The country moved one step ahead in realizing the dream to roll out GST successfully from 1st April 2017 ,as the council on thursday finalized the GST tax rate to 5%, 12%, 18% & 20%, a four tier tax structure. Central and state government arrive at consensus and finalized the four-tier rate structure. Essential items … Continue reading “GST Rates finalized to 5%, 12%, 18% & 20%”

Long awaited GST council meeting ready to take decision on some crucial matters begin from today to discuss on the tax rate in new tax regime including the cess. It is likely to come on consensus on 4-tier tax rate structure of 8, 12, 18 and 26 percent as proposed earlier. The meeting will have … Continue reading “Two days GST meeting start from today”

As the GST Council meets here on November 3-4, both the Centre and states seem to have hardened their positions with respect to the issues they disagree on. And they are reaching out to independent experts and the media to buttress their arguments. While West Bengal finance minister Amit Mitra presented incontrovertible data to counter … Continue reading “GST Council: Centre, states toughen stands ahead of meet”

GSTN. a non for profit organization, non-government, private limited Company promoted by government with mandate to build IT support for GST implementation and smooth running, will borrow Rs 800 crore from banks to finance infrastructure costs to support Goods and Services Tax rollout from April 1st 2017. This Company will borrow Rs 250 crore for … Continue reading “GST Network to borrow Rs 800 cr from banks to fund GST infra building cost”

Earlier States objected to the use of GST collections (cess on GST) to finance revenue loss compensations to the states due to shifting to  new tax regime. But now before the next meeting of GST council to be held on 3rd and 4th November , the view of states being compensated through a cess rather … Continue reading “Govt Sources say cess is a better option than high tax rate”

Revenue Secretary Hasmukh Lal said that GST can be paid online using debit or Credit Cards. Tax payers can use any mode of payment whether electronic or RTGS. There is no need to open account in government banks , GST regime allowed tax payers to  make payment through private banks also. Source : Firstpost

GST Roll out- 80 lakh existing tax payer of Excise, Service tax and VAT can start migrating their registration from existing tax regime to Goods and Service tax Network portal by November 8. On this date GSTN, are realizing enrolments, that means getting these assesses on to the system. This will help industries and other … Continue reading “Existing Tax payers can start migrating to GST from Nov 8”

The Proposal from the Centre that triggered Objection from states was the Imposition of Cess on Ultra luxury and demerit goods such as Big cars, aerated beverages, and tobacco products.  The basic purpose of Imposing cess on Luxury and demerit goods is to treat it as means to finance the compensation that Centre have to … Continue reading “States Object for Imposing Cess on Ultra Luxary and Demerit goods under Proposed GST”

Finmin Arun Jaitly Chairing three days Meeting of GST Council started tuesday on 18th october 2016 had proposed following at the end of 1st day of Meeting. OUTCOMES OF 1ST DAY OF GST COUNCIL MEETING A) PROPOSED RATE OF GST Mr. Arun Jaitely Presented different five rate structure of GST as follow Standard rate – … Continue reading “Outcomes of 1st day of GST Council Meeting started on 18th October 2016”

Government of Assam vide Circular no. 9/2016 dated 13/10/2016 had made available the procedure of getting provisional GSTIN. The tax payer registered under VAT, CST, Entry tax, Luxury tax and entertainment tax need to be migrated to GST and all the existing registered tax payer will be allotted PAN based GSTIN on provisional basis. Tax … Continue reading “Government of Assam Made Available Process Of Getting Provisional GSTIN”

Finmin Arun jatily said GST rate will be distinct for environment unfriendly products, move to boost funds for climate financing.The rate of taxation on such products which are going to be environmentally unfriendly would be higher from the normal rate of taxation.

The GST Council, chaired by Union finance minister Arun Jaitley, is already working towards finalizing the structure of the new tax law. On discussion of operating cost of GSTN Fin min cleared that “The Center and states will pay user fees based on the number of assesses registered with each of them to meet the … Continue reading “Operating Cost Of GSTN To Be Funded By User-Fee”

Goods and Service tax Network (GSTN) a company entrusted to develop the Logistic and IT backbone for the new tax regime, has allowed the taxpayer the option of third party interfaces to guide them from registration to filing of return.The government invited application from banks, IT Companies and financial technology Companies to become GST Suvidha … Continue reading “GST Suvidha Provider (GSP) -Bridge Between The Common Portal And The Tax Payer”