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News

GST Key Highlights

Posted on Monday, April 3rd, 2017 at 00:00 and is filed under GST Whats New, RNC Updates

1) Top news: GST will be implemented from July 1: Arjun Ram Meghwal

• Union Minister of State for Finance Arjun Ram Meghwal expressed confidence that the historic tax reform Goods and Services Tax (GST) will roll out from July 1.
• Government will resolve the problems of the trade and if GST begins from July 1, there will be no loss to trade and industry.
• Meghwal said that states are been told to strengthen their IT infrastructure and focus on manpower training.
• He said government will open guidance centres including in the villages where internet is available to support the trade in getting registered with GST.

2) No GST shock: Government to exempt healthcare, education out of its ambit-

Education, healthcare and pilgrimages will continue to be out of service tax net even under the GST regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services.

3) Besides making a strong case to the GST Council for not touching services that are out of tax net currently, the Centre will also pitch for keeping concessional rate for services like transport at the current level.

4) The GST Council, headed by Union Finance Minister Arun Jaitley and comprising representatives of all states, is scheduled to meet in Srinagar on May 18-19 to decide on rates various good and services will be charged in the new indirect tax regime that is being targeted for rollout from July 1.

5) The existing exemption list for service tax should continue, Govt will recommend to the GST Council that whatever is in the exemption list they should continue in the first year

6) There would be no levy of GST on services rendered by Government, Reserve Bank of India, public conveniences, educational institution, services relating to agriculture, transmission or distribution of electricity, renting of residential dwelling for use as a residence, burial, healthcare, specified schemes of general insurance etc.

7) Some services may become a little more expensive, if rates for certain services will go up because current tax rate is 15 per cent and the nearest bracket that would not upset the revenue collections is 18 per cent.

8) After a year or two after GST implementation, if states find that the buoyancy (in tax revenues) is good, they could very well like to bring it (petroleum products) in GST