Many large companies to move Appellate Authority against GST demand notices
In recent days, an increasing number of GST notices have been sent to many companies mainly on account of alleged discrepancy in input tax credit (ITC).
The Goods and Services Tax (GST) rules will be finalised by the end of March while the rates are likely to be decided in May or June, a top official said on Friday.
“GST laws, rules to be finalised by March-end; rates may be decided in May/June,” Revenue Secretary Hasmukh Adhia said.
Meanwhile, Union Finance Minister Arun Jaitley said that the draft bills on GST will be introduced in the second leg of the Budget Session.
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The GST Council held nine meetings to discuss the tax rate, threshold exemptions, compensation to the states, draft laws and administrative mechanism, among others.
The Finance Minister had earlier said that July 1, 2017, appeared to be a realistic option for implementing GST. The earlier implementation date was April 1, which is fairly out of the question after the GST Council resolved all its issues only by January 16 this year.
The Centre and the states agreed on a formula to resolve the issue of cross-empowerment and dual control under the Goods and Services Tax regime.
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