Skip to main content

Modi to Review GST Groundwork

By

Prime Minister Narendra Modi will on June 6 take stock of the readiness of the country for the roll out of goods and services tax on July 1.
“It will be a review of the state of preparedness,“ a government official privy to the matter said.
The Centre is in no mood to postpone the scheduled implementation and is making all efforts to ensure that the switchover to GST remains as smooth as possible for both industry as well as consumers. The GST Council has favoured implementation of the new tax system from July 1, but a section of industry and some states such as the West Bengal have demanded that it be postponed to September.
Some industrial segments are unhappy with the rates and have approached the government seeking changes.
Goods and Services Tax (GST) seeks to replace multiple central taxes such as excise duty, countervailing duty, cesses and state taxes including value-added tax, octroi, purchase tax and luxury tax with a single levy.
The GST Council has decided upon a four-slab structure for both goods and services, with the rates being 5%, 12%, 18% and 28%. Luxury and sin goods such as tobacco face an extra cess.
West Bengal finance minister Amit Mitra, who did not attend the last council meeting in Srinagar, on Tuesday raised issues with rate structure.
Meanwhile, most of the groundwork regarding the crucial tax re form seems on track with the crucial GST already getting approval of Parliament and a number of state assemblies.
The GST Council has cleared rates for most goods and services, as also the rules.
It will on June 3 take up rates of six items, including gold and packaged food items, leather footwear, as well as the rules dealing with transition and returns.
Separately, a detailed review would be held by the finance ministry on the readiness of the IT systems of the Centre and states to migrate to the new tax system. Some states have chosen to build their own framework and then link it with the GST Network.
The Economic Times, New Delhi, June 1, 2017

Comments

Post a Comment

Popular posts from this blog

Data storage norm splits digital payments industry

By
Data storage norm splits digital payments industry  India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move.  In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET.  “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week.  RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
18 comments
Read more

Offer’s for all of you

By
Great Bumper Dhamaka Offer’s for all of you... It's Time to see your Business Online, WebeCreator Offer Website Designing with domain & Email @ nominal charges. For a year For More information visit us http://goo.gl/KlpppF call on 9890151261/9773197533  drop a mail to sales@webecreator.com
Post a Comment
Read more

Sebi to finalise options in commodities today

By
The Commodity Derivatives Advisory Committee of the Securities and Exchange Board of India ( Sebi) will meet on Friday with senior officials of the latter, to give a final shape to the rules on options trading in commodity futures, beside revising the warehousing norms to ensure good delivery on settlement. The decision taken, after discussing with the advisory committee, will be placed before the regulator’s board, to finalise the regulations. According to knowledgeable sources, three commodities in each segment, agricultural and non- agricultural, have been proposed for introducing options. It appears commodities from the soya and guar segments are preferred in the former. From the non- agri segment, it is likely that gold, silver and crude oil will be finalised. All these These have better liquidity and both the National Commodity and Derivatives Exchange and the Multi Commodity Exchange, respectively, will be able to introduce the options. In the equity segments, options ar...
17 comments
Read more