GST at 100: The journey so far
ONE NATION ONE TAX On July 1, the government made an ambitious shift to what it promised was a modern, transparent and technologydriven indirect tax system to sharpen the competitive edge of a $2.3trillion economy. The tax reform, which holds the promise of economically unifying the nation, is set to complete 100 days on October 8.
As far as automobile sector is concerned, there has not been any increase in tax compared to pre-gst. The only thing is that the mistake, which was committed by the government in fixing initial rates of taxes for highend automobiles, has been corrected subsequently, which appears like a flipflop. The changes made in other products are either in favour of the taxpayers or the consumers and they are based on logical principles. A concept paper is under discussion in the GST Council, which will lay down broad guiding principles for rate revision in future.
Consumer affairs minister Ram Vilas Paswan clarifies that pasting stickers with revised prices on pre-july stock is not a breach of rules; allows revised MRP stickers till Sept 30
President Pranab Mukherjee promulgates two ordinances introducing GST in Jammu and Kashmir; Govt spares airlines from dual levy of GST on leased aircraft
Govt clarifies that benefits to staff by employers as part of employment contract, occasional gifts up to R50,000 are not subject to GST
Finance ministry clarifies that GST is not applicable on free food supplied by religious institutions
CBEC clarifies that services by lawyers and law firms will continue to be taxed under ‘reverse charge’
GST Council lowers tax rates on a few services
Finance minister Arun Jaitley indicates the number of GST slabs could be pruned in future
Modi proposes GST registration for small taxpayers; GST Council waives late fee for July tax returns
President Ram Nath Kovind promulgates ordinance enabling increase in GST cess on motor vehicles from 15% to 25%.