Rajya Sabha Passes Landmark GST Bill

The Finance Minister Arun Jaitley responding to the debate on the bills said that no one person or government can or should take credit for this bill.

New Delhi: Decks are cleared for GST to become law on Thursday, as the Rajya Sabha passed all the four GST Bills without any amendments. As the last parliamentary hurdle has been cleared, the government will be able to rollout the landmark Goods and Services Tax Bill which is an unified tax regime on July 1st as scheduled.

The four Bills included Central Goods and Services Tax Bill, 2017, the Integrated Goods and Services Tax Bill, 2017, the Goods and services Tax (Compensation to States) Bill, 2017 and the Union Territory Goods and Services Tax Bill, 2017.

The Finance Minister Arun Jaitley responding to the debate on the bills said that no one person or government can or should take credit for this bill.

The Lok Sabha approved the Bill last month. It is the turn of the State Assemblies to consider and pass their respective State GST (SGST) law.

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GST Rates Finalised, Luxury Items To Cost More

After the GST regime comes into force on July 1st, cars, personal care items and hotel food will cost more. Health and education to be exempted.

New Delhi: Tax rates for services under the Goods and Service Tax (GST) regime were finalised on Friday by the GST Council. GST regime is scheduled to be rolled out from July 1.

Both goods and services fall under four rates- 5, 12, 18 and 28 percent. While Healthcare and education will be exempted from GST the tax bracket for gold was not finalised.

While milk, fruits and vegetables, grain and cereals have been exempted from the tax, sugar, tea, coffee and edible oil will be taxed the lowest rate of 5 percent.

Personal-care items will be taxed at 28 percent; hair oil, soaps and toothpaste, will attract an 18 percent levy. Cigarettes will attract a tax of 5 percent on top of the peak GST rate of 28 percent.

Vehicles already attract different levies, which add up to 28 percent — the peak GST rate fixed for the sector.  Appliances such as air-conditioners, refrigerators and washing machines will attract the peak rate, which is slightly higher than the existing tax slab.

Addressing the media, Finance Minister Arun Jaitley said, restaurants with Rs. 50 lakh or below will face 5 percent tax, while the non-AC restaurant will face 12 percent tax. AC restaurants and those with a liquor license will be charged 18 percent and 5- star hotels will be levied 28 percent GST.

Telecom and financial services will attract GST of 18 percent and 28 percent tax will be charged for race club, betting and cinema halls.

Religious travel including Haj Yatra, travelling on the metro, a local train will be exempted from GST.

The council will meet again on June 3.

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President Clears Four GST Bills

The bills included Central GST (C-GST), Integrated GST (I-GST), Union Territory GST (UT-GST) and the Compensation to the States Law.

New Delhi:  The four Goods and Services Tax (GST) Bills passed by the Parliament last week were cleared by the President Pranab Mukherjee on Wednesday.   The groundbreaking bill is said to end all indirect taxes and bring them under one umbrella is all set for roll out on July 1, 2017.

While Lok Sabha passed them on March 29, Rajya Sabha cleared them on April 6. On March 20 the central Cabinet approved them.

The bills included Central GST (C-GST), Integrated GST (I-GST), Union Territory GST (UT-GST) and the Compensation to the States Law.

The C-GST Bill allows the central government to levy and collect tax on intra-State supply of goods or services or both. Meanwhile, the I-GST Bill allows the central government to levy and collect taxes on the inter-state supply of goods or services or both.

While UT-GST is similar to the States GST (SGST) that would be levied and collected by States/ Union Territories on the intra-State supply of goods or services or both.

The Compensation Bill as mentioned in the name itself provides compensation to States for loss of revenue due to the implementation of GST for a period of five years.

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ICAI to train 15 lakh traders in GST Basics

Hyderabad: The Institute of Cost Accountants of India is to train some 15 lakh traders across the country in next one year in GST Basics, CMA Manas K R Thakur, National President has said.

Speaking to mediaperons here today, Thakur said there were some 22 lakh indirect tax assesses in the  country now and once GST is implemented, the number will increase up to 70 lakh. “The government wants us to train traders and new assessees in familiarizing them with filling in forms and so on. So far, we have trained 400 people. We are creating a pool of trainers, who would train others on the fundamental aspects of the Goods and Services Tax (GST), expected to come into force in the near future, Thakur said.

“Union Ministry of Corporate Affairs has appointed a task force to develop methods for ease of doing business in India. Currently in the list of 194 nations, India stands at 130.  It is government’s endeavour to see that our rank reaches within the 50 limit. ICAI is the member in this task force”, Thakur informed. Ministry of Railways has appointed ICAI to do activity based cost accounting. This will enable Railways Account Process better, he informed.

Dr PVS Jagan Mohan Rao, Central Council Member and Dr R. Chandra Sekhar, Secretary and Chairman — Coaching Administration were also present. (nss)

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GST Should Be Implemented From July 1st: Shaktikanta Das

New Delhi: According to Economic Affairs Secretary Shakthikant Das, GST will be implemented in all States by July 1st. All States have agreed for implementation date for the goods and Service Tax (GST) a according to Das.

Draft compensation bill for GST was approved by Council members at the meeting held on Feb 18th, which has to be passed by Parliament.

Government is waiting for draft approval of cGST( Central GST), iGST(Integrated GST) and sGST ( State GST) before the Parliament session which starts on March 9th for second half of budget as these four enable GST Constitutional amendment.

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