Monday, 24 April, 2017

President gives assent to four GST related legislations

Secretary Adhia answers a question during a news conference in New Delhi President Mukherjee clears all four GST bills
Sammy Stanley | 15 April, 2017, 05:40

Expressing hope that GST Council will agree on the matter, Mr Adia said the government's attempt is not to upset too many things in one go.

As regards Jammu and Kashmir, the Finance Minister had said the law will not apply there because of Article 370 that gives special status to the state.

In addition, a cess will be levied on luxury and sin goods as well.

Work is also complete on setting up the GST Network, an IT system that will match invoices, making it possible for companies to claim input credits that will soften the impact of initially high GST rates.

Meanwhile, instead of the goods being taxed multiple times at different rates, goods would be taxed at the point of consumption under the new GST regime.

Taxes will be levied at four levels - five, 12, 18 and 28 percent.

Currently, there are about 60 services which are exempt from service tax, including education, healthcare and religious pilgrimage.

The Chief Executive Officer of Ganges International, Mr. Vinay Goyal said that if the tax slab for solar energy is kept at a rate of 5 percent then there will be an effective increase of 10 paise for each unit.

The Council is slated to meet on May 18-19 in Srinagar to decide on GST Rules, after which the fitment discussions will be taken up.

Many also warn against a hasty implementation, saying that rushing ahead with a July 1 deadline could make it hard to handle the transition in a country which has always struggled with bureaucratic ineptitude.

The legislative assemblies of all states need to pass the state GST law in order to switch over from the current Value Added Tax (VAT) regime and several other local levies to GST.

He also informed that the live testing of GST is scheduled to begin from first week of May.

The presentation cited six major benefits of GST, including an overall reduction in prices for customers, reduction in multiplicity of taxes as well as cascading and double taxation and a uniform rate of tax and common national market. The taxes will be shared between the Centre and the states.

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