Dear Frndz, Its been a long time since our last post. Here we are with the most important happenings under GST in India since past 2 weeks:
- Revenue Secretary Hasmukh Adhia said today that there wont be increase in compliance under GST regime :
- Accounting and maintaining the log could be done through an offline excel form provided by GST Network. If someone uses this form for keeping record of purchase and sales, then he can use this for filing return. Thus, compliance would be minimised”.
- The roll out GST would be either tax neutral or there could be reduction of tax burden,”
- Traders dealing exclusively in petrol, diesel and other such commodities that are exempt or have been kept zero-rated need not register
- IMF predicts India’s medium term growth to above 8% mostly due to introduction of GST from July’17 onwards as this will enhance production and the movement of goods and services across India
- Norwegian Ambassador to India Nils Ragnar Kamsvag said that Norway was keen to expand its economic presence in India due to recent reforms undertaken by India
- “GST is another good example of India speeding up its economic reforms process.
- We are very upbeat about seeing India take such measures as these will help not only India emerge as a very strong economy in the world, but give a boost also for Norway’s trade relations with India.
- Finance minister Arun Jaitley said that the rates under the GST regime will not be “significantly different” from existing levels, suggesting there will be minimal disruption when it is rolled out on July 1. But any savings should be passed on to consumers
- In a two-day special session held on 1 and 2 May, the Uttarakhand State Assembly has passed the State GST Bill
- In addition to Uttarakhand, Telangana, Bihar, Jharkhand, Chhattisgarh and Rajasthan States have passed the respective State GST Bills.
Lets hope we see GST coming to India from 1st July 2017. Lets keep learning and enjoying. Take care!!