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By Ranjit Mahtani & Sweta Rajan After 17 years of preparation and 18 meetings of the GST Council, a single unified Goods and Services Tax (GST) in India is today a reality. In a momentous launch at the Central Hall of the Indian Parliament with a speech by the Finance Minister and the Prime Minister of India, the GST regime was ushered in at the stroke of midnight on July 1, 2017. While the mammoth task for the Central and State Governments has just concluded, as far as trade and industry are concerned, the journey has only just begun. GST, in the form that it has been introduced in India, may not be perfect; however, it is the reality, and trade and ...

The Dollar Business Bureau The legislative assembly of Gujarat unanimously passed the state GST (Goods and Services Tax) Bill during a special session on Tuesday. In addition, two other related Bills were also passed by the state assembly in a day-long session. The Parliament had cleared four legislations for country-wide roll-out of the new tax regime from July 1 this year. During the session, the state assembly has cleared the Gujarat GST Bill, Gujarat Local Authorities Laws (Amendment) Bill and Gujarat Value Added Tax (Amendment) Bill. The ruling party BJP as well as opposition party’s Congress legislators had lengthy deliberations before clearing the Bill with a voice vote in addition to other two related legislations. ...

By Ranjeet Mahtani and Sweta Rajan Draft GST laws The Union Cabinet chaired by the Prime Minister has approved the Integrated GST, Central GST, Union Territory GST and GST Compensation bills on March 20, 2017. These four bills will now have to be passed by the Parliament. It is expected that the bills will be introduced in the Parliament early next week as a ‘money bill’ (note that the Rajya Sabha does not have the power to amend or reject money bills and is required to return it to the Lok Sabha within 14 days). Should the July 1, 2017 target for the introduction of GST in India be met, the Parliament will have to pass these bills before the end of ...

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 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 ...

The Dollar Business Bureau The Goods and Services Tax (GST) Bill, which was long-pending, will be taken up in the upcoming monsoon session of the Parliament, Commerce and Industry Minister Nirmala Sitharaman said while expressing confidence that the bill will be passed. "The Finance Minister has said that in the coming monsoon session we will bring the bill (in the Parliament) and we have full expectation that we will pass it," Sitharaman told the media in Jammu. She further said that the Finance Minister is focussing on the GST matter and is speaking to all the political parties to support the bill. "Jaitley had a discussion with the Finance Ministers of all the states at the council meeting on GST held in Kolkata a ...

Source: PTI As per the proposed legislation, the corporate insolvency would have to be resolved within a period 180 days, extend able by a further 90 days   Seeking to improve ease of doing business, Indian Government on Monday introduced in Parliament the 'Insolvency and Bankruptcy Code, 2015' that provides for resolution of insolvency in a timebound manner. The bill aims at promoting investments, leading to higher economic growth. It also provides for setting up of a 'Insolvency and Bankruptcy Board of India' to regulate professionals, agencies and information utilities engaged in resolution of insolvencies of companies, partnership firms and individuals. "The code also proposes to establish a fund to called the Insolvency and Bankruptcy Fund of India...," said the statement ...