Kerala finance minister KM Mani has been appointed chairman of the empowered committee of state finance ministers on Goods & Services Tax (GST). The GST, a much-awaited reform to replace multiple indirect taxes with one levy, is proposed to be…
Category: GST
New GST panel chairman in a few days: Arun Jaitley
The Empowered Committee of State Finance Ministers will have its new chairman by consensus in the few days as the Centre gets ready to take up the GST Bill for consideration and passage in the next leg of Budget session…
Goods & Service Tax (GST) will become from April 2016
The Finance Minister in his Budget said that The debate whether to introduce a Goods and Services Tax (GST) must now come to an end. We have discussed the issue for the past many years. Some States have been apprehensive about surrendering their…
Proposed System of GST & Its features
Proposed GST Tax Structure: There will be Three Type of GST: viz, Central Goods & Service Tax (CGST), State Goods & Service Tax (SGST) & Integrated Goods & Service Tax (IGST) Intra-state Taxable Supply: Excise & Service Tax will be…
Cabinet clears Constitutional Bill for GST
The Cabinet on Wednesday cleared the GST Constitutional Amendment Bill for its tabling in the current session of Parliament, as it races against time to keep the April 2016 deadline to usher in the nearly all-encompassing indirect tax that will…
States to get Rs 11,000 crore for cut in CST to bridge trust deficit
Finance minister Arun Jaitley has announced the release of Rs 11,000 crore to states as compensation for the reduction in central sales tax to bridge the “trust deficit” between the Centre and the states and get them to support the proposed goods and services tax (GST).…
States may get power to play with ‘State GST’ rates
The Centre may allow States to unilaterally play with State-level Goods and Services Tax (State GST) rates as part of its efforts to build a consensus on the proposed dual-GST system in the country. In the GST architecture proposed during…
Area-based excise sops to continue under GST
The adoption of the goods and services tax (GST) won’t lead to untimely withdrawal of the excise waivers for industries in Jammu and Kashmir, Northeastern states, Uttarakhand and Himachal Pradesh. These sops would continue in some form or the other under…
Finance Ministry proposes 3‑year compensation for states in GST
The Finance Ministry has proposed to compensate states for three years for losses they may incur on account of switching to a nationwide Goods and Services Tax (GST) regime, as against a demand for a five-year compensation of states. The…
GST may include all entry taxes
In a move the Center is going to propose subsuming in the proposed goods & services tax (GST) all types of entry tax, including the one for local bodies. The Bill also seeks to subsume petroleum products in GST but keep alcohol…