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The decline in the revenue collection as State GST (SGST) in Karnataka has spoilt chief minister Siddaramaiah’s plan to present a massive Rs 2.10 lakh crore budget for FY 2018-19, which was scheduled to be announced on 9th February.
Find all the latest updates on GST council meetings held after the implementation of goods and services tax. The latest 31st GST council decides about GST new return filing system, GSTR forms revisions, GoM meeting along with GST slab rate reduction.
As GST has completed more than two months; some partial online surveys have been conducted to know, an overall impact of GST on consumers.
The Union Finance Minister Arun Jaitley has given an unusual hint towards the legislation process and directed the budget session currently active to pass the goods and service related drafts and legislatures in reference to garner the benefits and revenue of indirect taxes as it will discard the rights of centre and states to collect the taxes after the deadline of September 15.
The GST is around the corner and the very few can ascertain that a new law has been incorporated i.e. Union Territories GST (UTGST). The GST council has included the UTGST in order to complete the constitutional obligation which says The Constitution (One Hundred and first Amendment) Act, 2016
GST is one indirect tax for the whole nation which makes India one unified common market. GST is a single tax on the supply of goods and services, credit of input tax paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
Finance Minister recalls the GST Network and has firmly said that banks are under process to link their systems to the GSTN for the upcoming regime
After a long wait, the dream comes true when GST become applicable across India. More than 2 decades wait for a strong tax reform regarding indirect taxation will be part of our Indian economy. Now after passing the bill in both houses of parliament and receive President Ascent, the bill became Law for our nation. After that the foundation of a GST council complying of states and central governments members and economics experts. The council will decide the rates, exemption and rules and regulation.
The GST Council has been inviting more number of states to discuss over GST in order to clear all the doubts and fix the issues before the deadline. The first meeting of GST held on Thursday has decided to hold the predetermined date of the roll out to be 1st April 2017.
