Daily Archives: August 6, 2016

Administrative Structure of GST

Administrative Structure of GST Key Points :- There are 9 classes of officers as per CGST Act, with 17 officers and a general class, whereas SGST Act contains 6 classes of officers, with a general class. As per Model GST Law , Board i.e the Central Board of Excise and Customs constituted under the Central Boards of Revenue… Read More »

9 states may ratify GST Bill withing august 2016

Senior Union ministers have advised the nine Bharatiya Janata Party (BJP)- ruled states to call special sessions of their legislative assemblies to ratify the Goods and Services Tax (GST) Constitution amendment Bill by the end of this month. The Lok Sabha is slated to debate the Bill on Monday, a discussion in which Prime Minister… Read More »

Category: GST

ICAI Background Material on Model GST Law

Dear Professional Colleague, Greetings from Indirect Taxes Committee! The recent developments with respect to Goods & Services Tax (GST) has considerably raised hopes of its implementation in India by April 2017. The Constitution amendment bill for framing the law for setting up the Goods and Services Tax regime may be passed in this session of… Read More »

CBDT SOP for Administering Tax Payer Services

F.No.DIT(TPS-I)/01/2016-17/508 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Directorate of Income-tax (Taxpayer Services-I) New Delhi, the 2nd August, 2016 STANDARD OPERATING PROCEDURES (SOP) FOR ADMINISTERING TAX PAYER SERVICES 1. The Income-tax Department is committed to promote voluntary compliance with the direct tax laws through quality tax payer service.… Read More »

GST : Rajya Sabha Proceedings Extracts on Constitution Amendment Bill

Brief Record of the Proceedings of the Meeting of the Rajya Sabha held on the 3 rd August, 2016 on The Constitution (One Hundred and Twenty-second Amendment) Bill, 2016 passed by Rajya Sabha on 03rd August 2016. Government Bill — Passed The Constitution (One Hundred and Twenty-second Amendment) Bill, 2016, as passed by Lok Sabha… Read More »

Category: GST

What to Check before depositing your money in any Scheme ?

1. Which entities are authorised to raise deposits from public? The entities authorised to accept deposits are given in the table as below: Sr. No. Category Regulator Additional Comments 1 Commercial and Cooperative Banks Reserve Bank of India (RBI) All Commercial and Co-operative Banks are entitled to accept deposits 2 Non-Banking Finance Companies (NBFCs) RBI… Read More »

Poor saving habit of Indians

Poor saving habit A survey by HSBC (Hong Kong and Shanghai Banking Corporation Limited) named ‘Generations and Journeys’ observed that “a large number (47 per cent) of working age people in India have either not started saving for their retirement or have stopped or faced difficulties while saving for their future.” The report also observed… Read More »

Defence University bill goes online

Defence University bill goes online The idea of a National Defence University was first conceived in 1967. It was later recommended by Kargil Review Committee and Group of Ministers in 2000. Land for setting up of the Defence University was acquired at Manesar in Dist Gurgaon in September 2012. Part infrastructure development has commenced on… Read More »

GST is transactional tax can be implemented from mid of year also : FM

Theoretically GST can be introduced by October: Arun Jaitley, Finance Minister In an exclusive chat with Supriya Shrinate of ET Now, Finance Minister Arun Jaitley says so far the empowered committee has exhibited good leadership, it has functioned well and once it converts itself into a GST Council, things should become better. Edited excerpts Supriya… Read More »

Category: GST

GST Impact on Inflation in India

GST to push up inflation in the short term While the finance ministry has sought to allay fears that the implementation of the goods and services tax (GST) will have an impact on inflation, analysts remain sceptical. “Implementation of the GST in the near term could bring some upturn in inflation,” said Morgan Stanley in… Read More »

Will there be anti-profiteering clause in GST ?

Shield for Aam Aadmi in GST? The government could consider an anti-profiteering clause to ensure the benefits of the goods and services tax (GST) are passed on to consumers and prices don’t spike once the levy is rolled out, Finance Minister Arun Jaitley said. The matter will have to be discussed in the GST Council… Read More »

GST to boost Hospitality and luxury industry

Proposed GST Rate at 18% to Boost Luxury Retail, Hospitality Sectors Hospitality and luxury industry experts have said implementation of GST (goods and services tax) will benefit the sectors by lowering costs for consumers and facilitating seamless movement of products across the country. The Rajya Sabha on Wednesday voted to approve a constitutional amendment that… Read More »