Wednesday 30 September 2015

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.

Saturday 26 September 2015

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.

Wednesday 23 September 2015

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.

Friday 18 September 2015

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.

Monday 14 September 2015

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.

Thursday 10 September 2015

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.

Wednesday 9 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.