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”

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”

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”

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”