Search Result for : Gst Implementation Date

By Ranjeet Mahtani & Sweta Rajan On the path to complete all responsibilities and release the requisite laws, regulations and rates ahead of the proposed transition date of July 1, 2017, the GST Council met on June 3, 2017. The key developments during the meeting were: A committee comprising revenue officers from Centre and States is to be set up to entertain complaints relating to anti-profiteering. GST rates of the items which were not placed across the agreed rate slabs (after the Council’s meetings on 18 and 19 May, 2017) were decided, including 3% GST on gold and gold jewellery, 0.25% on rough diamonds, 5% on packaged food items sold under registered trademarks, 18% on biscuits, 5% on footwear priced below Rs. 500/- ...

Ranjeet Mahtani & Sweta Rajan All eyes and ears are on the GST Council's meeting this weekend. At the time of stop press, the update is that the GST Council has reached a consensus on the CGST  and IGST bills, but the State GST bill could not be discussed - it emerges that some amendments by the Law Department are yet to be incorporated. These agreed bills will be taken up later this month by the Parliament, and the GST Council will have a further meeting on March 16th. Ahead of the GST Council’s meetings today, March 4th and tomorrow, a limited indication of some of its proposals to the provisions of the GST laws has been provided.  Peak rate at 40% One such ...

Ranjeet Mahtani & Sweta Rajan The Goods and Services Tax Council (Council) met on December 22 and 23. The Council agreed on most aspects of the structure of the Central Goods and Services Tax and State Goods and Services Tax legislations, save and except some administrative and audit issues. Discussions of the 197 provisions and 5 schedules were carried out almost clause by clause, and concluded.  The two-day meeting was scheduled to discuss the thorny dual control issue, which has been postponed in the past. This issue was not discussed in this meeting as well, and has been kept aside to be taken up in the next meeting (on 3rd and 4th January, 2017).  Another issue that is yet to be debated and ...

The Dollar Business Bureau The GST council meeting scheduled to be held on November 25 has been postponed for a week after many states sought some changes to the policy draft prepared by the Central government. The new meeting to finalise the legislation for the new tax regime will be held on December 2-3. However, the Central and the States committee members will meet on November 25, as they together look to finalise the three key draft legislations for Central Goods and Services Tax (CGST), Integrated Goods and Services Tax (IGST) and compensation law.  “States desired some more time to internally deliberate on revised draft of the laws within their respective state(s),” the finance ministry said in a statement on Wednesday.   According to officials, certain ...

Ranjeet Mahtani (Partner at Economic Laws Practice, Advocates & Solicitors) Section 19 (Chapter 5) of The Model Goods and Service Tax Law provides for registration of every taxpayer within 30 days from the date on which he becomes liable for registration under the GST law. The said provision also stipulates that for those persons registered under an earlier law, fresh registration need not be sought, rather the procedure prescribed be followed. For the purpose of the existing registered persons, on October 24th, the Goods and Services Tax Network (GSTN) Chief Executive said that effective November 8th enrolments will be released to enable existing registered persons to be moved into the GSTN. The number of such persons is 80 lakhs. In this direction, viz. ...

Deepak Kumar | The Dollar Business Bureau    Finance Minister Arun Jaitely on Wednesday said goods and service tax rate (GST) is almost certain to be less than 18%. He hoped for an early implementation of the uniform tax regime in the next year. “We are almost certain that the rate is going to be less than 18%, or much less than 18%, and I think, we should be settled with that,” Jaitely said, addressing “GST in India” session, jointly organised by industry bodies FICCI, PHDCCI, CII and CAIT. As per the existing multi-layer taxation norms, duties levied at various stages add up to 29% to the cost of a product manufactured in the country. According to experts, to make Indian ...