Latest


Cabinet nod to GST Council; decision on rate, exemption by Nov

  •   Mon, Sep 12 2016 04:17:24 PM

New Delhi, Sep 12 (PTI) : Moving on fast track to roll out GST from April 1, 2017, the Cabinet today approved setting up of all powerful GST Council, which will decide on the tax rate, exempted goods and the threshold by November 22. The first meeting of the Council, to be chaired by Union Finance Minister, will be held on September 22 and 23.

It will comprise Minister of State for Finance in charge of Revenue Department and state finance ministers as members. Union Revenue Secretary will be the ex-officio secretary to the Council, but will have no voting rights.

The Cabinet, headed by Prime Minister Narendra Modi, today "approved setting up of GST Council and setting up its Secretariat," an official statement said. Talking to reporters, Revenue Secretary Hasmukh Adhia said the government is running ahead of schedule on GST roll out and is all geared up to meet the April 1, 2017, deadline.

"Now it is for the GST Council to thrash out all the issues within the time limit of two months. We have set a time limit of two months for discussion and final decision on all the major aspects. Now whether that's going to be feasible, that we have to watch and see.

"So from September 22 to November 22, should be a reasonable time limit for discussing and thrashing out the major issues," he said. Asked if the GST rate, exemptions and threshold would be decided by the Council before November 22 for inclusion in the CGST law, Adhia said: "It should be. Yes".

The government is planning to introduce GST legislations -- Central GST (CGST) and Integrated GST (IGST) -- in Winter Session of Parliament in November. Adhia said state have the flexibility to nominate either finance or taxation or any other minister to the GST Council and he has already written to the state chief secretaries in this regard.

So far, Adhia said "we are ahead of the time schedule. The main thing to be done now is to call as many meetings of the GST Council and try and sort out all the major issues so that we are ready with the draft law completely and the industry can get itself ready. GST, which is considered as the biggest tax reform since independence, will subsume excise and service tax, and various other local levies including VAT and octroi.

  

Top Stories

Comment on this article

  • Vincent Rodrigues., Frazer Town,Bangalore

    Tue, Sep 13 2016

    GST is really good if they implement it properly without any meddling in the Bill

    DisAgree Agree [2] Reply Report Abuse

  • NN, Mangalore

    Tue, Sep 13 2016

    Will the GST eliminates interstate check posts. Lot of transportation time is wasted due to check posts.

    DisAgree Agree [1] Reply Report Abuse

  • Valerian D'souza, Udupi / Mumbai

    Mon, Sep 12 2016

    Hats Off!
    GST will be of great help specially to Logistic business.
    There are endless hurdles to seamless movement of goods across the nation due to Octroi/ Town duty at every district.
    As per given statistics, in India Truck moves on an average 260 Kms,
    In Europe around 400 Kms, and in U.S. arround 800 Kms.
    This makes our transportation/ Logistics very expensive.
    If GST is implemented, Town duty shall be subsumed!
    Seamless movement of goods should be possible.
    That's ease of doing business!

    DisAgree Agree [5] Reply Report Abuse

  • rao, puttur

    Mon, Sep 12 2016

    Another good news. Softening food prices helped consumer inflation fall sharply to 5.05 per cent in August. Food inflation was 5.91 per cent last month, slower than 8.35 per cent recorded in July.

    DisAgree Agree [1] Reply Report Abuse

  • DOORWAYTOHEAVENAK47, MANGALORE

    Mon, Sep 12 2016

    THANK YOU FOR DOING THIS,IT WILL HELP EVERYONE ,JAI HIND

    DisAgree Agree [5] Reply Report Abuse


Leave a Comment

Title: Cabinet nod to GST Council; decision on rate, exemption by Nov



You have 2000 characters left.

Disclaimer:

Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. Daijiworld.com will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will Daijiworld.com be held responsible.

You might also like