When will GST be applicable – GST is Applicable from 1st July 2017
When will GST be applicable? – GST is Applicable from 1st July 2017. Check Applicability of GST, SGST, CGST, GST is Applicable or not for CA Course. GST is Rolled out From 1st July 2017. Check Latest News on GST Applicability. Everyone ask that when GST is applicable in India so in this article we provide all latest Updates on GST Applicability, Check all updates from below. Hello Everyone Here we are providing Complete Details on Applicability of GST (Goods and Service Tax). In this article you can find all details regarding When will GST be applicable. Recently we provided Complete details for Registration Under GST – Registration Requirement, Liability. and Role of Company Secretary in GST, Role of CS in GST. Now you can scroll down below and find Details for When will GST be applicable – Know complete details.
GST stands for Goods and Services Tax, which will be levied on the supply of goods or services or both in India. GST will subsume a number of existing indirect taxes being levied by the Centre and State Governments, including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc. The countdown for the much awaited indirect taxes reform has begun with the GST implementation slated from 1st July 2017.
GST Registration is Started and we already Provided Complete Procedure for GST Registration for all Existing Taxpayers. You may find all details for GST Registration with Screenshots and Video Guide, we also provide Last Date for GST Registration in Various States, Please Check more details for GST Registration from below link… https://gst.caknowledge.com/gst-registration/[divider style="solid" top="20" bottom="20"]
GST Live Updates on 30th June 2017 (30-06-2017)
GST: For the first time in 70 years, for the first time in the tax reform Parliament today
Goods and Services Tax (GST) is going to be implemented from July 1 throughout the country. For this, the Joint Session of Parliament is being called on Friday midnight. This will be the fourth chance in the history of independent India when the midnight session will be held in Central Hall of Parliament. Earlier, on three occasions Parliament was invited to celebrate Independence at midnight. However, for the first time in 70 years this is happening when Parliament will run for midnight on any tax reform. On the other hand, the Indian industry and the market regulator against GST have announced the closure of shops in the country on Friday. 1
The night will start from 11.00 a.m., First will be the speech of Pranab Mukherjee and then Narendra Modi. At 12 o’clock in the night, it will be announced to implement the GST. Two short films will be shown by the government’s efforts to implement the GST.
Vice President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former PM HD Devgowda will also be present.
Keep visit to this page for more live updates on GST Implementation[divider style="solid" top="20" bottom="20"]
Latest News on GST Applicability
Finance Minister Arun Jaitley has said that Goods and Services Tax (GST) will be launched from 12th Parliament on June 30, 2017. GST will be implemented from midnight on 30th June in the country. President Pranab Mukherjee and Prime Minister Narendra Modi will launch GST. Jaitley said in a press conference on Monday that the special session of both the houses will be called in the Central Hall of Parliament on the midnight of June 30, 2017. GST’s biggest tax reform after independence …
The GST (Goods and Services Tax) Council on Saturday cleared the pending rules, including transition provisions and returns, with all the States agreeing to the July 1 rollout of the tax, So GST is applicable to all business from 1st July 2017… Keep visit to this page more latest updates related to applicability of GST….
GST is Applicable from 1st July 2017
“We were discussing the rules and [they] have been completed. Transition rules have been cleared and everybody has agreed for a July 1 rollout,” Kerala Finance Minister Thomas Isaac told reporters in New Delhi.
- Arun Jaitley said that 2 short films will be shown in the GST launch program. In the GST launch program, besides the President, Vice President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former Prime Minister Manmohan Singh and Devgora will also be included.
- He said that all the MPs, Chief Ministers and Finance Ministers of the states have been invited to the GST launch program.
- After GST is implemented, there will be major changes in indirect taxation. GST is the country’s largest tax reform after independence.
- The Modi government has proposed to convene a special session of Parliament on 30th June in view of the historic occasion of GST implementation. This session will start from 11 p.m. on 30th June and till 12:10 p.m.
- This special session of Parliament will be a joint session of both houses.
- This will be the first time when a law will be called to Parliament session on midnight. Earlier on 14th August 1947 a special session was called on midnight.
Now, it seems that the countdown for implementation of GST has begun and State Governments are also keen to implement the GST Act from 1st July, 2017 which is reflected in the fact that twenty States/UTs have already passed their respective SGST Act in their assembly as on date[divider style="solid" top="20" bottom="20"]
- GST Registration Procedure
- GST Rates 2017
- List of Services Taxable in GST
- List of Services Exempted in GST
- List of Goods Exempted in GST
- GST Rate 5% Goods List 2017
- GST Rate 12% Goods List 2017
- GST Rate 18% Goods List 2017
- GST Rate 28% Goods List 2017
4 types of GST
- 1. CGST ie Central GST: It will be recovered by the Central Government.
- 2. SGST ie State GST: It will be recovered by the State Government.
- 3. IGST i.e. Integrated GST: If any business is between two states, then this tax will be levied on it. It will give equal share in both the states by collecting central government.
- 4. Union Territory GST: The Union Government will look at goods, service or both to be administered by the Government. It will recover the central government only.
03-06-2017 – जीएसटी परिषद ने लंबित नियमों को दी मंजूरी, सभी राज्य 1 जुलाई से लागू करने पर सहमत – जीएसटी परिषद ने जीएसटी व्यवस्था के तहत रिटर्न भरने और बदलाव के दौर से गुजरने संबंधी तमाम नियमों सहित सभी लंबित नियमों को मंजूरी दे दी.
Latest News on GST Applicability – 29-03-2017
GST Bill is passed in Lok Sabha on today 29/03/2017 with all amendments. The GST bill has passed with the amendments in the Lok Sabha on Wednesday. The four bills associated with GST are Central GST (CGST), Integrated GST (IGST), Union GST (UTGST) and Compensation Law Bill. The bill was debated for 7 hours. Narendra Modi is also in the house During the debate, Jaitley said: “GST will not increase inflation. Current tax rates will remain at a level. At the same time, Congress MP Veerappa Moily said – This is not a game changer step but a baby step. Four bills linked to GST were introduced in Parliament on Monday. There are more than 40% GST rates in the bill, provision for authority to stop profiteering and arrest of tax evasion.
The GST (Goods and Services Tax) is set to be rolled out from 1 July 2017 after the centre and the states struck a consensus on the contentious issue of sharing of administrative powers.
The centre had earlier targeted a rollout on 1 April, 2017 but now Central Govt to be rolled out from 01-07-2017 (1 July 2017)
The target date for introduction of GST is 1st July 2017 Introduction of this transformational tax reform is expected to broaden the tax base, increase tax compliance and reduce economic distortions caused by inter-State variations in taxes. GST will boost economic activity and will benefit everyone. It will streamline the tax administration, avoid harassment of the business and result in higher revenue collection for the Centre and States. Compliance costs for the industry will go down. Last but not the least, it will create more jobs. In sum, it would be a win-win situation for everyone i.e. taxpayers, governments, consumers, etc.
When GST is Applicable – Modi Government Want to applicable GST Bill From 1st July 2017, So as per Latest News GST is Applicable from 1st July 2017, Keep visit to our site for more latest updates…..
GST is Applicable from 1st July 2017
“The range of timing when GST has to come into force is between April 1 2017 and September 16, 2017 due to constitutional necessity. Nobody has the luxury of time,” Jaitley said in his address at the 89th annual general meeting of Federation of Indian Chambers of Commerce and Industry (Ficci) here.
Run up to GST
- The GST Bills have been passed by the Parliament
- Subsequent to the passage of GST Bills in the Parliament, states will take up State GST Bills for clearance in the respective state legislative assemblies.
- The list of exemption, classification of goods and service and machinery provisions including valuation and other rules are yet to be notified.
- As per the office order issued by the Central Board of Excise and Customs, the Government has set up ten working groups to iron out sectoral issues faced by trade and industry to ensure smooth transition to GST. Sectors include banking, telecom, IT and ITES, financial, textile, oil and gas, gems and jewellery, transport and logistics, and MSMEs.
Keep visit to our site for more updates….[divider style="solid" top="20" bottom="20"]
GST Applicability in CA Exams
(GST is Applicable from May 2018 attempt in CA Course = ICAI Official News
As per ICAI official notification –
|GST to be made applicable from May, 2018 examination onwards for Intermediate (IPC) Course and Final Course – (30-03-2017)
The Council of ICAI has decided that Goods and Services Tax (GST) will be examined in both Part II: Indirect Taxes of Paper 4: Taxation of Intermediate (IPC) Course and Paper 8: Indirect Tax Laws of Final Course from May, 2018 examination onwards.
GST Bill Passed in Rajya Sabha on 3rd August 2016 (03-08-2016)
Finally GST Bill passed after serious debate. On Today GST Bill is Passed in Rajya Sabha. GST Bill is Passed with 203 Votes. There are no vote against GST Bill. AIADMK walks out of the Rajya Sabha before the voting takes place.
देश के सबसे बड़े टैक्स रिफॉर्म गुड्स और सर्विस टैक्स (जीएसटी) बिल के लागू होना का रास्ता साफ हो गया। राज्यसभा में लंबी बहस के बाद बिल पारित हो गया।इस बिल के पक्ष में 203 वोट पड़े, जबकि इसके विरोध में कोई वोट नहीं पड़ा। इससे पहले अन्नाद्रमुक के सदस्य बिल के विरोध में सदन से बहिर्गमन कर गए।…[divider style="solid" top="20" bottom="20"]
When will GST be applicable
The Central Government has finally agreed to many demands of various states during the most successful meeting held so far on 15th December , 2014. This is claimed to be a win win deal and passing of first hurdle in rolling out the long awaited goods and service tax (GST) in India from July, 2017 .Now, the probability of introducing the amended bill in winters parliamentary session cannot be ruled out.
GST will ultimately create a unified market by ending up the multiple levies of taxes by the Centre and the States.Consequently, it will lower the costs for business and more revenue for the government.The states were afraid of loss of flexibility but it is said that this meeting has cleared many such fears .Broad agreement has been arrived between the Centre and various States.
For initial years , petroleum products will be outside the regime of GST. It is pertinent to note that many states get half of their taxes from such products only and for long it has had been a major concern for the states .
The said meeting was very significant for implementing GST in India in as much as the states have been allowed to to levy the following taxes in addition to GST :
1. additional levy in lieu of entry tax:
such tax will be subsumed into the combined tax on goods and services
2. transitionary tax :
manufacturing states like Gujarat and others can levy transitionary tax for one to two years.
In addition to the above, it was also assured that the Central Government will substantiate all the losses of states for a period of 5 years after the rolling out of GST in India.
Considering these major developments, we can say that very soon GST in India will be a dream come true . At the same , it is ironical to note that the original date was April 2010 for implementing GST in India but it took long 6 years to implement by making a political will to build a uniform taxed regime in India and now date for its implementation is July 2017.
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