sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Service Tax »
 How to get registered under goods and services tax
 Service Tax can’t be Levied on Activity of Collection of VAT on behalf of Commercial Tax Dept
 Why you should worry about June 15 advance tax date
 Five reasons why you should start your investments in tax saving funds now
 Income Tax Department Releases All 7 ITR Forms Check Details About New IT Forms
 Income tax benefits for senior citizens: Here is all you need to know in brief
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws

GST Council's June18 meet to finalise e-way bill, anti-profiteering rules
June, 16th 2017

With less than two weeks to go, the Centre and States are hoping to wrap up discussions on the goods and services tax (GST) this weekend and approve the e-way bill and anti-profiteering rules.

The GST Council will meet on June 18 and will also finalise the tax rate on lottery as well as the other remaining rules.

“The main agenda items are approval of draft GST rules and related forms for advance ruling, appeals and revision, assessment and audit e-way bill and anti-profiteering,” the Finance Ministry said in a release on Thursday, adding that it may also look into fitment and adjustment of GST rates on some more items.

The Council had met on June 11 when it lowered rates on 66 items and also approved rules for accounts and records under GST.

“We hope this is the last round of discussions and all pending issues are finalised. Another meeting may take place after this but only to review the preparedness for the new regime,” said an official source.

The government hopes to roll out GST from July 1.

But approval of the all-important anti-profiteering rules and e-way bill, which are seen as critical components of the new regime are still pending.

While the Council has already approved the mechanism for the anti profiteering agency, it is yet to be notified until the final rules are approved.

The draft e-way bill was issued in April and made it mandatory for movement of goods of over ?50,000 to be registered with the GST Network. While the States are keen to roll it out with the new tax regime, the requisite infrastructure is still not in place. The Centre and the GSTN have indicated that it should be pushed back by a few months.

Rate on lottery

Meanwhile, the GST Council also has to finalise the tax rate on lottery.

With a number of States like Kerala, Sikkim and Maharashtra earning significant revenue from lottery, sources said that the Council may choose to follow the model for entertainment under GST.

Lottery is likely to be put in the 28 per cent tax slab under GST, along with a cess. States would then also levy an additional tax or cess at the local level to ensure that they do not lose out on revenue.

Automobiles

The Council will also review the tax position on automobiles as manufacturers have been calling for a re-look on the proposed GST rate on hybrid cars.

The Council had last month fixed 43 per cent tax (28 per cent GST plus 15 per cent cess) on hybrid cars and Finance Minister Arun Jaitley had indicated that it may not be reviewed. However, a discussion paper was floated.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions