CBDT vide Circular No. 23/2017 dated July 19, 2017 clarified that wherever in terms of the agreement or contract between the payer and the payee, the component of GST on Services included in the amount payable to a resident is indicated separately, tax shall be deducted on the amount paid or payable without including such GST on Services component.
Recently, the Government has released various Notifications under CGST, UTGST and IGST for giving kick start to the mammoth indirect tax reform in India. Various Notifications issued by the Government are as under:
While sticking to the roll out date of July 1, 2017 for the first-of-its-kind mammoth indirect tax reform post independence in India, the all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley concluded their meet for the 17th time on June 18, 2017. The GST Council on Sunday made the dreaded anti-profiteering clause more palatable specifying a sunset clause of two years even as it relaxed the deadline for filing returns under the GST till September.
The all-powerful GST Council headed by the Honble Finance Minister, Mr. Arun Jaitley met for the sixteenth time with an agenda to review the rates on basis of representation made by the Industries & Traders & take up pending Draft Rules. Ahead of this meeting, we have moved one step more closure towards GST rollout from July 1, 2017 as envisaged.
The all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the fifteenth time with an agenda to fix the rates for almost all the remaining items, such as precious metals (gold and silver), diamonds, biscuits, textiles, and footwear.
The GST Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% for services including telecom, insurance, hotels and restaurants. The information has been uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. It is stated that the decisions of the GST Council are being communicated for general information and will be given effect through gazette notifications which shall have force of law.
In Srinagar, the all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the fourteenth time to finalise the nuts and bolts of the new GST tax framework. This meeting is paving the way for India to join select League of Nations with a GST rollout from July 1, 2017 as envisaged.
In order to engage with the stakeholders and invite comments from the public at large, recently, the Central Government has issued 3 more Draft Goods and Services Tax (“GST”) Rules viz. Draft GST Rules on Accounts & Records, Appeals & Revision and Advance Ruling, on April 19, 2017, making a total of 14 Draft Rules as on date.
Marking another landmark day, the Honble President, Mr. Pranab Mukherjee, has given his assent to the four key Goods and Services Tax (GST) Bills, after they were passed by the Parliament. The four GST Bills which are now enacted can be accessed as under
On Thursday i.e. April 6, 2017, the Rajya Sabha has passed four supplementary GST legislations without amendments by a voice vote as all parties were on board. The four Bills are as under:
