Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: VAT Audit :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: VAT RATES :: articles on VAT and GST in India
 
 
Service Tax »
  Changes In Central Goods And Services Tax Rules, 2017
 GST return filing to be a breeze for small businesses
 Changes In Central Goods And Services Tax Rules, 2017
 Simple tax made complex
 Govt may review monthly GST return filing process
 Central Goods and Services Tax (Eleventh Amendment) Rules, 2017
 Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 120A of the Central Goods and Service Tax Rules, 2017
 Composition Scheme - the Central Goods and Services Tax (Removal of Difficulties) Order, 2017
 Govt asks taxpayers to file GST return for July by Tuesday
 FAQ On Government Services Under GST
 Income Tax Appellate Tribunal, Visakhapatnam Bench List Of Division Bench Cases Posted Before During The Period From 03rd Octombar To 13th October , 2017.

With GST Constitutional Amendments, What Next ?
August, 29th 2016

The GST Bill – The Constitution (One Hundred and Twenty-second Amendment) Bill, 2014 has been discussed and passed by Rajya Sabha on 3rd August, 2016 after a 7 hours long debate by members of Rajya Sabha. The discussion on the GST bill came after months of discussions between the ruling party and the opposition – with both sides meeting multiple times to negotiate amendments.

The momentous Bill, which marks the first parliamentary step towards implementation of a “one country, one market, one tax” framework, was cleared by a two-thirds majority, which is required for any Constitution Amendment Bill, following a division of votes.

In the process of renewed Parliamentary approvals, opposition had sought from the Government certain assurances and the amendments are in relation to the following:

  • The actual GST Bill should take care of concerns about state Government's being allowed to raise revenue in emergency situations.
  • The subsequent GST Bill should not be categorized as Money Bill, by passing Rajya Sabha.
  • Cap on GST rates of 18%
  • Improved dispute resolution mechanism
  • Compensation to states for revenue ('may' replaced by 'shall') loss for 5 years on account of introduction of GST
  • 1 percent additional inter-state tax withdrawn
  • Dispute resolution forum to adjudicate disputes between
  • Centre and states
  • Two or more states
  • Centre + states and other states
  • Taxes collected by Union shall be distributed between Union and States

The lower house (Rajya Sabha) too approved the revised Bill on 8 August, 2016 after changes were approved by Rajya Sabha.

The Bill has been passed unanimously and the journey to GST from now onwards will inter alia, involve the following steps –

  • At least half the state assemblies, that is 15, would need to ratify the Bill by two-thirds majority.
  • It will then go for presidential assent before being notified in the gazette
  • After all these legal procedures, Parliament would take up the actual CGST and IGST Bills (possibly in the winter session).
  • Passage of SGST law by State Legislative Assemblies
  • Formulation of GST rules by Union and States and notification thereof
  • GSTN Network including testing
  • Training and awareness

The Bill has since been ratified by the Legislative Assemblies of Assam (12.08.2016), Bihar (13.08.2016), Jharkhand (17.08.2016), Himachal Pradesh (22.08.2016), Chhattisgarh (22.08.2016) and Gujarat (23.08.2016) and ratification by Delhi, Madhya Pradesh, Haryana, Goa, Maharashtra, Rajasthan etc are likely to follow suit.

GST : Immediate Challenges ahead

  • Ratification by states
  • Rate of GST
  • Exemptions / Negative list
  • Threshold limits
  • Finalization of GST laws
  • Composition limit
  • Dual control by state / centre

The ratification by States is not a major issue and will happen but the real challenge lies in deciding the issues on which there are differences between the Union and States. These issues are crucial to success of GST. Moreover, lot of fine-tuning is required in the provisions of model law in respect of compounding, thresholds, aggregate turnover, supply, place of supply, valuation, input tax credit etc.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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