and service tax (GST) Bills for approval to roll out the new tax from April 1 next year. Parliament would meet for 22 sittings between November 16 and December 16. The legislative agenda included nine Bills for introduction and approval, 10 pending Bills for passing. Two Bills are listed for withdrawal.
  • Retain differential duty under GST: Handset-makers to government
    Nov 12, 2016
    Handset makers have asked the government to continue differential duty advantage under the goods and services tax (GST) regime, and deincentivise import of fully built mobile phones by imposing higher rate than on locally produced phones.Unsure of the slab rate under GST, representatives of the Indian Cellular Association (ICA) and Consumer Electronics and Appliances Manufacturers Association (CEAMA) separately met senior officials in the revenue department earlier this week to present possible solutions to keep local phone manufacturing going.
  • Finally, consensus on GST rate structure
    Nov 07, 2016
    Even before the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014 received the ascent of the President of India, two key issues being debated in great length have been the rate of GST and administrative control over the assessee. The issue of rate of GST gained further prominence with a demand that upper cap limit of 18 per cent of GST be entrenched in the Constitution per se .With the passage of Constitution Amendment Bill and given the ambitious deadline of April 1, 2017 for the roll-out of GST, it was imperative that the GST Council took a stance and decided on the rate slabs at the earliest, which the GST Council seemed to have achieved in its meeting on November 3.
  • Insurance may fall under 12% tax slab in GST, from 14% service tax currently
    Nov 05, 2016
    Insurance industry is expected to come under the 12 per cent tax slab in the Goods and Services Tax (GST) regime that will be implemented from April 1, 2017. Currently, a service tax of 14 per cent is imposed.Sources said that insurance services are likely to be out in the 12 per cent slab, even though the industry had sought a slab of 5 per cent or below, this has not been granted.
  • Experts have started demystifying GST regime to tax officials from across India
    Nov 05, 2016
    After finalising the goods and services tax (GST) rates with the consensus of all the states, the central government has taken on another equally challenging task: to train nearly two million officers to handle the new tax mechanism. The Centre has roped in senior tax experts from the industry and from the government mechanism to train about 1.8 million tax officers across the country in four phases in line with their ranks, and training sessions are being carried out in various cities since September, a senior tax official said.
  • GST may not stoke inflation, 50% CPI items out of tax net
    Nov 05, 2016
    The multi-layered structure along with a large number of exemptions could mean that the goods and services tax may not be inflationary as some feared. Nearly half of the items in consumer price index (CPI) basket, including cereals, will not be taxed under the new levy that will replace a plethora of indirect taxes. Besides that all other essential commodities will come under 5% tax bracket, down from initially proposed 6%.
  • Multiple tax slabs and cess to complicate GST
    Nov 04, 2016
    While the Indian industry pitched for a gradual reduction in number of goods and services tax (GST) slabs from four to ‘one or two’, tax consultants argued that imposition of a cess will complicate the proposed uniform indirect tax structure. The GST Council on Thursday arrived at a consensus on a four-tiered rate structure — 5 per cent, 12 per cent, 18 per cent and 28 per cent — and a cess on demerit items, including tobacco, pan masala, luxury cars and aerated drinks to compensate states for a possible revenue loss.
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