In the model GST law government has given various provisions regarding migration of existing tax credit like CENVAT, VAT ITC, Service Tax Credit etc. Transition provision dealers to transfer credit as per CENVAT Credit rules, VAT ITC as per state rules to GST era. Let through some light on transition provisions in GST. Continue reading “Transition Provisions in GST”
We all now well aware with upcoming GST regime, at the outset we should get acquainted new GST rules. so in the today’s article lets understand GST rules for E-Commerce operators. Model GST provides GST rules for E-commerce operators. Continue reading “GST rules for E-Commerce operators”
GST Bill Summary
GST is taking pace in the parliament, BJP govt is hopeful of passing GST bill in the monsoon session of parliament starting from Monday, 18th July’16. When it going to become act it is necessary to understand some key provisions of draft GST bill. So here we present GST bill summary. Continue reading “GST Bill Summary – 2016”
Prime Minister Narendra Modi has said he expects the long-pending GST bill to get the parliamentary nod this year while efforts to amend another contentious legislation on land acquisition are “over now”.
Modi also hit out at critics who accuse him of failing to pursue “big bang” measures to revamp the Indian economy, saying his government has undertaken maximum reforms since coming to power in May 2014.
He said that many of the changes he has put in place would have been regarded by previous administrations as difficult to implement, but now that he has done them, to his critics they no longer qualify as “big bang”.
“I have actually undertaken the maximum reforms,” Modi told The Wall Street Journal in an interview ahead of his visit to the US next month at the invitation of President Barack Obama.
Responding to a question on Goods and Services Tax (GST) bill, Modi said he expects the legislation to pass this year.
The GST bill, which has been approved by Lok Sabha, is pending in Rajya Sabha because of stiff resistance by Congress, the largest party in the House.
Government has been insisting that most of the parties, except Congress, are in favour of GST, which will bring about a uniform indirect taxation regime in the country.
He said the efforts to amend the land acquisition law at the federal level were “over now” and it is now up to individual states to pursue changes.
Modi said he would look to states to further liberalise the country’s rigid labour laws, the daily reported.
“Labour reform should not just mean in the interest of industry,” he said adding, “Labour reform should also be in the interest of the labourer.”
“When I came to the government, I used to sit down with all the experts and ask them to define for me what is the ‘big bang’ for them,” he said, adding
“Nobody could tell me.”
But at the same time he was quick to add that there was a need to do more.
“I have an enormous task ahead for myself,” Modi said in Hindi.
The Prime Minister said after coming to power his government had opened up more of the economy to foreign investment and made changes to curb corruption, fill gaps in rural infrastructure and make it easier to do business.
The Prime Minister also underscored the importance of public sector undertakings in the country.
“In any developing country in the world, both the public sector and the private sector have a very important role to play. You can’t suddenly get rid of the public sector, nor should you,” Modi said.
“It has been cleared by one House of Parliament. It has been supported by most political parties, and I am sure others will also see reason, and this law will become a reality very soon,” our honourable finance minister Mr. Arun Jaitley said in his keynote address at the India Investment Summit on Thursday. The summit has been organised by the finance ministry. Now we can say that GST will be reality soon. This is much awaited and excite Act which pending for long time, GST will revolutionize the the system.
We very well know that GST is in the news for the very long time . Many hurdles have come through in the process of becoming bill to act.
Now it is at the verge of settlement of the issues with most of the opposition parties specifically congress. All the party are about the settle the key issues like Revenue Neutral Rate, Sharing of between CG and State Governments etc.
Mr. Jaitley said that GST will be effective from the 1st April 2016 by passing in the loksabha(Lower House) and rajyasabha(Upper House) in this budget sessions of the parliament.