f Goods and Service Tax in India- A Tax reform Finact Tax Solution for GST

"GST threshold fixed at Rs 20 lakh in GST council's meet, rate to be decided in October .................Government will be able to meet an April 1, 2017 deadline for its rollout.. --Congress has asked its chief ministers to demand 18% cap on the GST rate when the GST Council meets for a three-day brainstorming session starting October 17                      

Goods and Service Tax [GST]

The proposed goods and services tax (GST) is one of the most significant reforms since India opened its economy 25 years ago and the revamping of the tax system since the country's independence in 1947. The Lok Sabha has unanimously passed a constitution amendment bill that enables mega reform Goods and Services Tax Bill or GST. The bill will now be sent to state assemblies for ratification. All 443 members present in the Lower House of the parliament voted in favour of the bill, which was passed by the Rajya Sabha last week, also unanimously.
A GST Council will be formed after that with states and the centre as members. This council will recommend rates and other modalities for GST, which will replace a raft of different state and local taxes with a single unified value added tax system turning India into world's biggest single market.

What Next: Two legislations-Central GST (CGST) and Integrated GST (IGST) will have to be passed by Parliament and State GST (SGST) legislation by each of the State Legislatures.

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Latest News on GST
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  • --Congress has asked its chief ministers to demand 18% cap on the GST rate when the GST Council meets for a three-day brainstorming session starting October 17.

    --The Goods & Services Tax (GST) Council has decided that businesses in the Northeastern and hill states with annual turnover below Rs.10 lakh would be out of the GST net, while the threshold for the exemption in the rest of India would be an annual turnover of Rs.20 lakh.

    Parliament approved biggest overhaul of indirect taxes on Monday after the lower house ratified a constitutional amendment Prime Minister Narendra Modi called a major step to make doing business easier. The Lok Sabha has cleared the 122nd Constitutional Amendment Bill on 08.08.2016. Though it was initially cleared on 06.05.2015, certain amendments were made to the same which were then cleared by the Rajya Sabha during the previous week. As a process, these changes have been cleared by Lok Sabha.

    1. Additional tax of 1% on inter-State sale of goods has been omitted

    2. 100% guaranteed compensation by the Centre to the States (for loss on account of implementation of GST) for a period of 5 years

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    FAQ on Goods and Service Tax

    GST on Export Oriented Units

    The EOU scheme envisages the establishment of units anywhere in the Country with the objective of exporting their production. The EOU shcme was launched on 31-12-1980 by the Ministry of Commerce and Industry. The Chapter IX Procedure of Customs Act are applicable to EOU, the warehousing provision provide control over movement of duty free imported goods and accounting thereof.

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