GST news| GST council approves state Draft bill


GST Council approves legislation ...
UDAIPUR / NEW DELHI: The prospects for a Goods and Services Tax (GST) deployment by July 1 have been clarified as the GST Council approved on Saturday a bill to fully compensate States In the event of a tax loss resulting from the tax reform.
The council should now approve three other acts when it meets on March 4 and 5, paving the way for legislative submissions to Parliament by March 9.
The decision on the categorization of goods in tax plates is not part of the law and will be developed by the council after enabling legislation is passed. At a council meeting, Finance Minister Arun Jaitley said he expected the committee to approve the C-GST, GST and GST legislation at its next meeting in Ottawa. Delhi.
"It is essential that the enabling legislation for the GST be passed in the second half of the budget session to ensure deployment starting July 1," Jaitley said.
The approval of the Compensation Bill is seen as a positive development as it is a contentious issue, improving the prospects for the ambitious indirect tax reform that is within its 1 July deadline. Parliament has been subject to disruptions and the rhetoric of the poll in the middle of the assembly's elections may be a matter of concern.
However, the political divergences on demonetisation that hamper negotiations appear to be excluded. The deployment of the GST has missed several deadlines over the past 10 years, but now the most controversial issues have been resolved.
The GST is an indirect tax that will replace a set of royalties such as excise taxes, service tax and value added tax (VAT). It should simplify the tax structure, broaden the tax base and create a common market across the country.

We hope that the pace of implementation of the GST will be faster now.
Subramanian xxxxxx

The FM said that once the legislation has been approved by the board, the next step would be to determine which commodity should be classified under which plate. "An important meeting of the GST Council must give approval for the putting of goods and services into different tax blocs," said the FM. Tax experts said the approval of the Compensation Act announced the deployment of the GST on July 1.
"The approval of the GST Council Compensation Act is a very important development because it has been one of the most controversial issues. This paves the way for approval of other legislation needed to roll out the GST effective July 1, "said MS Mani, consulting firm Deloitte Haskins & Sells LLP. "It is now necessary to put more emphasis on the result of the rate-setting exercise that companies can only prepare if rates are known," Mani said.

Next Post »