Category : GST

GST

GST-What to expect when GST rates are announced?

While details have not been announced, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.

The Goods and Services Tax (GST) will be levied at several rates ranging from 0 to 28 percent. GST Council has finalised a four-tier GST tax structure of 5 percent, 12 percent, 18 percent and 28 percent, with lower rates for essential items and the highest for luxury and ‘demerit’ goods that would also attract an additional cess.

Service tax will go up from 15 percent to 18 percent.

While details have not been announced, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.

The lowest rate of 5 percent would be for common-use items – usually items of mass consumption.

There would be two standard rates of 12 percent and 18 percent into which the bulk of goods and services would fall. Most commonly used items as well as household items would fall under these two categories.

The highest tax slab will be applicable to ultra-luxuries, demerit and sin goods (like tobacco and aerated drinks). The demerit goods will attract a cess for a period of five years on top of the 28 per cent GST.

The GST will subsume the multitude of cesses currently in place, including the Swachh Bharat Cess and Krishi Kalyan Cess and the Education Cess. Only the Clean Environment Cess is being retained.

The collection from the GST cess as well as that of the clean energy cess would create a revenue pool which would be used for compensating states for any loss of revenue during the first five years of implementation of GST.

The principle for determining the rate on each item will be to levy and collect the GST at the rate slab closest to the current tax incidence on it.

Indicative Tax Slab under GST

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By- CA Amit Shah & Co.

 

 

 

 

 

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GST

GST Council makes headway on bills, stuck on taxpayer control…

Dual control is part of Integrated-GST that Parliament needs to pass before new regime rolls out…!!!

The all-powerful GST Council Friday made a ‘reasonable headway’ on supporting legislations for the new indirect tax regime but its rollout from April 1 looked virtually impossible as it postponed discussion on the critical issue of administration and control of tax payers.

The panel, which met for the seventh time since the Constitutional Amendment to replace central and state taxes with a Goods and Service Tax was approved in mid-September, tweaked the periodicity of payment of compensation for loss of revenue to states for implementation of GST to bi-monthly instead of previously decided quarterly payment.

Also, the Council decided to create the kitty for the compensation ‘from any other tax’ beside the cess on luxury and sin goods it had previously approved, as states saw revenues being dented by a slowdown in economic activity and resultant tax collections following demonetisation.

The GST Council will meet again on January 3-4 2017 and take up the issue of which part of taxpayers should be controlled by the Centre and who should be governed by the states after a single tax will replace levies like central excise, service tax and VAT.

The dual control is also part of the Integrated-GST legislation that Parliament needs to pass before the new regime is rolled out.

But for this stumbling block, mirror legislations of CentralGST and State-GST, that have to be approved by Parliament and state assemblies respectively, neared finality with most clauses agreed upon.

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By- CA Amit Shah

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GST

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This publication does not constitute professional advice. The information in this publication has been obtained or derived from sources believed by Amit Shah & Co. to be reliable but Amit Shah & Co. does not represent that this information is accurate or complete. Any opinions or estimates contained in this publication represent the judgment of Amit Shah & Co. at this time and are subject to change without notice.

 

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Documents Required For GST Registration

  • Proof of Constitution of Business
    In case of Partnership firm: Partnership Deed of Partnership Firm 
    In case of Others: Registration Certificate of the Business Entity
  • Photograph of Promoters/ Partners/ Karta of HUF
  • Proof of Appointment of Authorized Signatory 
  • Opening page of Bank Passbook/ Statement containing Bank Account Number of < Account Number>, Address of Branch,
    Address of Account holder and few transaction details.
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