Relief for retailers: GST may consider discounts
The draft model GST Act, which is undergoing some final touches by the government, is likely to alleviate a major concern of retailers as the proposed GST will be paid on the actual supply price and will factor in discounts given to customers. Under the revised version of the draft model GST Act, it is likely that the reference to imposing GST on maximum retail price (MRP) on supply to consumers, where the goods were governed by the Legal Metrology Act, will be removed.
Source: The Times of India dated 5 January 2016
GST Bill: Opposition should back pro-development government, says Mukhtar Abbas Naqvi
Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi accused the Congress of not cooperating with the passage of the GST Bill in the Winter Session of Parliament because of their ego and expressed hope that the opposition cooperates with the government so that the development of the nation is not stalled.
Source: The Financial Express dated 3 January 2016
Government ready for special House session to pass GST: Venkaiah Naidu
Union Minister for Urban Development and Parliamentary Affairs Venkaiah Naidu said that the government is ready to hold a special session of the Parliament to pass the GST Bill and walk the extra mile to take the opposition on board to build a new resurgent India. He also said that the passage of GST Bill during the coming Budget session can be the first positive assertion of this collective will for building a new India.
Source: Business Standard dated 2 January 2016
We are fully ready to launch GST: Hasmukh Adhia, Revenue Secretary
We are fully ready to launch GST. The steps to GST are very clearly laid out. Once the Constitutional Amendment Bill is passed, it will have to be ratified by 50% of the states after which the Presidential assent can be obtained. The draft GST Bill is being given a final touch and it would be put in the public domain as early as possible. However, it can be presented to the Parliament and the state assemblies only after the Constitutional Amendment Bill gets the Presidential assent. In the meantime, a massive training of the Central and state government officials is going on.
Source: The Economic Times dated 1 January 2016
Shrinking Congress strength in Rajya Sabha will make GST happen: Arun Jaitley
Finance Minister Arun Jaitley said GST will be implemented because the strength of the main opposition party is ‘shrinking’ in the Rajya Sabha, hitting out at the Congress party's stand on the much-awaited reform. Speaking to reporters as the year draws to an end, Jaitley said the global economy, agriculture, and tepid private investment continued to be a drag on the Indian economy.
Source: The Economic Times dated 30 December 2015
Will support GST if Bengal government's interests protected: Amit Mitra
Trinamool Congress (TMC) will support the GST Bill if the state government's interests are protected, says West Bengal Finance Minister Amit Mitra. He says TMC's manifesto had proposed a single tax system reflecting the government's support for GST back in 2009.
Source: Moneycontrol dated 30 December 2015
Did you know?
Countries working towards a VAT/GST system:
- Afghanistan, Bahamas, Bhutan, Kiribati, Marshall Islands, Micronesia, Palau, Sao Tome and Principe, Syria
- Gulf Cooperation Council (Bahrain, Kuwait, Qatar, Saudi Arabia, Oman and the United Arab Emirates)
- China and India–to have a uniformed GST system