In order to engage with the stakeholders and invite comments from the public at large, the Centre has issued 8 Goods and Services Tax (GST) Rules viz. Composition Rules, Valuation Rules, Transition Rules, Input Tax Credit (ITC) Rules, Revised Invoice Rules, Revised Payment Rules, Revised Refund Rules and Revised Registration Rules, on April 1, 2017.
The prospects of rollout of the Goods and Services Tax (GST) from July 1, 2017 has been brightened further, when the all-powerful GST Council chaired by the Honble Finance Minister, Mr. Arun Jaitley met for the thirteenth time in a row to clear all gathered clouds over the GST and brightening its prospects of implementation soon.
Clearing the decks for the July 1 rollout of the ambitious Goods and Services Tax (GST) that will subsume 17 major Central and State taxes for a unified tax regime, the Lok Sabha on March 29, 2017 night cleared four crucial GST Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill.
Clearing the decks for implementation of GST In India, Finance Minister Shri. Arun Jaitley on March 27 tabled four Bills of GST legislations in Lok Sabha. The discussion on the four Bills i.e. CGST, IGST, UTGST and Compensation Cess Bill could be taken up on Tuesday.
GST Council approves the Draft of SGST and UTGST Bills-Clearing the decks for introduction of a major indirect tax reform in the Parliament, the Goods and Services Tax (GST) Council, in its 12th meeting held on March 16, 2017, has approved the Draft Bills for implementing GST in States and Union Territories (UTs).
GST Council, in its meeting held on March 4, 2017 has approved the Draft CGST Bill and the Draft IGST Bill. This clears the deck for the Central Government to take these two Bills to the Parliament for their passage in the on-going Budget Session.
Whether limitation period of one year provided under Section 11B(1) of Excise Act, applicable to Service tax provisions also vide Section 83 of Finance Act, 1994, would be applicable where Service tax has been paid under protest?
Whether reversal of Cenvat credit is required on the inputs which are shown as scrap & value of such inputs was shown at lesser value and not written off in the books of account?
CBEC has invited suggestions from Export Promotion Councils/ Commodity Boards/ Trade and Industry Associations/ Chambers of Commerce on All Industry Rates of Duty Drawback under the GST framework.
Prospects of Goods and Services Tax (GST) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10th meeting, held on February 18,t 2017 at Udaipur.
