The rollout of GST is likely to be delayed by two or three months, the government is yet to finalise a date, but its likely to settle for either 1st  June or 1st  July. Non Consensus of Central and State government over the sharing of powers is major reason that all provision of GST is … Continue reading “GST delayed, rollout now likely on 1st June”

Submitted by Tax_centrik on 17/02/2017 States have been given the leeway to tweak the criteria for division of taxpayers after “consultation with Centre” in respect of cross empowerment under the proposed Goods and Services Tax (GST). The minutes of the ninth meeting of the GST Council, held on January 16, record that the states have been given … Continue reading “GST- Major issues of cross-empowerment going to sorted out”

Submitted by Tax_centrik on 13/02/2017 The Confederation of all India traders(CAIT) said it will prepare 5,000 trade leaders across the country as “Master Trainer“ who will  be responsible to empower and educate the trading community about Goods and Service tax. CAIT in association with Tally Solutions (TSPL) has initiated a national drive to help traders to understand … Continue reading “CAIT to train 5,000 traders as “Masters trainers” for GST”

Submitted by Tax_centrik on 17/01/2017 GST ninth council meeting comes to an end with major outcomes as it resolved the issue of cross empowerment and dual control. Major decision encompasses in meeting are- Assessee having turnoverof less or equal to 1.5crore will be assessed for the purpose of scrutiny and audit by the states and centre in the … Continue reading “1st July appears to be more practical for GST Rollout”

Seventh Meeting  of GST Council on its first day of two days started on friday, 22nd December 2016, finalised 197 Clauses of the Central GST and State GST laws. Another 3-4 clauses relating to definition of states with respect to territorial division and the issue of dual Control or cross empowerment will be discussed later. The … Continue reading “Seventh Meeting of GST Council finalises Central and State GST Laws”

Submitted by Tax_centrik on 19/12/2016 As GST would going to implement from April 2017, all existing tax payers registered under Service tax, Excise and other state laws such as VAT, need to get register themselves for migrated in to new tax regime- We are providing you list of date of opening and closing of registration for GST … Continue reading “GST Registrations Starts”

The draft rules prepared by GST work force has been accepted in pricipal by GST council and the process for refund shall be dicussed in next meeting due on 19-20th October, 2016.

The Government is likely to bring new Separate law detailing the Method of Compensating the States for any revenue loss from implementation of  GST to give a assurance to the states that their benefit will be protected even if the GST rate is low.

Goverenment is planning to have State GST Secretariat which will bring together central government and state government offices in one place. It should be a registered body under the Society’s Act which will address day to day implementation issues.

The GST Council at its two days meeting starting from today will finalise the Model GST law, IGST law and Compensation law at their two days meeting to roll out GST from April next year. At its last meeting the Council agreed to have four tier tax structure along with cess on luxury and Sin … Continue reading “GST Council to discuss on Model GST Law, Today”

In order to Prevent any sudden hike in the price of Commodities after Implementation of goods and Service tax which is going to be roll out from 1st April 2017 , the centre has proposed an anti profiteering measure in order to make sure that benefits given to tax payers in the form of reduction … Continue reading “GST law shall have anti- Profiteering Clause, rate capped at 28%”

Draft revised Model GST law excluded “Securities” from the definition of goods. Earlier it was a matter of contention whether dealing in securities would attract GST. Now it get clear that dealing in Securities will not come in the ambit of GST. Moreover revised MGL also outlines the concept of “mixed” and ‘Composite” goods which … Continue reading “Key highlights of Draft Revised GST Bill”

Government has released the revised Model GST law, Draft IGST law, and Draft GST Compensation law, in public domain. These three laws will be consider and finalize in the upcoming GST Council meeting going to be held on 2nd and 3rd December 2016.

The govt. has launched GST portal (www.gst.gov.in). The state wise schedule for GST registration is hosted on the website. Government has launched GST portal for the enrollment of existing taxpayer of VAT, Service Tax and Excise for smooth transition to GST. For this existing taxpayer have to collect their Provisional ID from tax officer, update … Continue reading “GST Portal launched w.e.f 8th November 2016”