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GST JOURNEY IN INDIA IN DETAIL 1.     In 2000 , the Vajpayee Government started discussion on GST by setting up an empowered committee. The committee was headed by Asim Dasgupta, (Finance Minister,Government of West Bengal). It was given the task of designing the GST model and overseeing the IT back-end preparedness for its rollout.It is considered to be a major improvement over the pre-existing central excise duty at the national level and the sales tax system at the state level, the new tax will be a further significant breakthrough and the next logical step towards a comprehensive indirect tax reform in the country. 2.     The  Kelkar Task Force on implementation of the FRBM Act, 2003  had pointed out that  although  the indirect tax policy in India has been steadily progressing in the direction of VAT principle since 1986, the existing system of taxation of goods and services still suffers from many problems and had suggested a comprehensive Goods and Services Tax (GST) ba

Here’s a look at how GST impact people’s expenditure on most commonly used items in their day-to-day lives. With the massive change in the way all the goods and services are taxed in India, it would be good to know which items will not be taxed at all. The GST Council has made four primary tax rate slabs for various items — low rate of 5%, standard rates of 12% and 18%, and high rate of 28%. Other than this, gold and jewelry will be taxed at a concessional GST rate of 3%, while rough diamonds will attract a 0.25% levy. Further, the government has chosen to keep certain essential items of daily use free from any tax levy under GST. With the revolutionary tax set to enter into all our lives tonight on a mind-boggling 1,211 items and about 600 services in the list with multiple tax slabs, here’s a look at how will it impact people’s expenditure on most commonly used items in their day-to-day lives. What could get cheaper under GST? Food:  Unpacked foodgrains, unbranded atta,

At the stroke of midnight tonight, Prime Minister Narendra Modi will launch GST -- India's biggest tax reform ever since Independence, fittingly at a grand ceremony in Parliament's central hall. When India wakes up tomorrow, it would have changed forever. At the stroke of midnight tonight, Prime Minister  Narendra Modi  will launch GST — India’s biggest tax reform ever since Independence, fittingly at a grand ceremony in Parliament’s central hall, where Jawahar Lal Nehru gave his famous ‘Tryst with destiny’ speech in 1947 to mark the country’s independence from the British rule. Here are some key questions and their answers on the revolutionary tax system. What is GST? GST is India’s biggest ever tax reform ever since Independence and had been in making 17 years. It impacts everyone from the biggest industries and the richest businessmen to a small shopkeeper and a commoner in your neighbourhood — even those who do not pay income tax! GST subsumes over 15 differen

What is GST Act 2017 – Full details, specifications, PDF, rules, forms, and FAQs:  The Central government passed four sets of GST Acts in the Budget session this year. These were Central GST Act, 2017; Integrated GST Act, 2017; Union Territory GST Act, 2017 and GST (Compensation to States) Act, 2017. The Acts were approved by the Parliament after they were introduced as the part of the Money Bill. Following the passage of the GST Acts, the GST Council decided the rate slabs for the Goods and Services to be taxed under the GST regime. Here are some details of the decisions taken by GST Council:  The threshold limit for exemption from levy of GST is Rs 20 lakh for the States except for the Special Category, where it is Rs 10 Lakh. The Council has adopted a four slab tax rate structure of 5%, 12%, 18% and 28% for GST. A separate cess would be levied on certain goods such as luxury cars, aerated drinks, pan masala and tobacco products, over and above the GST rate of 28% for payment

[GST rollout: When the world would sleep tonight, India would wake to the new 'One tax, One Nation' Goods and Services Tax (GST) regime.] GST rollout:  When the world would sleep tonight, India would wake to the new ‘One tax, One Nation’ Goods and Services Tax (GST) regime. The scheduled launch of GST during a special midnight session of Parliament today by President Pranab Mukherjee is arguably one of the biggest moments in the history of Independent India. On the eve of India’s independence in 1947, first Prime Minister Jawaharlal Nehru had said, “Long years ago we made a tryst with destiny, and now that time comes when we shall redeem our pledge, not wholly or in full measure, but very substantially. At the stroke of the midnight hour, when the world sleeps, India will awake to life and freedom. A moment comes, which comes but rarely in history, when we step out from the old to new, when an age ends, and when the soul of a nation, long suppressed, finds utterance.”

*राज्याच्या विकासात व्यापारी वर्गाचे मोठे योगदान* *शासन प्रामाणिकपणे व्यापार करणाऱ्यांच्या पाठीशी खंबीरपणे उभे -  सुधीर मुनगंटीवार*   राज्य आणि देशाच्या विकासात व्यापारी-उद्योजकांचे मोठे योगदान असून वस्तू आणि सेवा कर प्रणालीमध्ये प्रामाणिकपणे व्यापार करणाऱ्या, उद्योग करणाऱ्या कोणत्याही व्यक्तीस त्रास होणार नाही, याची काळजी शासन घेईल तसेच त्यांच्या अडचणी सोडवण्यासाठी शासन तसेच वित्तमंत्री म्हणून आपण स्वत: खंबीरपणे त्यांच्या पाठीशी उभे राहू अशी निसंदिग्ध ग्वाही अर्थमंत्री सुधीर मुनगंटीवार यांनी दिली. वस्तू आणि सेवा कर प्रणालीच्या अंमलबजावणीच्या पार्श्वभूमीवर काल सह्याद्री अतिथीगृहात आयोजित कार्यक्रमात अर्थमंत्री सुधीर मुनगंटीवार यांनी उद्योग-व्यापारी जगतातील प्रतिनिधींशी संवाद साधला. यावेळी आमदार राज पुरोहित, माजी आमदार अतुल शहा, विक्रीकर आयुक्त राजीव जलोटा यांच्यासह याक्षेत्रातील अनेक मान्यवर मोठ्या संख्येने उपस्थित होते. उद्योजक- व्यापार क्षेत्रातून भरल्या जाणाऱ्या करामधून राज्य आणि देशाला महसूल मिळत असतो, ज्या महसूलाचा उपयोग समजातील तळागाळातील व्यक्तीच्या कल्याणासाठी, त्याच्या विक

*Monthly calendar for July 2017* _Key data releases for July 2017_ * July 1* GST Roll out in India *July 4* *AU:* Reserve Bank of Australia’s (RBA) monetary policy decision will be closely tracked.  *July 5* *US*: FOMC minutes for June policy will take centre stage.  *July 6* *US*: ADP employment change data for June will remain key.  *July 7* *US*: Non-Farm payrolls data for June will be closely tracked.  *July 12* *IN*: IIP print for May and CPI print for June will provide crucial cues. *CA*: Bank of Canada’s (BoC) monetary policy decision is awaited.  *July 14* *IN*: Markets await WPI print for June. *US*: CPI print for June will provide crucial cues.  *July 17* *CN*: Q2 2017 GDP will be keenly tracked.  *July 18* *AU*: Reserve Bank of Australia’s (RBA) July monetary policy minutes will be keenly eyed *UK*: CPI print for June will be closely monitored. *EZ*: CPI print for June will be keenly eyed.  *July 20* *EZ*: European Central Bank’s (ECB) monetary policy decision will remai