Home » Money

GST Council likely to approve SGST & UTGST bills

17 March, 2017, 00:56 | Author: Paula Vaughn
  • In all the melee the crucial discussion on GST rates is yet to happen

The Tamil Nadu government was committed to enactingthe State Goods and Services Tax (GST) Act as and when CGST and IGST lawswere enacted by Parliament, Finance and Fisheries Minister D Jayakumar toldthe State Assembly today.

The GST Council on Thursday paved the way for rolling out the new tax regime from July, clearing all legislations required for one of the most ambitious reform measures since Independence. The GST Council had past year decided on four tax slab rates, 5 per cent, 12 per cent, 18 per cent and 28 per cent, with another "zero tax rate" on several items that approximately constitute half of the consumer price index basket including food grains.

A similar 15 per cent cess cap has been approved for aerated drinks as well, and Revenue Secretary Hasmukh Adhia said that any other item that the Council decides to bring into the remit of the cess subsequently would attract the same ceiling rate of 15%. However, he did not divulge any further details about the meeting. No decision has been taken to levy cess on bidis as of now, an official said.

Explaining the tax structure, he said, "If a luxury vehicle at present commands a total tax of 40 per cent, under the new indirect tax regime, a GST of 28 per cent plus 12 per cent cess would be levied to keep the tax incidence at the same level". The officers committee will circulate the set of nine regulations to the states by the next weekend.

Meanwhile, the SGST draft law will have to be approved by the legislative assemblies of Delhi and Puducherry.

"Four other rules - composition, valuation, input tax credit transitions - require a formal approval of the Council", Jaitley said after Thursday's meet. "In the past meetings, the Council has already approved CGST (Central GST), IGST (Integrated GST) and Compensation drafts", Finance Minister Arun Jaitley, who chairs the Council, told reporters here. The GST council also approved maximum cess which could be imposed on luxury cars, tobacco, aerated drinks and pan masala among others to raise money to compensate states for loss of revenue when the new tax is rolled out from July 1.

Tesla Announces $1.15 Billion Capital Raise, Musk Buys Shares
The computer will reportedly be 40 times more powerful than what has been used in previous Tesla Inc vehicles, reports AutoCar . Tesla is about to unfold Tesla Model Y , a new compact electric-powered SUV built on the same platform as Model 3.

The GST Council will consider and approve those regulations in the next meeting on March 31.

The GST legislation is likely to be taken up as money bills in Parliament this budget session, which restarted on March 9 after a month-long recess.

After these rules are approved, the fitment of various commodities into the tax slabs would be taken up.

Any supply made to SEZ will be zero rated.

The government hopes to implement the GST tentatively from July, said the minister. Now, it has been agreed that in case of physical export or anybody supplying goods to SEZ, the same methodology will apply.

"Capping of cess has been done".

Recommended:

  • More than 320000 dead in six years of Syria war: monitor

    More than 320000 dead in six years of Syria war: monitor

    The Trump administration is significantly increasing the number of US personnel inside Syria to support the assault. Their current focus is to encircle and ultimately capture Raqqa - Islamic State's base of operations in Syria.
    'Doctor Who' Season 10 Gets Extended April Premiere Trailer

    'Doctor Who' Season 10 Gets Extended April Premiere Trailer

    The latter will feature interviews with Pearl Mackie , Peter Capaldi , and Steven Moffat , and is narrated by Ingrid Oliver. Doctor Who series ten will star Capaldi and introduce Pearl Mackie as Bill Potts, the Doctor's new Companion.
    Why Valeant Pharmaceuticals Intl Inc(NYSE: VRX) stock will be under pressure today

    Why Valeant Pharmaceuticals Intl Inc(NYSE: VRX) stock will be under pressure today

    The specialty pharmaceutical company reported $1.26 EPS for the quarter, topping the Zacks' consensus estimate of $1.20 by $0.06. Add Bill Ackman to the long list of investors who want nothing to do with the struggling drug maker Valeant Pharmaceuticals .
  • Capcom's 'Disney Afternoon Collection' Packs 6 Retro Games

    Capcom's 'Disney Afternoon Collection' Packs 6 Retro Games

    New players will probably take advantage of the Rewind feature which allows one to turn back time and essentially erase a blunder. Just like Rare Replay, the museum provides gamers with a wealth of content which released with the original games.
    What the February jobs report means for the upcoming Fed meeting

    What the February jobs report means for the upcoming Fed meeting

    That means the market is expecting three hikes in the federal funds rate this year, with the rate at 1.25-1.5% in December 2017. The Fed slashed the benchmark interest rate almost to zero during the recession to bolster growth and fight unemployment.
    Arsenal ends Lincoln city's FA Cup dream with 5-0 thumping

    Arsenal ends Lincoln city's FA Cup dream with 5-0 thumping

    I have shown a lot of loyalty and my preference is here. 'I would love to do it but at the moment we are far from that. We had an outstanding game against Bayern Munich but our game was killed by the referee.
  • Spiders eat up to 800 million tons of insects a year

    Spiders eat up to 800 million tons of insects a year

    But if you're now worrying that the world might be inherited by spiders, remember that in turn, they are a source of prey as well. The study team also revealed spiders kill a lot more insects in forests and savanna than in other environments.
    Yamada hits 2 home runs to lead Japan over Cuba in WBC

    Yamada hits 2 home runs to lead Japan over Cuba in WBC

    Two teams from the group, which also includes the United States and Venezuela, will qualify for the semi-finals. After five quiet innings, Yoshitomo Tsutsugoh broke the silence with a home run in the sixth.
    Palestinian president meets Trump aide in Ramallah

    Palestinian president meets Trump aide in Ramallah

    Tuesday's statement said Abbas had told Greenblatt he believed that under Trump's leadership "a historic peace deal was possible". The two also mentioned a joint commitment "to combat violence and terrorism", and President Abbas "assured Mr.
  • Thanet MP Craig Mackinlay allegedly questioned about expenses

    Thanet MP Craig Mackinlay allegedly questioned about expenses

    The criminal offence carries a maximum penalty of a year's imprisonment and election watchdogs could overturn the result. It is understood Staffordshire Police has also sent a file, but this could not be confirmed by the CPS.
    An Old Tax Return from President Trump Leaks, So Where's the Rest?

    An Old Tax Return from President Trump Leaks, So Where's the Rest?

    Trump has long insisted that the American public is not interested in his returns and has said little can be learned from them. For months now, Trump has refused to release his tax returns , claiming he is barred from doing so because he is under audit.
    Are Leicester players heroes or villains after Sevilla win?

    Are Leicester players heroes or villains after Sevilla win?

    In the words of captain Wes Morgan, they overturned Sevilla's 2-1 first-leg lead by doing what they do best. Kasper Schmeichel revealed his relief after Leicester reached the Champions League quarter-finals.


Popular

Malaysia Warns N.Korea Against Hostage Games
He accused the regime of "holding our citizens hostage" before deciding Malaysia would do the same with North Koreans. This angered North Korea, who then barred Malaysians from leaving the country.

'This Is Us' Finale Leaves Many Unanswered Questions
Kate told Toby (Chrissy Metz, Chris Sullivan) that Jack's death was her fault, and we started to see what happened that night. There's a possibility that Jack could stop to help something and to the right thing and end up killed in the process.

Google's new Family Link app invites live
This includes games, mostly - it specifically does not include "Music Players and Messaging Apps that run in the background". The preteens get to have their own Google accounts , for example, but their phones will carry YT Kids instead of YouTube.

Trump to auto CEOs: 'Build modern plants like you've built in Mexico'
He promised a "thorough review" that will "help ensure this national program is good for consumers and good for the environment". The new EPA Administrator Scott Pruitt added that "these standards are costly for automakers and the American people".

Cowboys not expected to trade QB Tony Romo
Collins also played offensive tackle at LSU, and the Cowboys do have an option with second-year offensive tackle Chaz Green. While Romo was doing that, a father and his daughter were doing what they could to bring Tony to Houston.