Page 105 - Gst

Gujarat assembly passes state GST Bill in special session

Gujarat assembly on Tuesday passed the state goods and services tax (GST) bill in a special one day session held at Gandhinagar. Admitting that the manufacturing state of Gujarat would tend to lose some tax income under GST, deputy chief minister and finance minister Nitin Patel said the five year compensation from the Centre should suffice.Earlier, the Parliament had passed four legislation for a nation-wide roll out of GST on July 1, after which state assemblies were required to pass the state GST bill. With this, Gujarat joined the likes of Goa, Madhya Pradesh, Uttarakhand and Bihar, among others in passing the state GST bill.The state GST bill was passed almost unanimously with opposition Congress leaders Shankersinh Vaghela and Shaktisinh Gohil seeking certain changes in the bill to be presented before the GST Council. In his address to the house, Nitin Patel said, "GST will abolish all the taxation related disputes between the states and this will make Indian economy more ...

GSTN enrolment halts; to restart later

Registration process kicked off in Nov with a fixed timeline and has seen 3 extensions so far

Odisha Cabinet approves GST Bill; six items exempted from new tax regime

The Odisha Cabinet approved the Goods & Services Tax (GST) Bill. The Bill is slated to be ratified at a special session of the state legislative assembly on May 18-19.After the enactment of GST Bill, the new tax would be levied on all items except six products. The ones that would stay out of the GST purview are alcohol and five petroleum products- petrol, diesel, crude oil, aviation turbine fuel and natural gas.The state government gave its nod to hike electricity duty on captive power plants (CPPs) from 30 paisa to 55 paisa per unit. This step will bring in incremental revenue of Rs 875 crore to the state exchequer every year.Among other proposals in the cabinet agenda, the move to exempt 11 railway projects from stamp duty got the go ahead.-----Ends-----

Registration for GST enrolment to reopen on June 1

Of 62,937 tax officials, 24,668 tax officials given training on application software on live system

GST to have wide ramifications on economy: RBI State Finances Report

Says GST best bet for states in returning to path of fiscal consolidation

Gujarat ready for GST rollout, over 5 lakh bizmen enrolled: Vijay Rupani

The state has little over 500,000 lakh commercial taxpayers

GST cloud hangs over excise mop-up as dealers hold up tight

The GST Council will meet on May 18-19 to decide on the rates

Don't keep exporters in suspense on GST

No GST need to be paid on goods or services that are exported or supplied to an SEZ

GST to be implemented in Uttar Pradesh from July 1

Bill was tabled in the Vidhan Sabha on Mon

Include bidis in demerit list under GST, say health activists

Bidi is taxed very low as livelihoods of thousands of bidi workers are at stake

GST rollout: Gems & jewellery industry fully ready for July implementation

The gems and jewellery trade is fully prepared for the GST regime, to be implemented from July 1, industry body GJF said today and hoped that the Centre would levy only 1.25 per cent tax on the sector.It attracts 2 per cent tax (one per cent each of excise and VAT) at present in most states except in Kerala."We are fully prepared to implement the GST. Our jewellers are ready. We have developed a software to create awareness on the issue," All India Gems and Jewellery Trade Federation (GJF) chairman Nitin Khandelwal told reporters here.The GST rate for the sector has not yet been finalised by the government. "We have demanded for 1.25 per cent GST rate.We hope the government accepts it. We are trying hard to convince them on this issue," he said.GJF has met finance ministry officials as well as several state finance ministers on the issue and explain them the ground reality.Higher GST rate would affect organised players badly, GJF said, adding that the industry is pitching for lower ...

GST provision may lead to closure of branches & formation of shell firms

Implementation of the Goods and Service Tax, from July will cause another challenge for enforcement authorities on compliance front due to a deficiency in law which mandates companies to transfer goods to their branch outside the state to pay IGST- interstate GST. However if the same company sales goods to customers on approval bases outside the state than the company gets six months window to pay IGST.Surendra Mehta, Secretary, the Indian Bullion and Jewellers Association (IBJA) said that, "the biggest deficiency in GST act in which tax is to be paid on interstate branch transfer but six month window on goods sold to customer on approval. This provision will lead to closure of branches and start of shell companies at branch locations to defer GST payment".Indian customers and their advisors have been always looking for ways to find loopholes, loose ends and other ways to reduce, delay or avoid tax payments. Jewellery, textiles and such other industries where tax burden is likely to ..

1% tax at source under GST likely for online sellers

The Centre and states to charge only 0.5% each; e-commerce marketplaces to collect levy

Puducherry Assembly passes GST Bill

A help desk had been set up in Commercial Taxes Department to address woes of traders

Govt re-designing export benefit scheme to make it GST-compliant: Official

Prasad said the GST regime would help build competitive advantage by leveraging supply chain

Respite likely for businesses on e-way under GST

Input credit for old stock; GST Council meeting in Srinagar to finalise rates and rules

Textile sector pins hope on 5% GST rate

It provides direct employment to an estimated 45 mn individuals and indirect jobs to another 60 mn

GST will be a turbulent period for wholesale: Sanjiv Mehta

Wholesale channel is yet to bounce back in terms of growth seen prior to demonetisation, said Mehta

GST meet kicks off in Kashmir Valley amid tight security

The Council will discuss fitment of items under different rate slabs, among other matters

GST Council clears all 9 rules for new tax regime at Srinagar meeting

GST Council members said that the list of exemptions could be firmed up by Thursday evening