There has been loads and lots of changes in the recent week on GST in India. This was again one of the most talked about week on GST. Lets touch upon the key updates below:
- Rajya Sabha clears 4 bills :
- The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory GST Bill, 2017. Landmark move in India
- All the above 4 bills were already cleared in Lok Sabha on 29th March
- Some key experts from Jaitely’s comments:
- “On May 17-18 we will give final approval to rules and rates… Looks like it can be implemented from July 1,”
- “I am happy at the fact that when it comes to enforcing GST Bill all political parties came out in one voice.
- CBEC official said that ‘The CBEC has also started 24X7 help desk to help the assessees migrate to the new portal’.
- Government has extended the deadline for GST migration by another month till 30th April.
- Revenue Secretary Hasmukh Adhia said in one of the interviews that ‘GST Council will not touch services that are out of tax net currently to bring in the GST Scope. That means Education, healthcare and pilgrimages will continue to be out of service tax net even under the GST regime
- The government has sought comments from industry on the 4 set of new rules on – GST Composition, GST Valuation, GST Transition and GST ITC. All these rules are placed on public domain.
- We can find the GST rules at following link http://www.cbec.gov.in/htdocs-cbec/gst/index#
- In addition, the CBEC has also put up FAQs on the basis of CGST, SGST, IGST, UTGST and Compensation Cess laws. We can find all of this resource on the above mentioned link in point 1
These were some of the crucial updates on GST, hope you liked them, Do share your valuable feedback with us!! Enjoy and have a great weekend ahead!!