Published: Sun, March 05, 2017
Electronics | By Lorenzo Hawkins

FM-led GST Council clears CGST, IGST provisions

FM-led GST Council clears CGST, IGST provisions

This provision will also allow the government to remove the cess at some stage and instead have a higher GST rate only, which will make for a neater GST. These legislative proposals will be taken up in the second half of Budget session of Parliament beginning next week.

Echoing similar opinion, Jammu and Kashmir Finance Minister Haseeb Drabu revealed that the aforementioned provisions are being considered for minor editorial changes, and State GST will be discussed in the next meeting.

Speaking on the development, Jaitley said, "The rates will be what have been decided by the Council".

In the eleventh (Goods and Services Tax) GST Council meet held on March 4, Central GST and Integrated GST law has been cleared.

CGST, IGST and Union Territory-GST (UTGST) law to be taken to Parliament in the second half of Budget session starting March 9, said Jaitley. The effective peak rate will continue to remain at 28 percent.

De Mistura: Syria talks in Geneva end with clear agenda
The Syrian chief negotiator said Damascus was now examining whether to return for the next round of Geneva talks later in March.

Jack Sparrow Has Pissed Off Everyone in New 'Pirates' Trailer
This trailer has a lot going on: You want ghost sharks? Only it is not an alive enemy, but a dead man - a pirate ghost who blames Jack Sparrow for the death of his brother.

Keystone XL Pipeline Won't Use American Steel Despite President Trump's Promise
Steel Corp CEO Mario Longhi that the Keystone and Dakota pipelines "have to" use "steel made in this country". Another 10% will come from a Welspun plant in India, the rest will be imported from Canada and Italy.

"Approval of CGST and IGST laws by the GST council is a decisive step towards implementation of GST from July 1 this year".

This is done to obviate the need to go to Parliament in case the levy has to be raised on certain goods and services.

The GST is consumption based tax levied on the supply of Goods and Services which means it would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method.

Mr Jaitley said the model GST law will have a clause to enable levy of up to 40 per cent tax (20 per cent by the Centre and an equal amount by states), but the effective tax rates will be kept at the previously approved levels of 5, 12, 18 and 28 per cent. The association representing the central Indian revenue service officers had also stated that the service sectors which presently operate under a single centralised service tax registration file three service tax returns in one year; however, in the GST regime, they will have to file 61 returns per state, per year, after taking registration in each state in which they have presence. "So the applied rate is going to be what the council has decided".

Like this: