Skip to main content

Council decides manner to distribute assessees

Council decides manner to distribute assessees
After deciding the basic principle of division of assessess between central and state tax authorities, the goods and services tax (GST) council has stated how this would be done. Earlier, the GST council had decided a state would have control over 90 % of GST payer where turnover of businesses was up to Rs 1.5 crore a year. over that figure, the state and central officials were to have 50:50 control.The division to be done by computer at the state level,by random choice.
Now,it has been decided that for those registered under value-added tax(VAT) or both VAT and central excise, their state turnover,including interstate transactions, will be taken into account.for those registeresd only under central excise and not VAT,the annual turnover given in central excise returns will be taken into account.
Those registered under VAT and sevice tax will be considered on the turnover given  in the returns for both, the overlape being excluded . For those registered  in only service tax, their turnover in these returns will be taken service tax, their turnover in these returns will be taken for the division. Pratik Jain of consultants
PWC says large companies with a national presence,particularly in service sectors like banking and telecom, would like the centre to administer them , at least to begin with."However, one would expect consistency in appoarch  of central and state authorities in tax administration , as the central and state GST laws are almost similars," he says."
The Business Standard, New Delhi, 22th September 2017        


Popular posts from this blog

At 18%, GST Rate to be Less Taxing for Most Goods

About 70% of all goods and some consumer durables likely to cost less

A number of goods such as cosmetics, shaving creams, shampoo, toothpaste, soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate of 18% rather than the higher one of 28%.

India is likely to rely on the effective tax rate currently applicable on a commodity to get a fix on the GST slab, said a government official, allowing most goods to make it to the lower bracket.

For instance, if an item comes within the 12% excise slab but the effective tax is 8% due to abatement, then the latter will be considered for GST fitment.

Going by this formulation, about 70% of all goods could fall in the 18% bracket.

The GST Council has finalised a four-tier tax structure of 5%, 12%, 18% and 28% but has left room for the highest slab to be pegged at 40%. A committee of officials will work out the fitment and the council…

Coffee-Toffee, the GST Debate Continues

Hundreds of crores of rupees in the form of taxes ride on the exact categorisation of products Is Parachute hair oil or edible oil? Is KitKat a chocolate or a biscuit? Is a Vicks tablet medicament or confectionery? For the taxpayer and the tax collector, this is much more than an exercise in semantics -hundreds of crores of rupees ride on the exact categorisation.
As the government moves closer to rolling out the goods and services tax (GST) on July 1, many such distinctions are being debated so that no ambiguity remains. Not just that, the government is revisiting old tax cases that were lost over product categorisation, according to people with knowledge of the matter, presumably with a view to making sure that revenue collections can be maximised. “In the past, several tax officers had challenged some of the product categorisations, including those in the retail segment, but lost out in court or at appellate level,“ said one of the persons. “Now we have a chance to go ahead with speci…

Deposit gush:-CA Institute Bats for Special Audit