http://WWW.GSTPROFESSIONAL.NET
SENANDASSOCIATES 5842879069ef8c0b50abf052 False 121 4
OK
background image not found
Found Update results for
'thursday evening'
5
GST Council plans to take up three contentious laws for discussion; targets 1 July roll-out Aiming towards a smooth roll out of Goods and Services Tax (GST) from 1 July, the GST Council will look into the three GST laws in its next meeting, scheduled for 18 February. The session by the Secretaries Panel at CNBC-TV 18 Mint’s ‘Budget 2017: The Verdict’ programme in New Delhi on Thursday evening discussed in detail the GST and its power to arrest, disinvestment plans, mergers and acquisitions, proposals for a new financial year, and other factors. West Bengal finance minister Amit Mitra, who also heads the empowerment panel on GST. AFP file image “Industry is looking forward to the laws and rules. Once they are finalised by the GST council, it will pave the way towards the implementation of GST from 1 July. The agenda of the next meeting is to look into all the three laws. In the subsequent meetings, we’ll take up the rules. As far as rates are concerned, it’s going to be a simplistic formula. The council has said that there would be four slabs: 5 percent, 12 percent, 18 percent and 28 percent, ” said revenue secretary Hasmukh Adhia. After the announcement of the Budget on 1 February, West Bengal finance minister Amit Mitra, who also heads the empowerment panel on GST, sent 16 demands to the Finance Ministry to look into, including the arrest clause, which was described as “draconian” by the West Bengal government. “The power to arrest tax defaulters is already there under excise and service tax laws, and also under VAT in some states. After an extensive debate, a majority in the GST Council decided that no arrests should be made in cases of tax evasion up to Rs 2 crore. However, evaders between Rs 2 and Rs 5 crore could face bailable arrest. Above tax evasion of above Rs 5 crore, it may invite non-bailable arrest, ” he said. Is there a new financial year on cards? Economic affairs secretary Shaktikant Das said, “The report to change the financial year is under consideration by the government. We are examining it, and once the decision is taken, it will be communicated.” On IDBI Bank’s disinvestment plan The government announced in the Budget that it hopes to raise Rs 72, 500 crore in FY18 by divesting stakes in public sector firms. Compared to the revised estimate of Rs 45, 500 crore for FY17, this is an increase of around 60 percent. While discussing the disinvestment plan of the state-run IDBI Bank, Das said, “The divestment of IDBI Bank is not off the table. The work is in progress. Its share value in the market doesn’t reflect the real estate it holds in Mumbai. The real estate valuation needs to be done carefully and a transparent decision needs to be taken in this case.” “We’ve not derailed from the path of financial prudence. Today, our economy needs investment in certain sectors. As per the NK Singh panel, our fiscal deficit target is 3 percent and we’ll improve it in 2017-18, ” Das added. Priorities in 2017: “To ensure people pay tax and society becomes more tax compliant”: Ashok Lavasa, finance secretary. “Budget 2017 is very strong on reforms, and our focus is on implementation”: Shaktikant Das, economic affairs secretary. “Roll out of GST from 1 July 2017 will be the Year of GST”: Hasmukh Adhia, revenue secretary. “Look for a stable and buoyant market”: Neeraj
GST roll out next fiscal: Is the govt looking at changing the financial year? Aiming towards a smooth roll out of Goods and Services Tax (GST) from 1 July, the GST Council in its next meeting on 18 February will look into the three laws in GST. The session by Secretaries Panel at ‘Budget 2017 The Verdict’ of CNBC-TV 18-Mint at Hyatt Regency in New Delhi on Thursday evening discussed GST and its power to arrest disinvestment plan, merger & acquisition, proposal for a new financial year among others in detail. “Industry is looking forward to the laws and rules. Once they are finalised by the GST Council – it’ll pave way towards implementation of GST from 1 July. The agenda of the next meeting is to look into all the three laws. In the subsequent meetings we’ll take up the rules. As far the rates are concerned, it is going to be a simplistic formula. The council has said that there would be four slabs of rates—5%, 12%, 18% and 28%, ” said Revenue Secretary, Hasmukh Adhia. After the announcement of Budget 2017 on 1 February, West Bengal’s finance minister, who also heads the empowerment panel on GST, sent 16 demands to finance ministry to look into, including the arrest clause. The arrest clause has been described as ‘draconian’ by the West Bengal government. “Power to arrest the tax defaulters is already there in excise and service tax, and also under VAT law in some states. After an extensive debate, majority in the GST Council decided that no arrest would be made in the case of tax evasion up to Rs 2 crore. However, evader between Rs 2-5 crore will face arrest but get a bail. But above, Rs 5 crore, it’s non-bailable, ” he said. Is there a new financial year on cards? Economic Affairs secretary, Shaktikant Das said, “The report to change the financial year is under consideration by the government. We’re examining it, and once the decision is taken, it will be communicated.” On IDBI Bank’s disinvestment plan The government announced in the Union Budget on 1 February that it hopes to raise Rs 72, 500 crore in FY18 by divesting stakes in public sector firms. Compared to the revised estimate of Rs 45, 500 crore for FY17, this is an increase of around 60 percent. While discussing the disinvestment plan of the state-run IDBI Bank, Das said, “The divestment of IDBI Bank is not off the table. The work is in progress. The share value of it in market doesn’t reflect real estate it holds in Mumbai. The real estate valuation needs to be done carefully and transparent decision needs to be taken in this case.” “We’ve not derailed from the path of financial prudence. Today, our economy needs investment in certain sectors. As per the NK Singh panel, our fiscal deficit target is 3% and we’ll improve it in 2017-18, ” added Das. Priorities in 2017 Ashok Lavasa, Finance Secretary: To ensure that people pay tax and it should be a more a tax compliant society. Shaktikant Das: Budget 2017 is very strong on reforms and our focus is on implementation. Hasmukh Adhia: Roll out of GST from 1 July. Year 2017 will be the Year of GST.
7th Feb, 2017GST migration Seva Kendra opened A facilitation centre that would provide assistance in uploading the required documents for registration under the upcoming Goods and Services Tax (GST) regime opened in Hyderabad on Thursday. Chief Commissioner, Customs and Central Excise, Hyderabad zone, Sandeep M. Bhatnagar inaugurated the GST migration Seva Kendra at Kendriya Shulk Bhavan, Basheerbagh. The Central Board of Excise and Customs, he said, was establishing such Seva Kendras across the country to facilitate migration of the assessees to the GST. The Seva Kendra would remain open from 9:30 a.m. to 5:30 p.m. on all working days. It is connected to both the GSTN as well the Central Board of Excise and Customs portals. The facility is manned by experienced and well-trained officers, a release said. Mr. Bhatnagar said similar facilities would be opened in all buildings housing the Central Excise and Service Tax Commissionerates in Telangana. Source - The Hindu
To curb tax avoidance, GST rates may not be disclosed soon The rates under the Goods and Services Tax (GST) regime are unlikely to be out before April-end as the government wants to avoid any tax evasion attempt by companies. India’s corporate entities will be tracking the developments in the Budget Session, which resumed on Thursday, as the GST Bill will be taken up in Parliament for passage before it can be implemented from July 1. Once the GST regime comes into effect, tax rates for 80, 000 items will be revised and brought under the 5 percent, 12 percent, 18 percent and 28 percent bracket. Here, not only will the rate of excise and value-added tax be revised, but the rates will be different depending on which bracket a company operates in. Companies have already engaged tax consultants to understand how their tax liabilities will change after July 1 when GST is proposed to be implemented. M S Mani, Senior Director, Deloitte Haskins and Sells said that they are doing a GST Impact Assessment for companies looking at different tax scenarios. “If rates are revealed earlier, some companies may indulge in tax avoidance activities, ” he added. With no clarity on what the final rates would be, the industry is unable to plan on their provisions for future taxes that will be applicable beginning April 1. The tax changes will be a mammoth exercise for the authorities since for every single item the comprehensive rate will be given for each of the 29 states. It is also expected that there would also be disputes in areas where companies would either be categorised in a different segment or would want a lower rate of taxation. For instance, in case of chocolates/toffees, there are categories like candy, sugar-coated hard candy, toffee, chocolate-coated biscuit, and regular chocolate. So, the fear is that if the tax rates are put out in the public domain after the March 15 meeting of the GST Council, manufacturing companies may either stop production or over produce in order to avoid paying a heavy taxation later. This could, in turn, impact the country’s gross domestic product. Mani said that they have been doing simulations on the different tax structures so that companies are adequately prepared for all the situations that they may be exposed to from July 1. He added that smaller companies will also gear up on technology, especially since compliance will completely be driven by technology. Even payments will be made digital, so that all such transactions can be tracked.
GST Council calls urgent meeting tomorrow via video conferencing The Goods and Services Tax (GST) Council will hold an urgent meeting tomorrow, the agenda for which is not known yet The Goods and Services Tax (GST) Council will hold an urgent meeting tomorrow, the agenda for which is not known yet. CNBC-TV18 citing sources said that the urgent GST Council meeting will be held through video-conferencing. The last GST Council meeting was held in Guwahati on November 9 and 10, in which a slew of measures was announced from rate cuts to ease of compliance. On Thursday, while speaking at an event organised by FICCI, Bihar Finance Minister and GST Council member Sushil Modi said that the GST Council will consider bringing electricity, petroleum products and some other items under the ambit of GST in future. “Electricity, real estate, stamp duty and petroleum products should become part of GST (Goods and Services Tax). This would be our (GST Council) endeavour, ” he had said adding that the council may also bring down 28% tax rate. “The possible scenario could be that the current highest tax slab of 28% could be brought down to 25% and two tax slabs of 12% and 18% could be merged into one, ” he had said. The current GST regime has five tax slabs — 0%, 5%, 12%, 18% and 28%. An additional GST cess is also levied on certain products. Last month, tax rates on several items, ranging from chewing gum to chocolates, to beauty products, wigs and wrist watches, were cut to provide relief to consumers and businesses. As many as 178 items of daily use were shifted from the top tax bracket of 28% to 18%, while a uniform 5% tax was prescribed for
1
false