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In a few more days to go, the most awaited goods and services tax (GST) will be discussed within the authority of GST council headed by the union finance minister Arun Jaitley and state finance minister along with the leaders of the Union Territory in Srinagar on 18-19 May to conclude upon the taxes of various goods and services and will fit them accordingly into the four tax slabs introduced previously.
The GST council along with its rate fitment committee will be resolving the pending task of aligning of all the goods and services in different appropriate slabs to decide and include more and more products and service under the unified tax ambit. The meeting will be starting from 4 May in the national capital New Delhi for three days. A committee member from both central and state tax department spoke that alignment of the tax rate will be finalized at the end of the meeting.
The GST council has been in a dilemma of putting various goods into the category suitable for them. The government is preparing to roll out the well-discussed goods and service tax in coming months and in between it has been stuck on the issue of categorization of products.
The ongoing meeting of the GST council has been expected to pass out the two remaining legislature in order to give a start to the countries most ambitious taxation regime. The SGST and the UTGST are two remaining bills which are needed to be cleared for the progress of the tax scheme.
The GST council has finally given some relief to the e-commerce retailers in hope to reduce the compliance as well as saving the capital for the same. The giants like Amazon and Flipkart were the first among the queue which was raising the issues and concern on the Tax Collected at Source clause after it was presented at the council’s meeting. The new draft law has proposed that the TCS will now be deducted at 1 percent and will be no limit thereof. The cap has assured that the levy will not surpass this given rate of tax.
The council has been spearheading towards anonymous solutions buffering from the economic experts and various ministries and in the middle, it has been claimed that there might be the outcome on compensation related issues. As the pending supporting legislation — Central GST (CGST), Integrated GST (IGST) and State GST (SGST) — will come up for examination in the eleventh meeting of the Council. The finish of the draft Bills will be significant for guaranteeing the convenient presentation of these Bills in the second period of the Budget session of Parliament, which is planned to begin on March 9.
It’s time for uncertainty as the Indian Revenue Service officers are in very much confusion regarding the decision which GST council threw upon the central board of revenue. The decision has been seen in a very panicked way as the imposed rule will flush out almost all the population of employees comprising the central board. In this regard Association of Indian Revenue Services (IRS) officers has also mailed a letter to the prime minister to seek redressal into this matter.
The Finance Minister Arun Jaitley-drove GST Council met on Saturday and finished the Draft Compensation Bill, in an offer to accelerate the rollout of Goods and Services Tax by July 1, 2017. The tenth meeting of the GST Council likewise cleared the last drafting of the anti-profiteering clause to guarantee a profit of lower taxes gets imparted to customers.
The GST council is all set to meet up again for its 10th meeting here at Udaipur, Rajasthan on 18th February to discuss and finalize all the pending bills and compensation rules.
