Thursday, July 6, 2017

Goods and Service Tax - Latest News






http://pib.nic.in/gst/

https://transformingindia.mygov.in/category/economy/gst/



4 July

GST - Composition Scheme - Rules

https://cleartax.in/s/composition-scheme-rules-gst


With The Roll-Out of GST, Check Posts Get Abolished Across 22 States in India 


The Goods and Services Tax (GST) was rolled out on 1st of July 2017. With the roll-out of the GST, 22 States in India have abolished their check posts.
http://pib.nic.in/newsite/PrintRelease.aspx?relid=167106

GST may help Indian economy save up to Rs 2300 crore at check posts 

A 2005 World Bank report estimates the checkpost waiting or delays costed the economy where between Rs 9 billion and Rs 23 billion (Rs 900 crore- Rs 2300 crore) a year.
http://economictimes.indiatimes.com/news/economy/policy/gst-may-help-indian-economy-save-up-to-rs-2300-crore-at-check-posts/articleshow/59427780.cms


Cars' taxation has come down in GST and Companies are Passing on the benefits


Under the GST rates, for cars, the is 28 percent with a cess in the range of 1 to 15 percent on top of it.

Small petrol cars with engine less than 1,200 cc will attract 1 percent cess.
Diesel cars and petrol cars with  less than 1,500 cc will attract 3 percent cess.
Large cars with engine greater than 1,500 cc and SUVs with length more than 4 metres and engine greater than 1,500 cc will attract cess of 15 percent.
Tax on electric vehicles has been kept at 12 percent.

Earlier, the tax incidence on cars ranged between 28 percent and 45 percent. Under GST, the range is 29 to 43%.



3 July

According two ministry reports, 2.23 lakh new dealers have entered the Goods and Service Tax Network System Since June 25, 2017.

32,000 dealers were granted registrations.
63,000 applicants have submitted full details.

The Confederation of All India Traders (CAIT) said business activities are by and large normal.

Now tax experts are awaiting sectoral guidance.

Industry and business are waiting for the first set of filings and feedback to give their final OK for the implementation of the GST system.  

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