Report of the Committee on GST Returns
The report of the Joint Committee on Business Process for GST on GST Return has been made available in the public domain. Comments and views are invited on this business process by 6 November 2015.
State FMs to meet on 20 November to discuss draft GST laws
The model legislations have been drafted after consultations between representatives of both the Centre and states. Now, the state finance ministers have to formally approve it. The Central GST will be framed based on the model GST law. Also, the states will draft their own State GST based on the draft model law with minor variations incorporating state-based exemptions.
Source: Business Standard dated 26 October 2015
'Sin tax' for alcohol, tobacco industries in GST regime
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax. Typically, 'sin tax' is an excise tax that is levied on products and services considered to be bad for health or society such as alcohol, tobacco and gambling. These additional taxes are also seen as efforts to discourage people from the use of such products or services.
Source: The Economic Times dated 25 October 2015
GST regime to have eight forms for filing tax returns
The report on GST Return has suggested filing of a periodic e-return for Central GST, State GST and Integrated GST. As per the proposal, the returns can be filed on a specific date of a month, like on the 10th of next month for outward supplies, 15th for inward supplies and 20th in case of monthly returns. In case the return is filed without full payment of taxes, it should be rendered invalid.
Source: The Economic times dated 22 October 2015
Did you know?
Hungary has the highest GST Rate at 27% whereas Aruba (an island country in the southern Caribbean Sea) has the lowest GST rate at 1.5%.
Source: Business Standard dated 12 May 2015