Free GST Updates 23rd-25th Mar!

Dear Frndz, Here are some interesting updates on GST, trust you all will have a happy learning!!

  1. Categorization of Goods/Services:
    1. This is one of the most awaited list in the country today.
    2. The Government officials are working on it day and night to make sure it gets closed in the  current session
    3. The most important points:
      1. Government would be looking to categorize the products in such way so as to increase the government revenues
      2. The concerned officials are referring the old decided case laws which were against the revenue so as to increase the collections, as they might this as an opportunity with them
  2. Nirmala Sitharaman (Commerce and Industry Minister) spoke today about GST impacts, below are the key experts from her talk:
    1. GST (Goods and Services Tax) gives a feeling that market in India is one now and there are no barriers between regions or provinces.
    2. Even within the country, the value chains which will get integrated, will have a simpler and straightforward flow (of goods) and therefore, it should make exports more competitive rather than expensive.
    3. GST will be coming soon. So, tax-related incentives demanded by Apple will have to be looked from a different angle.
      1. This statement gives an indication that the Government is not in a hurry to provide incentives to Apple in the near future.
  3. Federation of Associations in Indian Tourism and Hospitality (FAITH) handed over the GST representations to the Ministry of Finance recommending rates to the GST council.
    1. The federation’s recommendations cover air travel agents, business exhibition services, hotel and hospitality services, tour operators, rent a cab and vacation ownership companies.
    2. This representation covers strategic, forex, employment, economic and GST rationale and rates for tourism, travel and hospitality sector of India
    3. The Federation has also requested the members of all its member associations to engage with key political and bureaucratic leadership of all states to sensitise them to these proposed rates before the next GST council meet on rates fitment.
  4. Arun Jaitley (Finance Minister) and Hasmukh Adhia (Revenue Secretary) will be in Mumbai over this weekend to meet the GST stakeholders, below are the key things expected to be discussed
    1. Eventhough Finance Minister Arun Jaitley has initiated the discussion on centralised GST registration for the services sector, the states are unlikely to accept single registration for banking services
      1. Banks for now have single registration, which is at source
      2. Biggest concern for the banks for multiple registrations is the quantum of transactions between branches is huge & there might be subsequent Audits from various states
  5. Finance minister Arun Jaitley on the last Thursday said that, the four bills that are crucial for the rollout of the Goods and Service Tax (GST) will be introduced in the Lok Sabha by early next week and the rate structure would be worked out after March.
  6. Cabinet clears removal of cesses for GST rollout. A very big move indeed..
    1. The Union Cabinet has approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST.
    2. The government is hoping that some of the resources would come from higher GST mop-up as more entities would enter the tax net.
    3. The decision to do away with existing cesses came along with cabinet approval for amendments to the Customs Act, the Customs Tariff Act, Central Excise Act and repeal of the Central Excise Tariff Act.

That’s it for today, we have covered all the key updates that occurred in India on GST. Hope you all have enjoyed it. Do write us your valuable feedback. Would be happy to connect with  you on this. Take care!!

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