Finance Ministry seeks India Inc views on certain GST provisions
The Finance Ministry has sought views of India Inc on firming up provisions with regard to Place of Supply (PoS) rules in five sectors, including e-commerce and banking, for smooth roll out of the Goods and Services Tax. The ministry has asked industry associations to submit their views on the transitional provisions and core exemptions to ensure hassle free implementation of the new indirect tax regime.
Source: The Economic Times dated 18 October 2015
GST to reduce tax burden on consumers, says Haryana Finance Minister
Haryana Finance Minister Captain Abhimanyu said that after the implementation of GST in the country, the tax burden on consumers could drop by 15-20 percent. He said the GST system has been successfully running in Australia for the last 15 years and it has registered an increase of 1.5 percent in GDP.
Source: Business Standard dated 14 October 2015
GST panel: Blacklist defaulting dealers
A system of 'GST Compliance Rating' for dealers has been suggested in the recent reports released by the Joint Committee on Business Processes in relation to the proposed GST regime. Any fall in rating below a prescribed level would result in blacklisting a dealer and purchases from such dealer will no longer qualify for input tax credit in the hands of the buyer.
Source: The Times of India dated 14 October 2015
India Inc will get tax refunds to ensure fair start to GST
The CBEC will issue a directive to speed up refunds of service tax to the BPO, IT and ITES sectors, which continue to be delayed even after several clarifications were issued. “We want to ensure there are no pending refunds in the system," a senior finance ministry official said, adding that the idea is to clean up before the GST is implemented, taking advantage of healthy indirect taxes revenue.
Source: The Economic Times dated 14 October 2015
Did you know?
France was the first country to introduce the GST system in 1954.