Free GST Updates – 12th Feb 2017

  1. Finance Minister Assures Central Board of  Excise Commission (CBEC) officials that their
    concerns and career interests will be protected even after GST roll-out from July 1 onwards (FM tweeted today).
     The CBEC officials are worried about the recent changes made by GST Counsil in Jan’17 period that the states would have the power to assess and administer 90 per cent of the taxpayers with an annual turnover of less than Rs 1.5 crore, while the remaining would be controlled by the Centre.
  2. Classification of Goods under the 5 tier rate slabs
    1.  The classification of goods across the 5-tier rate slabs (0%, 5%, 12%, 18% and 28%) is expected to be decided in May-June, 2017. The Revenue Secretary has indicated that the applicable tax slab can be estimated based on a simplistic formula – the rate slab closest to the existing incidence of tax (i.e. excise duty + VAT or service tax + VAT) would apply.

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