SKP Group
SKP GST News
Scrapping of inter-state trade tax under scanner
The union and state finance ministers would debate scrapping the proposed one percent tax on inter-state movement of goods proposed in the Constitutional Amendment Bill on GST. The Centre has been pushing to build a consensus on the legislation so that it can finally be passed in the ongoing monsoon session of Parliament. Finance Minister, Arun Jaitley and the Empowered Committee of State Finance Ministers might also find a solution to the vexing issue of the distribution of adjudicating powers between the Centre and state indirect tax departments.

Source: Business Standard dated 26 July 2016

Arun Jaitley to chair GST meet on 26 July 2016
Even as Congress leaders reverted to their hard stand on the long-pending reform over the weekend, Union Finance Minister Arun Jaitley is all set to take up, with State Finance Ministers, the proposed amendments to the Constitution (122nd Amendment) Bill, meant for rolling out GST passed by the Lok Sabha. The proposed amendments seek to address the main issues raised by the Congress for supporting the Bill in the Rajya Sabha, where BJP does not have a majority.

Source: The Hindu dated 25 July 2016

GST: CBEC warns of small traders exploiting loophole
The debate on administrative control over small traders in the GST regime is far from over. States last month announced that the Centre has agreed to their demand that only they will have administrative control over small traders whose annual revenue is less than INR 15 million, but the indirect tax arm of the Union Government fears this could lead to massive tax evasion.

Source: Livemint dated 25 July 2016

State Finance Ministers panel likely to discuss tax rate under GST
The Empowered Committee of State Finance Ministers is likely to discuss contentious issues like dual control over small traders and the tax rate under GST where consensus between the Centre and the states is still elusive, at a meeting in New Delhi. “State Finance Ministers will be meeting in New Delhi on 26 July,” said a government official, who did not wish to be identified.

Source: Livemint dated 22 July 2016

Over 55 percent support in Rajya Sabha, wind blowing in favour of GST Bill
Most regional parties, barring J Jayalalithaa’s AIADMK and Mayawati’s BSP, adding up to 82 members in Rajya Sabha, fully support the government’s GST legislation. The Indian Express spoke to almost all parties with more than two members in the Rajya Sabha to get a sense of which way the wind was blowing on the Constitutional Amendment Bill for GST. And what emerged was that along with the BJP’s 53 MPs, those who support the Bill account for over 55 percent of the currently 243-member strong Upper House — two seats are vacant.

Source: The Indian Express dated 22 July 2016

Did you know?
The Model GST Law vide Schedule II mentioned thereunder, has specified certain supplies as 'supply of service'. The schedule specifically includes ‘transfer of right to use any goods for any purpose for cash, deferred payment or any other valuable considerations’ and ‘works contract including transfer of property in goods (whether as goods or in some other form) involved in the execution of a works contract’ shall be construed as ‘supply of service’.
SKP
19 Adi Marzban Path | Ballard Estate | Fort | Mumbai 400 001 | India
+91 22 6730 9000 |
 skp.gst@skpgroup.com | www.skpgroup.com
 
Mumbai | Pune | Hyderabad | New Delhi | Gurgaon | Chennai | Bengaluru
Member of Nexia International
LinkedIn
Twitter
Facebook
Google+
YouTube
DISCLAIMER
This update contains general information which is provided on an "as is" basis without warranties of any kind, express or implied and is not intended to address any particular situation. The information contained herein may not be comprehensive and should not be construed as specific advice or opinion. This update should not be substituted for any professional advice or service, and it should not be acted or relied upon or used as a basis for any decision or action that may affect you or your business. It is also expressly clarified that this update is not intended to be a form of solicitation or invitation or advertisement to create any adviser-client relationship.

This update is a compilation of news from external sources. Whilst every effort has been made to ensure the accuracy of the information contained in this update, the same cannot be guaranteed. We accept no liability or responsibility to any person for any loss or damage incurred by relying on the information contained in this update.

SKP Business Consulting LLP is a member firm of the "Nexia International" network. Nexia International Limited does not deliver services in its own name or otherwise. Nexia International Limited and the member firms of the Nexia International network (including those members which trade under a name which includes the word NEXIA) are not part of a worldwide partnership. For the full Nexia International disclaimer, please 
click here.
 
© 2016 . All rights reserved.