Tag: GST

Too many GST rates could be disastrous: Chidambaram

"A well designed GST is expected to have a standard rate, plus and minus standard rate," the former finance minister said.

October 24, 2016

Monthly returns to be mandatory under GST

Moving at a fast pace, the tax department on Tuesday came up with two more draft rules and their formats on GST returns and refunds requiring assessees to file monthly returns and specifying procedure for claiming refunds of taxes, interest and fees. The stakeholders have been given time till Wednesday to give their comments on …

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September 27, 2016

GST Council to finalise registration, other rules on Sept 30

Moving on fast track to meet the April 2017 GST rollout deadline, the tax department on Monday came out with draft rules relating to registration, invoice and payment which will be finalised by the GST Council on Friday. "We intend to have these rules approved by the GST council in its meeting on September 30 …

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September 26, 2016

Tax dept unveils draft rules for registration under GST

In less than a week after the first meeting of the GST Council, the tax department on Monday came out with three draft rules and their formats relating to registration, invoice and payments which would be finalised by week-end. The Central Board of Excise and Customs (CBEC) has invited comments on draft rules by Wednesday. …

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September 26, 2016

GST: Life insurers want exemption; general differential rates

As the GST rollout plans gathers momentum, life insurers sought exemption from the new taxation regime on premium income, while general insurers have demanded differential rates for their products. Life insurers, who are set to write to the Prime Minister seeking exemption from the new tax regime, feel that their premium income has remained stagnant …

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September 25, 2016

Congress CMs to press for 18% GST cap

Congress chief ministers and finance ministers are expected to press for an 18 per cent GST cap at the meeting of the three-day GST Council beginning October 17 and stress that a higher rate would burden the common man. The party leadership has written to the chief ministers and finance ministers, asking them to firmly reiterate the …

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September 25, 2016

Exempt seafood from the GST: SEAI

Seafood should be treated as agricultural produce and exempted from the GST, proposed to come in force from April 1, 2017, said an advisor to a marine products exporters association. Raghavan Ramabadran, a Chennai-based partner in law firm Lakshmikumaran and Sridharan, which is an advisor to Seafood Exporters Association of India, said the Marine Products …

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September 24, 2016

Council fixes exemption limit for GST

In its first set of decisions, the Goods and Services Tax (GST) Council on Friday fixed the turnover-based exemption limit from such levies at Rs.20 lakh, but left the decision on fixing the actual tax rates and the finalisation of draft rules for later. Briefing the media after the two-day, maiden meeting of the apex …

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September 23, 2016

‘Close inter-state check points post GST’

The Commerce Ministry has asked its finance counterpart to close all the inter-state check points after implementation of Goods and Services Tax (GST). The move would help in seamless movement of goods from one state to the other and it will acts as a "big boon particularly to exporters", an official said. The suggestion was …

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September 23, 2016

Hope to resolve all pending issues on GST: Jaitley

Finance Minister Arun Jaitley on Thursday expressed the hope that all pending issues will be resolved in due course for a uniform pan-India indirect tax regime taking effect from the targeted date of April 1 next year. Chairing the first meeting here of the newly-constituted Goods and Services Tax (GST) Council, Jaitley said the issue …

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September 22, 2016

GST from April 1, 2017: Meghwal

The Union government is abiding by the April 1, 207 target date for implementing the goods and services tax (GST) across India, Minister of State for Finance, Arjun Ram Meghwal said here on Thursday. "I can assure you that April 1, 2017 is the target date for implementing GST in India and we are abiding …

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September 22, 2016

GST Council to hold first meeting on Thursday

The all powerful GST Council, which will decide on tax rates, exempted goods and threshold, will meet for the first time on Thursday as it races against time to iron out issues between Centre and states for rolling out the new indirect tax regime from April 1, 2017. The Goods and Services Tax (GST) Council …

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September 21, 2016

LDF govt expresses discontent over GST proposals

With the CPI(M)-led LDF government in Kerala yet to ratify the GST constitutional amendment bill, state Finance Minister T M Thomas Isaac on Wednesday protested against the procedures adopted for the conduct of the GST council meeting to be held on September 22 and 23. In a Facebook post, he said Kerala has strong objections …

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September 21, 2016

Odisha seeks early compensation for CST loss

Odisha Chief Minister Naveen Patnaik on Tuesday reiterated the demand for an immediate decision by the Centre on compensation for loss of states’ share in the Central Sales Tax (CST) for 2013-14 to 2016-17. "As you are aware, the states are facing financial constraint due to a slowdown in the economy, and the loss of …

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September 20, 2016

Centre mulling to ‘advance’ Winter session for early GST roll out

In a bid to roll out the crucial Goods and Services Tax (GST) from April 1 next year, the Modi government is considering to prepone the Winter session of Parliament to pass the CGST and IGST bills, and pave way for implementation of the new sales tax regime. The Winter session of Parliament is generally convened in …

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September 18, 2016

‘Incidence of indirect taxes won’t go up under GST’

The government would not allow increase of incidence of indirect taxes on manufacturing products under the Goods and Services Tax (GST) regime, Union Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal said on Sunday. He also said that with the standard rate of GST, there would also be slab-based rates for different …

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September 18, 2016

Traders’ call to exempt tea from levy of GST

Tea traders here on Saturday appealed to the Centre to exempt tea from levy of the proposed Goods and Services Tax (GST) and remove it from the list of taxable items under the GST Act. If total exemption was not possible, at least tea should be exempted from GST at first point sale made in …

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September 17, 2016