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.

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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.

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Telangana Legislature has ratified the Constitutional amendment Bill for the Goods and Services Tax

A special session of the Telangana Legislature (Legislative Assembly and Legislative Council) has ratified the Constitutional amendment Bill for the Goods and Services Tax on Tuesday.

While the Legislative Council passed the Bill unanimously, The Legislative Assembly debated on the Bill. MLAs for Opposition parties, especially AIMIM and Congress sought clarifications on the Bill, but supported its passage.

BJP MLAs expressed confidence that the GST would benefit the Telangana State

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