Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
April 26, Wednesday 2017 1:32 PM       

       HEADLINES: E P Jayarajan takes exception to Pannyan’s dig at Mohanlal                                              More bars to be reopened on Tuesday                                              Oppn uproar in assembly seeking M M Mani’s resignation                                              Pinarayi defends Mani's "native style"                                              Security beefed up for M M Mani                                              DMK's Stalin arrested amid TN shutdown                                              Malegaon blast: Sadhvi Pragya Singh gets bail                                              Fake passport case: Seven-year jail to Chhota Rajan                                              Xi urges 'restraint' over N Korea as US carrier approaches                                              7.1 magnitude quake hits Chile                                              China bans dozens of Muslim baby names in Xinjiang                                              Pune Supergiant keep rising                                              BCCI miss deadline of naming India squad for Champions Trophy                                              Kaumudi Facebook
       BUSINESS Next Article: Indian IT industry contributes immensely to US economy:NASSCOM  
       GST Council to finalise additional legislations today
 
         Posted on :17:58:25 Mar 4, 2017
   
A A
       Last edited on:17:58:25 Mar 4, 2017
         Tags: GST Council, finalise additional legislations
 
NEW DELHI: The GST Council will meet on Saturday to finalise supplementary legislations headed for Parliament, which reconvenes next week, so that the new regime is rolled out from July 1.
 
The 11th meeting of the Council, which comprises the Union finance minister and state representatives, will discuss central GST (CGST), state GST (SGST), integrated GST (IGST) laws and finalise them.
 
The officers committee from states and the Centre met on Friday to discuss views of the law ministry, officials said, adding that a view on the Union Territory GST (UTGST) may come in just in time for Saturday’s Council meeting.
 
The Council meeting is scheduled for two days — March 4 and 5 — but it may not stretch beyond Saturday if all issues get resolved. “Although the SGST will mirror the CGST Bill, the Council will read out all the provisions of the SGST Bill to clarify any doubts of states with regard to provisions,” the official said.
 
The GST Council in its meeting last month had approved a law to compensate states for any loss of revenue from implementation of the new national sales tax. But legal language of half-a-dozen provisions of CGST, SGST, IGST held up their approval.
 
Parallelly, the Council will get down to fixing rates of taxes for different goods and services by fitting them into the four approved slabs of 5, 12, 18 and 28%. After the CGST law is approved by Parliament, the SGST law will have to be cleared by respective state legislatures. GST, which will replace a plethora of central and state taxes, is a consumption-based tax levied on sale, manufacturing and consumption on goods and services at the national level.
 
Under it, CGST will be levied by the Centre, SGST by states and IGST on inter-state supply of goods and services. Different indirect taxes like excise duty, sales tax, CST and service tax are to be merged with CGST while SGST will subsume state sales tax, VAT, luxury and entertainment levies. The second leg of the Budget session of Parliament convenes on March 9. 
 
Speed up GST migration: CBEC 
The Revenue Department has expressed “serious concern” over delay in migration of excise and service tax assessees to the new GST regime and asked field officers to complete the process by March 31. The Central Board of Excise and Customs (CBEC) , the apex policy making body for indirect taxes, in a communication to the field formations has asked the Zonal Chief Commissioners to submit a weekly progress report beginning March 6.
A A
       BUSINESS
Next Article: Indian IT industry contributes immensely to US economy:NASSCOM
 
 
BUSINESS HEADLINES
Rupee scales near 21-mth high of 64.26 on global cues  
Nifty closses above lifetime high of 9,300-mark  
PM to review infra performance with officials today  
US dollar ends sharply lower against rupee  
Sensex rebounds 291 pts; French Prez race, RIL Q4 in limelight  
Thailand expects 12 lakh tourists from India in 2017  
GST great illustration of cooperative federalism: Modi  
Niti Aayog lists promoting digi-payments as achievement  
Hero Cycles eyes setting up Rs 400 cr project  
Impact of demonetisation abated: IMF  
Mistry appeals against NCLT rejecting waiver plea in Tata case  
Air India lowers age limit for elderly travel concession  
SEBI court quashes non-bailable warrant against Sahara chief  
India needs to accelerate investment in children, education:WB  
Sensex extends gains, up 86 pts on bargain hunting  
Jaitley may take up H-1B visa issue with US authorities  
'India moving forward to become major destination for FDI'  
Sensex surrenders early gains, falls 95 pts  
Apple, Coke, Airtel among cos pulled up for 143 misleading ads  
Inflation cools to 5.7%, food prices heat up  
Nifty regains 9,200-level in early trade  
SC orders auction of Sahara's Amby Valley  
Railways to export locos, train sets worth Rs. 680 cr to Lanka  
Sensex edges lower by 88 pts on global weakness  
Netizens uninstall Snapdeal app instead of Snapchat  
 
Should Senkumar be reinstated as DGP, law and order?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy