Free GST Updates 28th Feb to 1st Mar!

 

  1. Registration for Services Sector to be Mammoth Activity
    1. GST Council decides to retain the clause for service sector for obtaining registration in all the states where they would be providing services. This was a draconian clause in draft GST law which we were expecting to be removed, but it seems this will continue.
  2. Centre is optimistic but some states aren’t  as far as rolling out GST is concerned
  3. Economic Affairs Secretary Shaktikanta Das said they were optimistic to roll out GST by 1st July but some of the state finance ministers were not so confident on this date in the last GST council meet.
  4. Most of the state ministers we looking as Sept-15 as more realistic date for GST roll out
  5. Logistics stocks up by 7% as July 1 GST implementation looks likely
    1. Logistics sector is seen to be one of the most benefited sector in GST regime and as we near to the GST roll out date, the market too seems optimistic on buying logistics stocks.
    2. We can see that there is a steep rise in the stock prices of Logistics company in last few weeks.
  6. Suspense on classification of Goods under different GST rates should be closed asap
  7. As we near to the GST regime, the suspense on GST rates on goods and services is getting increased, the industry needs to be aware of the GST rates on different goods and services in order to be ready with the GST
  8. GST council had declared four rates of GST on Goods in Nov’16 (5%, 12%, 18% 28%). There was no rates disclosed on services. Since then the industry is keen to know the rates for all the products in order to be GST ready.
  9. Also there are no rates decided on services yet. Like goods, the services should also ideally have different buckets of rates in order of essential services, luxury services and so on. GST council must consider these facts while deciding the GST rates for services.
  10. PepsiCo Chairman & CEO Indrya Nooyi has met GST Council chairman and Union Finance Minister Arun Jaitley proposing for lower GST rates for healthier beverages.

That’s it my dear friends with regards to GST updates in last few days, hope you have surely updated your GST knowledge! Please comment for any improvements or queries.

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