GST was first announced in 2000 by the then government. Seventeen years later it is now a reality with the date for implementation set for July 1, 2017. Since 3rd August, 2016, when the Rajya Sabha first passed the bill introducing GST in the 122nd Amendment of the Constitution, there have been many changes in the proposed GST bill and the rules and regulations pertaining to it. Here is a repository of all the important GST news:
News on GST Model Law
The Model GST Law is the guideline on which the entire framework of GST is based. It was devised by the GST Council, which is a committee consisting of the Union Finance Minister (Chairperson), the Union Minister of State, the minister in-charge of finance or taxation or any other minister nominated by each State Government.The revised version of the model law was tabled in November 2016.
News on Roadblocks in Implementation
Though it is widely accepted that GST will bring in changes in the Indian taxation which will be beneficial for all, the GST Council did encounter some resistance to the change. Many states are worried about a possible revenue loss, and some businesses too, have concerns over the timeline of implementation and the tax rates they may encounter under the new regime.
News on Technology for GST
With the GST, the government of India is trying to create a digitally healthy economy. When taxpayers use digital means to file taxes, it leads to an open and transparent system and creates accountability. The GST Council has appointed a non-profit, non government, private limited company called the GSTN (Goods and Services Tax Network) to help create the necessary technology for transition from current tax structure to the GST structure, and also to help businesses adopt new technologies and process for taxation.
News on Rule Changes
The GST is a constitutional amendment, and any change in the law will also affect the rules therein. Rules for invoicing, rules for penalty, rules defining the point of taxation – these are just some of the examples of any rule change in the model law.
Anti-profiteering laws are an important part of the GST law. The Council has approved the clause in its recent meeting and warned against non-compliance.
An industry report says GST will level the playing field for organized retail in the coming days, and decrease competition from unorganized businesses.
The textile industry was worried about GST being levied. However, senior tax officials say that the 5% GST will have positive benefits in the long run.
Telcos are having a tough time deciding the impact of GST on their revenues. The GST software overhaul required could set the industry back a fair bit.
The GST Council's fitment committee is currently discussing the rates for various products. Here are the updates from Day 1 of the meet in Srinagar today.
Businesses have made their GST calculations, and are not entirely sure if the new tax will lower prices. Much depends on the Council's decision this week.
The countdown to GST is on and the news that majority of Indian businesses are still not ready is a bit unsettling. A survey from Ginesys gives the numbers.
With dealers preferring to play the wait-and-watch game and no buy inventories before GST goes live, excise collections in the second quarter may drop.
The rates on goods and services have long been awaited. With the fitment committee meeting this weekend to decide rates, we can finally have the answer.
GST started with the promise of 'one nation, one tax'. But keeping multiple state taxes outside its purview defeats the exact purpose of the new tax regime.
Speaking at an event in the capital, the Finance Minister clarified why quarterly returns cannot be made possible for all taxpayers under GST. Read more.
Even as companies in the country prepare for GST launch, doubts about supplier readiness and flow of input tax credit continue to haunt them. Read more.
The fitment committee will soon meet for a three-day discussion to finalise the tax rates of all goods and services and align them to present tax rates.
With GST's go-live date knocking on the door, the PM has asked all states to clear GST Bills on priority. Changing the FY to Dec-Jan was also on the cards.
The GST council’s fitment committee which includes tax officials from the Centre and the states will meet this week to find a formula for slotting services into the four-tiered tax structure of GST.
Senior Congress leaders want GST implementation to be pushed to October citing an inverse impact on small and medium enterprises and imperfect tax rates.
The government is pushing ahead with its agenda of rolling out the country’s biggest tax reform since independence by tabling the GST Bills in Rajya Sabha today
Revenue Minister Hasmukh Adhia says that the government is very serious about implementing GST come July 1. Delay can happen only in special circumstances.
The Kerala jewellers association pushes for uniform gold tax at 1.25% under the new GST regime since gold tax is not part of the four-tier GST structure.
Manish Sisodia wants the government to rethink and address traders’ concerns under GST more closely and focus on the most affected people and businessman.
US beverage company Coca-Cola wants the Indian government to reduce the tax on aerated drinks from 43% to 34% and to increase the July 1st deadline for implementation to September.
