GST Bill India Latest News

GST Latest News And Updates

GST Council Scheduled 10th Meeting on 18 February (Tue, 07 Feb 2017)

The GST council is all set to meet up again for its 10th meeting here at Udaipur, Rajasthan on 18th February to discuss and finalize all the pending bills and compensation rules.

Transport Ministry Prepared for Old Vehicle Scrapping Ahead of GST (Mon, 06 Feb 2017)

In the wake up of GST many policies are arriving in the hands of all the ministries who are delicately concerned about the economic progression, and in the same direction, transportation ministry has proposed a vehicle scrap policy which will wipe out approximately 28 million commercial vehicles which have completed 15 years of tenure.

This is a vast policy to be implemented in the vision of cumulative figures as it will impact various sector deeply.

GST Could Result in 25 Percent Price Hike For Smartphones (Sat, 04 Feb 2017)

People across the country may have to spend more for smartphones from the upcoming financial year due to having additional duty proposed in the new budget.

The prices of the handset are expected to be increased because of the two percent additional duty imposed on the PCBs (Printed Circuit Boards) from April 1.

Banks Urge Government to Amend Draft GST Law (01 Feb 2017)

Indian banks have approached the government to amend the draft Goods and Services Tax (GST) law so that the transactions between two branches of a bank could engage tax.

Tech Companies Demand Easy Manufacturing Norms Under GST ( January 31, 2017 )

Some of the major Indian IT manufacturers and tech companies are bracing the upcoming GST regime and also demand that the excise duty should be restructured in a more feasible manner.

Separate GST Enrolment timeline specified for VAT/Service Tax /Central Excise registration taken after January 2016 ( January 6, 2017)

GST Enrolment kicked off on 8th November 2016. MoF released a schedule mentioning specific dates for migrating to GST.

The schedule under goes change with revision in dates subject to preparation and conversion %.

As per the latest enrolment schedule if an assessee has taken new registration under VAT/Service Tax/Central Excise after January 2016, enrolment

GST deadlock continues; rollout may be pushed till September ( January 4, 2017 )

8th (two day) meeting of all important GST Council concluded today without any significant headway on open issues.

GST Council discussed IGST Law at length. However, some issues remain unresolved. GST Council would meet again on 16th January in hope to form consensus.

We know the difficulty, we are moving against time that is why

Enrolment date (under GST) for Excise and Service Tax registrants changed. Click to find out revised schedule. ( January 3, 2017)

Migration of existing registration under GST has been termed as Enrolment under GST. As per the original schedule, assessee registered under Service Tax and Excise could enrol under GST from 1st January 31st January 2017. For reasons yet to be discovered, enrolment schedule for Excise and Service Tax registrants has been revised.

1. Enrolment of Taxpayers who are registered under Central Excise Act but not registered under State VAT : 07/01/2017 – 31/01/2017

2. Enrolment of Taxpayers who are registered under Service Tax Act but not registered under State VAT : 09/01/2017 – 31/01/2017

In the revised schedule, a new window has been created for assesses who have sought registration under VAT/Service Tax/Central Excise after August 2016 as 01/02/2017 – 20/03/2017

Textile Industries to Get Fair Competition After GST (Tue, 06 Dec 2016 09:43)

The presentation of GST will make a level-playing section for the greater fabric makers as little or chaotic area won’t have the capacity to utilize a portion of the present practices to keep themselves aggressive, as said by the authorized source.

GST will Create More Jobs in Manufacturing Sector: Godrej (Tue, 06 Dec 2016 07:24)

Renowned industrialist Adi Godrej has communicated good faith over development in assembling once GST is set up and making of substantial scale employments going ahead, and named the conservation at designing major L&T as organization particular and not “another ordinary”. The administrator of differentiated Godrej Group said the part of innovation in assembling will go up, however, declined to purchase contention that it would not prompt to era of craved number of occupations.

States Demand Union Government to be Lenient Over GST (Mon, 05 Dec 2016 10:27)

The States have requested that the Union government be “liberal” towards them given the impacts of demonetization and the ensuing anticipated drop in incomes. They have additionally referred to the unwinding in getting limits recommended by the Fiscal Responsibility and Budget Management (FRBM) Act.

Why GST Roll Out Before September 2017 is Necessary, Clears FM (Sun, 04 Dec 2016 05:48)

Union FM on Friday said that there is a sacred impulse to execute the Goods and Services Tax (GST) inside its due date, and its usage can not be deferred past September 2017.

Government keen on proper discussion on GST Bills in Parliament – 29 Nov, 2016, 08.02PM

Explaining the urgency to pass the Income Tax Second Amendment Bill, the source said the purpose of it was to ensure the black money money enters the system.

GST law: Govt releases revised draft – 26 Nov, 2016, 02.19PM IST

The government released the revised draft of Goods and Services Tax law for public.

3 Percent GST Rate Likely to be Applied on Gold (Fri, 18 Nov 2016 07:09)

A huge crunch has been employed over the black money issue on this November 8 by the prime minister and has also given a sign to the people who are digging holes for their black money that no way will be provided them to save their evil income. While the demonetization was announced on air, people were rushing through the lanes of gold market for exchanging their cash for some gold.

Mutual Funds May Get Expensive After GST: AMFI (Fri, 18 Nov 2016 04:00)

Mutual Funds as people believe them to be a commodity or asset management tools may get a price hike, as speculated by the Association of Mutual Funds in India (AMFI). The association leading body meets up with GST Commissioner Upender Gupta and discussed with him about the concerned issues regarding this matter.

Rates Missing on Draft GST Bills, Shared with States (Thu, 17 Nov 2016 06:54)

The multi-tiered rate structure which was earlier released for the states didn’t show up this time while the parliament is busy in various other critical issues revolving in the country. The most talked about the debate was, of course, the demonetization move of the government while the CGST and integrated GST bill is likely to get introduced in late November.

Indians Hoping Better GST Regime With Demonetisation (Thu, 17 Nov 2016 04:00)

As speculated, GST was meant to force the trading community to pay the taxes and not to evade it, while saving tax in a reformative way was quite essentially good but in the mean time, currency ban showed that government is not intending any pun over the issue of tax evasion activities and black money hoarding.

BJP MP Subramanian Swamy Fears Data Leakage Through GSTN (Wed, 16 Nov 2016 09:30)

National data secrecy will be very much on the verge of disclosure if the much populated GSTN would be given to private players in the market. BJP Rajya Sabha MP Subramanian Swamy has objected the very same matter for the concern of all the taxation data being provided to the private organization who will create the vast network of GST in the upcoming time frame.