Petroleum products to be out of GST for now, says CEA.

Petrol and other petroleum products will not be brought under the GST regime for some time after its roll
out , says Chief Economic Advisor, Arvind Subramanian. He said that the GST council will decide for how long these products will be out of the new tax regime.

India Inc* disappointed by delay in passage of GST bill.

The industry is disappointed by the delay in passage of GST bill.Delaying GST will hurt the nation, consumers and industry.The earlier it happens it is better, said Sanjay Kapoor,Former CEO(South Asia India)of Bharti Airtel.

Small car prices may come down on GST implementation.

The small car prices may come down significantly if the standard rate of 17-18% for most goods and services tax is accepted, which is recommended by the government appointed panel.
Manufacturers which are currently paying 30-50% tax on cars are likely to transfer benefits of lower taxes to consumers.

GST panel keeps tax rate 17-18%, CEA subramanian gives modi government chance to mollify congress.

The chief economic advisor arvind subramanian led panel submitted the report on GST regime to finance minister arun jaitley offering recommendations.
The panel kept the standard GST rate at 17-18% at which most products would be likely taxed.

State finance ministers debate on GST rate.

GST rate will not go beyond 20 percent, it will be in between 19 to 20 percent and care will be taken that it does not hurt manufacturers, a senior government official said.
Internationally, GST rate ranges from 16 to 20 percent with a few exceptions like Austraila, Japan and Germany where the tax levied is much lower.

GJF urges government to implement GST across gems and jewellery sector.

The All India Gems and Jewellery Trade Federation *( GJF ) urged the Union Government to implement the uniform 1% GST across the entire gems and jewellery sector, since such an initiative will bring all jewellery manufacturers under one umbrella and getting the sector more organised.

GST will result in logistics cost cut.

The proposed goods and services tax (GST) if implemented will result in substantial reduction in logistics cost and consolidation of warehousing facilities.

'Sin tax' for Alcohol, Tobacco Industries in GST regime.

Alcohol, Tobacco Industries will have to pay more taxes towards an additional 'sin tax' under the proposed GST structure.However the official did not specified the rate at which this tax will be levied under the proposed GST structure.

India Inc may have to file monthly returns for business to business deals under GST.

A recent report by panel has recommended seperate returns for input and output, due to which *India Inc will have to file monthly returns with due invoices of its business to business transactions under the proposed goods and services tax regime.

Centre circulates model GST laws among states.

The centre and state have completed the drafting of model Goods and Services tax law, which will be put in public domain.

GST can be implemented at any time in 2016 : CBEC

The tax department said, GST can be implemented anytime during a year and not only the beginning of a financial year.

State finance ministers panel on GST 'study' tour visits Australia.

With a view to study the Goods and Services tax (GST) system of Australia, the empowered committee of state finance ministers is on a weeklong trip to Australia to study the implementation of tax there.

Focus on GST exemptions and IT readiness:Finance Ministry to Industry.

The finance ministry asked the industry to focus on critical exemptions and IT platform readiness rather than stressing too much on date of GST implementation.

Some states seeking rights to tax business to business transactions.

The GST is facing new conflict with the taxing of emerging e-commerce business.Some states have sought the right to tax business to business transactions, which shall affect the very purpose of GST.
Some states want place of supply rules to allow them to tax business to business transactions, even though the final consumption is taking place in another state.This would affect the input tax credit method.

INFOSYS bags the GST deal.

Infosys bagged the GST deal by beating big names such as wipro,tata consultancy services,tech mahindra in the IT sector to get high profile contract to develop the technology platform for the proposed GST.

Report on uniform GST rate by month end, rollout possible next year.

The government panel will submit its report by month end for the suggestion of uniform rate of GST.
Internationally, the rates range between 16-20 percent.However there are exceptions such as Japan, Australia and Germany where the rates are 8,10 and 23 percent respectively.

State Finance ministers to meet on 15th September 2015 to finalise model for GST legislations.

The state finance ministers shall meet on 15th September 2015 to approve the state legislatures for rollout of GST. This shall only be preparatory work.

Training session by ICAI, DCT on proposed GST Act.

The ICAI in association with Department of Commercial Taxes (DCT) organised training session on proposed GST Act in Jammu on 10th September 2015.

India can't afford to spend too much time on implementation of GST.

IKEA and Huawei global giants today said that India cannot afford to spend too much time for implementation of GST.