GOODS AND SERVICES TAX

The Hon’ble President, Mr. Pranab Mukherjee, has given his assent to the four key Goods and Services Tax (“GST”) Bills, on 12th April, 2017.

The four GST Bills i.e. The Central Goods and Services Tax Act, 2017The Integrated Goods and Services Tax Act, 2017The Goods and Services Tax(Compensation to States) Act, 2017The Union Territory Goods and Services Tax Act, 2017 which are now notified and enacted.

With the President nod, the much-awaited indirect tax reform i.e. GST further moves closer for the roll out of one-nation-one-tax regime from July 1, 2017. Further, the State Governments need to pass the State GST Bill in their respective assemblies to switch on to the GST regime, which would be more or less the replica of the CGST and UTGST Bills.

For detailed information: http://www.egazette.nic.in/WriteReadData/2017/175314.pdf

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

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GST Council clears Central GST and Integrated GST Bills

The GST (Goods and Services Tax) Council, headed by Mr. Arun Jaitley, Union Finance Minister, cleared the Central GST Bill and draft Integrated GST Bill on Saturday, 04th March, 2017. The Union Finance Minister stated, “The decision was unanimous and all the States supported it.”

He further said that 1st July, 2017 now optimistically looks like the possible date for implementation of GST.

The Council will meet again to consider the remaining two laws, the State GST law and the Union Territories GST Law.

“The SGST law will apply to all States and Union Territories with legislatures (Delhi and Puducherry), but will not apply to those Union Territories without a legislature,” the Union Finance Minister said.

 

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.

News Update on Goods and Services Tax

Central Board of Excise and Customs (CBEC) has launched a mobile app for GST (Goods and Services Tax), for the taxpayer to access many information related to GST*. This is in step with the government’s Digital India Initiative.

“Taxpayers can readily access a host of information such as the approach and guidelines for migration to GST, draft laws — Model GST Law, iGST (integrated GST) Law and GST Compensation Law,” Finance Ministry said in a statement.

The mobile application enables taxpayers to be well informed of the latest updates on GST. Taxpayers can also provide feedback and contact CBEC’s 24×7 helpdesk “CBEC Mitra” through a toll-free number or email, at the touch of a button. The mobile application can be downloaded free of cost on Android platforms. The iOS version will be made available shortly.

*“http://www.cbec.gov.in/resources/htdocs-cbec/press-release/launch-cbec-mobileapp.pdf”

Disclaimer: The entire content of this document have been prepared as per the information existing at the time of the preparation. The author of this blog does not take any responsibility of the same.