Guidance Note by CBEC to Department officers for migration under GST

Central Board of Excise & Custom (CBEC) has issued Guidance Note to the department officers regarding migration of existing tax payers under excise and service tax.

In Guidance note , statutory provision regarding migration and scheme representation of migration process has been explained.

It has been explained that if assessee is registered with State Commercial Tax department and he/she has already initiated this process of migration then there is no need to do the process again.
Guidance Note can be downloaded from the Link below.
LINK to download

GST set to be delayed till July, 2017

With the issue over division of the 10 million indirect tax assessee base between the Centre and states for administrative purposes looking intractable even at the end of the eighth session of the Goods and Services Tax (GST) Council here on Tuesday, the proposed epochal tax reform, which has been on the anvil for over a decade now, will most likely be delayed to June-July 2017 or later. While this and the differences over the size of the compensation for states and the administration of integrated GST (IGST) reflected how demonetisation has rapidly dispelled the initial Centre-state bonhomie at the council, the heightened uncertainty has made the Centre’s task of making the estimates for the Union Budget 2017-18 even more daunting.

Union finance minister Arun Jaitley said that with the council approving the 11-chapter draft integrated GST law except one section, the two key unresolved issues related to “cross-empowerment” and definition of “territory” for the purpose of taxation powers. Terming both “complex issues”, he explained that under the Constitution, territorial waters up to 12 nautical miles into the sea are in the Union territory, although coastal states enjoyed “fishing rights” in these areas and they have also been levying sales tax/VAT on high-sea transactions. Saying this was not a political issue, the minister said a constitutionally and legally tenable solution to it would be found soon. The council will meet next on January 16 to discuss the two issues.

READ MORE

GST- Rollout Unlikely Before June-July

NEW DELHI:  Rollout of the Goods and Services Tax (GST) regime may only be possible by June-July as the possibilities of meeting the April 1 deadline are bleak now in view of the GST Council's slow progress, some council members said on Tuesday.

"Rollout will definitely not be in April. If GST can be passed in the Budget session of Parliament, then June or July could be possible," Kerala Finance Minister Thomas Isaac told reporters here at the end of Day 1 of the council meet.

Centre, states put off decision on GST rate to next month

A decision on GST rate was today put off to next month even as the Centre and states converged towards a consensus on levying a cess on luxury and sin goods in addition to the highest rate of tax in the new regime.

The cess would be used to compensate states for any loss of revenue they may suffer from implementation of Goods and Service Tax (GST) in first five years beginning 1 April, 2017.

An informal consensus was reached at the end of the two-day meeting of the GST Council on a four-slab tax structure of 6, 12, 18 and 26 percent. The lower tariff will be for essential items and the highest bracket for luxury and sin goods like tobacco, cigarettes and alcohol, but a decision was put off to the next meeting.

Read More

3. GST-One question & its Answer daily

2. GST-One question & its Answer daily

GST-One question & its Answer daily

Four Rate of GST and Exemption for 50% goods & Service

Government is working on 4-slab rate, exemption for 50 per cent goods and services, 

AHEAD of the first meeting of the Goods and Services Tax (GST) Council on September 22-23, the Government is of the view that the basic tenet of the GST regime would be that it is “pro-poor” with 50 per cent of essential goods and services exempted from any tax.

The tax exclusion to nearly half the goods and services, an official said, would be “optically and politically correct” for the NDA government as already 300 items in the Centre and nearly 80 items in the states have this exemption.

At a review meeting Wednesday that discussed the run-up to the rollout, the consensus seemed to be that the new tax regime should not put fresh inflationary pressure and backed Revenue Secretary Hasmukh Adhia’s proposal of a tax band of 8 to 26 per cent with four rate slabs.

Sources said it was suggested that proposed slab rates of 8, 10, 18 and 26 per cent be tweaked to 10, 12, 16 and 25 per cent so that it did not affect revenue earnings and kept states on board as the final call has to be taken by the GST Council comprising state Finance Ministers and headed by Finance Minister Arun Jaitley.

Read Full :- http://indianexpress.com/article/business/economy/gst-rate-modi-govt-arun-jaitley-goods-and-services-tax-3031787/

Existing taxpayers of VAT, service tax and excise will be migrated to GSTN soon

Beginning next month, the Goods and Services Tax Network (GSTN) will start migrating over 80 lakh taxpayers onto its system. This will facilitate the smooth implementation of the GST regime. “The first part of our software will be ready by end October. Existing taxpayers of value added tax, service tax and central excise will be migrated to GSTN,” said Navin Kumar, Chairman, GSTN.

                                                                                                                                                                            Identities to be issued

In an interview to BusinessLine, he said the GSTN will begin issuing GST identity numbers (TIN) and generating passwords for these taxpayers. “They can log on to our system, familiarise themselves [with it] as well as provide us relevant information,” he said. The GSTN, which will provide the IT infrastructure for the new indirect tax levy, has already received a list of all the taxpayers, their Permanent Account Numbers (PAN), names of the business entities, and their constitution or form from the tax authorities.

Requirements

On receiving their ID and passwords, taxpayers will be expected to log on to the GSTN and provide three additional inputs — place and address of business, name(s) of directors or proprietors, and details of bank accounts — which will become part of the GST records.

“Though the taxpayers will have time up to six months after the roll out of GST to provide this information, but we thought we will give them an opportunity to come on the system now itself and familiarise themselves,” said Kumar, adding that annually about four lakh new taxpayers are estimated to enrol on the IT network.

He also expressed confidence that the GSTN will be ready to meet the roll-out target of the indirect tax levy from April 1, 2017. “We will have a beta run from the end of February to end March and will go live from April 1,” he stressed.

Read Full :-http://www.thehindubusinessline.com/economy/taxpayers-to-get-a-feel-of-gst-next-month/article9111652.ece

Cabinet approves creation of GST Council and its Secretariat

The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved setting up of GST Council and setting up its Secretariat as per the following details:

Due date of Filing Return under DVAT extended

In partial modification to this department's Circular No. 11 of 2016-17 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I, S.S.Yadav, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of first quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48  along with required annexure/enclosures

Goa is the 15th State Assembly to ratify the GST Bill

The Goa Legislative Assembly on Wednesday unanimously passed a resolution ratifying the amendments to the Constitution to pave way for the presidential assent to the Goods and Services (GST) Bill, 2016.

Chief Minister Laxmikant Parsekar said that Goa is the 15th State Assembly to ratify the Bill. With this, 50 per cent of States have passed the Bill paving way for the presidential assent, he said.

The resolution ratifying the Bill was passed at a specially convened one-day session after a two-hour long discussion, where legislators raised concerns over the possible revenue-loss the State could face, in view of that fact that it is primarily a service-oriented State and not a manufacturing destination.

Chief Minister Laxmikant Parsekar, however, sought to allay apprehensions saying that Goa, being a consumption destination, will benefit from the GST.

READ

Registration under Proposed Model GST Law

Who is required to get registered under GST?

1.    Any person who carries on any business whose turnover exceeds threshold limit.

Threshold limit has been proposed Rs nine lakhs of aggregate turnover in a Financial year. (Rs. Four Lakhs if the taxable person conducts his business in any of the NE States including Sikkim).

2.    Tax payer who is already registered under the present law (i.e. Excise, service tax ,VAT/CST etc)

3.    Transferee of a business of registered tax payer

4.    Persons making any inter-State supply

5.    Casual taxable persons

6.    Persons who are required to pay tax under reverse charge

 When is to require to get registration?

Mizoram Assembly becomes 13th state to ratify GST

Mizoram Assembly today ratified the Goods and Services Tax (GST) Constitutional Amendment bill by adopting an official resolution, becoming 13th state to have approved the legislation. The state legislature unanimously adopted the official resolution moved by Finance and Taxation Minister Lalsawta after deliberations on the first day of the Assembly.

Participants of the discussion, irrespective of party affiliations, expressed hope that the GST Act would not only streamline the tax regime in the country, but also benefit states like Mizoram.

READ

The Haryana Assembly ratified the Goods and Services Tax Constitution Amendment Bill

The Haryana Assembly ratified the Goods and Services Tax Constitution Amendment Bill late on Monday, making it the ninth state in the country to do so. Its support for the uniform tax came just hours after the Maharashtra Assembly unanimously ratified it. The state is ruled by the Bharatiya Janata Party, which has 47 seats in the 90-member Assembly. The Centre needs at least 15 states to approve the Bill for it to move to the next step in the process, which is implementation of the single national tax regime across the nation.
Read 

Maharashtra Became tenth State to ratify GST Bill

Maharashtra Legislative Assembly ratified the Goods and Services Tax (GST) Constitutional Amendment Bill passed by the Parliament, at a special one-day session of the state legislature in Mumbai on Monday. The proposal was passed unanimously by the Lower House, making Maharashtra the tenth state to ratify the GST bill, billed as the biggest tax reform since Independence.
Read

Nagaland became the ninth state to ratify the GST Bill

Nagaland became the ninth state to ratify the Bill after Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh and Delhi.
Nagaland Legislative Assembly (NLA) has ratified the Goods and Services Tax (GST) Amendment Bill during the one day 13th special session of the 12th NLA here on Friday after a brief discussion. Nagaland became the ninth state to ratify the Bill after Assam, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Madhya Pradesh and Delhi.
Read full story

The Jharkhand became the third state to ratify the GST bill after Assam and Bihar.

Ranchi, Aug 17 (IANS) The Jharkhand Assembly on Wednesday passed the Goods and Services Tax (GST) Bill and became the third state to ratify the bill after Assam and Bihar.

Ranchi, Aug 17 (IANS) The Jharkhand Assembly on Wednesday passed the Goods and Services Tax (GST) Bill and became the third state to ratify the bill after Assam and Bihar.

Except for dissenting Communist Party of India-Marxist and Leninist (CPI-ML) legislator Raj Kumar Yadav, the bill was passed unanimously in the state Assembly.

"India has a tradition and culture to take taxes. The GST will end the tax discrimination and it will end the British tax system," said Jharkhand Parliamentary Affairs Minister Saryu Rai while tabling the GST bill in the Assembly.

READ MORE

Assam becomes first state to ratify GST Constitution Amendment Bill

Taking an important step forward on the Goods and Services Tax, Assam has become the first state to ratify the Constitution Amendment Bill on GST. Today, the Assam Assembly unanimously passed the Constitution Amendment Bill on GST. Assam has a BJP government, led by CM Sarbananda Sonowal. “Assam will be remembered as the first state in the country to ratify the GST constitutional amendment bill,” Sonowal said. All states need to pass the GST Bill in their respective assemblies. Also, Central Goods and Service Tax (CGST) and Integrated Goods and Service Tax (IGST) bills need to be passed by both houses of Parliament for the Bill to finally become a law. GST is India’s most important indirect tax reform since Independence.
Read More at 

GST will change the way India does business: Who will win, who will lose

Indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to multiplicity of taxes and costs involved. With hopes that the Goods and Services Tax (GST) will see the light of the day, the way India does business will change, forever. 

Total tax collection in India (direct & indirect), currently stands at Rs 14.6 lakh crore, of which almost 34 per cent comprises indirect taxes, with Rs 2.8 lakh crore coming from excise and Rs 2.1 l .. 

Read more at: