RNR

GST Council : Setting of the turnover threshold limit of 20 lakhs

After we have ridden a bullock cart to reach the GST destination we suddenly found the bullet train on the way. So far we have been used to the slow pace where we could get down, go back, relax and get back to the GST vehicle. We find ourselves entrapped in the superfast machine that[…]

gst

The challenges ahead for the GST

Everyone seems contented with the progress on the GST bill which is in the process of ratification by the states. The proceedings are being watched closely but we must understand that the legislation is likely to take its own course before it can become a constitutional amendment. We should have faith in the government machinery[…]

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Assam takes the lead in ratifying the GST bill

After the recent state elections in which BJP came into power in the state of Assam, the new Assam Chief Minister Sarbananda Sonwal made sure that Assam becomes the first state in the country to pass the GST bill. As we are aware, the 122nd constitutional amendment bill was recently passed by both the houses[…]

gst

Impact of GST on inter-state trade

The Goods and Service Tax (GST) Bill got passed in Rajya Sabha on Wednesday, 3rd August 2016. It is one of the most important and the biggest economic reform that ever occurred in the history of India. With the air of having “One Nation, One Tax,” the GST is all set to effect each one[…]

gst select committee

Moving towards GST – constitutional amendment a vital step

The Modi government had got a thumping majority and came into power in May 2014. Since then it has been on a relentless pursuit to bring reforms and take India on course to growth and development. One of the major reforms that it tabled in the parliament was the 122nd constitutional amendment bill or the[…]

eft 1

GST Input Tax Credit- shifting of onus for Tax Deposit

It is widely believed that GST will streamline the taxation system and do away with the multiple types of taxes. The approach by the government agency is truly in that direction with an emphasis on avoidance of double taxation and facilitating seamless flow of credit. In today’s situation, the variety of tax variations like Octroi,[…]

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Expectations from this winter session of Parliament

The winter session of the Parliament which began on the 26th of November will have 20 sittings spread across 28 days. There are 38 legislative items including seven new bills to be discussed and passed during the winter session which ends on 23rd of December. Out of the 38 agenda items, 24 are on the[…]

congress

Changing stance of Congress on GST

There is a strong feeling emerging in the political arena that the Congress is softening its stand on the GST issue. There seems to a change from the outright violation of proceedings of the house in the Parliament to a stance of a proper discussion on the issue. The Congress is now coming out with[…]

state or central

Who should take GST responsibility – Centre or States?

The states of the Indian economy have a legacy of being hand held by the Centre. They look to the centre for financial support whenever a calamity strikes or there is a drought in the state. The thought is no different in case of the GST reform. The states are of the view that GST[…]

The path ahead with the GST bill

The path ahead with the GST bill

Given the present circumstances the constitutional amendment for the introduction of GST is likely to take time. The government has set a deadline for launching it by April 2016 and is making every effort to get the activities closed in time. However, with a bill of this magnitude and wide ranging impact on the Indian[…]

modi

GST in the political veil

Rahul Gandhi is supposedly learning from the practical experience that being decent in the Parliament does not help in any way. The Congress party had supported the Insurance bill in the budget session of the parliament earlier this year. They were following the path of least resistance and found that they were not in any[…]

indian economy 1

GST – Impact on Indian Economy

There is a lot of expectation from the Indian government with regard to the introduction of the Goods and Services Tax, or GST. Currently we have the Value Added Tax applicable only on the goods, and Service Tax that is imposed on select services. GST is an attempt to combine them under a common head.[…]

arun jately

Recent Political Drama on GST bill

The Indian government led by Prime Minister Narendra Modi made a number of efforts during the recently concluded parliament session to bring the opposition Congress party on the discussion table for the GST Bill. But it seems that the Congress was bent upon shouting in the well of the house and staging walkouts and not[…]

gst select committee

GST Select Committee

SELECT COMMITTEE ON GST BILL – AN UPDATE During a debate in the Lok Sabha, the Finance Minister Shri Arun Jaitley earlier rejected opposition demand for sending the GST Constitutional Amendment Bill to Standing Committee on grounds that the move would unduly delay the GST rollout scheduled on April 1, 2016. The Constitution (122nd Amendment)[…]