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SKP GST News
13 October 2015
Finance Ministry seeks stakeholders' view on three GST reports by October end
The Finance Ministry has invited stakeholder comments and views on the three reports (registration, payment and refund processes) of the Empowered Committee of State Finance Ministers on GST by 31 October 2015. The draft model CGST, SGST and IGST laws, along with GST business processes for filing of returns, shall also be put up for inviting comments of stakeholders in due course.

Source: The Economic Times dated 12 October 2015

Centre circulates model GST laws among states
The Centre and states have completed the drafting of model GST law as well as an integrated GST or IGST law, which will be put up in public domain by early November. According to a government official, the Empowered Committee of State Finance Ministers is likely to meet this month to discuss the legislations - CGST, SGST and IGST.

Source: The Economic Times dated 12 October 2015


Reports on business processes bring clarity, also raise concerns
The government has put in the public domain the reports on three key business processes - registration, tax payments and refunds - under the GST regime last week.
Although the industry is looking for simplification in the ease of doing business, for service companies the compliance requirement would go up manifold under the new regime.


Source: Business Standard dated 11 October 2015

Hope to roll out GST in 2016: PM Narendra Modi
"We have introduced the GST Bill in Parliament and hope to roll it out in 2016," Prime Minister Narendra Modi said. Ahead of the winter session of Parliament, the government appears to be hopeful of introducing GST from the next financial year.

Source: Business Standard dated 7 October 2015


GST to be on 'top priority': Finance Minister Arun Jaitley
Finance Minister Arun Jaitley said that he carried forward the previous government's initiative on GST. He outlined the roadmap of the BJP-led government for the coming months and stated that GST will be a "top priority".

Source: The Economic Times dated 6 October 2015


Did you know?
Several general surveys were conducted in Australia to compare pre- and post-GST prices and to assess whether opportunistic pricing occurred, in which prices for identical goods at different times were collected from about 10,000 retail outlets in 115 locations (major capital cities, regional cities, towns) in all states and territories and about 3,20,000 price comparisons were made.

Source: GST final report - ACCC oversight of pricing responses to the introduction of the new tax system
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