News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
GST Council to meet today to discuss rules, exemptions
PrintGST Council at its meeting today will finalise the rules regarding registration, refunds and payment and also take a view on exemption of goods under the upcoming Goods and Services Tax (GST) regime.
To be chaired by Union Finance Minister Arun Jaitley, the Council will also deliberate on a formula for payment of compensation to states for revenue loss in the aftermath of implementation of the GST.
"Tomorrow's meeting is likely to finalise on the rules on GST. Also, a presentation will be made by the officials on compensation," an official said.
While 2015-16 will be the base year for calculating revenue compensation to states for any loss of receipts arising from rollout of GST, the final methodology will be worked out in next meetings, the official added.
At the last meeting of the council, four alternatives came up for discussion for compensating states for loss of revenue after implementation of the GST.
A state can be compensated if the revenue under GST falls short of the average tax earnings in best three years out of past five years.
Secondly, of the five years, two outliers are left out and average is taken. If the revenue under GST is short of this, then states are compensated.
Thirdly, a base year can be fixed and a particular growth rate decided for all states. If the revenue falls short of that, then the state gets compensated.
Another suggestion was to base compensation on a fixed rate of revenue growth.
The CBEC had already floated the draft rules for registration, refund, returns and invoice for the GST regime and sought stakeholder comments on the same.
The Central government plans to roll out GST from April 1, 2017, and has lined up meetings of the GST Council to build consensus among the states. #casansaar (Business Standard)
Category : GST | Comments : 0 | Hits : 392
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments