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.

Seeks to amend Notification No. 27/2014-Central Excise(NT), dated 16.09.2014

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”

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”