New delhi: the finance ministry is drafting an annual return form for the filing of the goods and services tax that will be brought upon in the upcoming gst council meet. 01-07-2018 on friday, june 29, kerala finance minister thomas isaac implied how consensus could elude subsequent gst council meetings(the gst rate of) 28 per cent will not be scrapped. Read more about gst: ministerial panel favours deferment of sops for digital payments on business standard the recommendations of the ministerial panels will be placed before the gst council, chaired by the union finance minister and comprising his state counterparts, during its next meeting on july 21. Gst rollout on june 30 midnight rates fixed for hotels, lottery the union minister also announced the rates for several the goods and services tax (gst) will be rolled out from june 30 midnight, finance minister arun jaitley said on sunday, adding india did not have the “luxury of time” for more have the luxury of time to defer. The gst council also decided to set up a gom under minister of state of finance shiv pratap shukla to look into the issues of the msme sector.
Tweet with a location you can add location information to your tweets, such as your city or precise location, from the web and via third-party applications. Interim finance minister piyush goyal said apart from revenue collection, the gst council would also focus on job creation and growth. A 27 april press release from the finance ministry talks about an increase in percentage of returns filed on the due date but this still hovers around the 60 percent mark nevertheless what is important is that the gst council has been responsive to problems and has brought in amendments in terms of scything rates as well as addressing.
New delhi:chaired by interim finance minister piyush goyal, the goods and services tax (gst) council will meet on saturday for the 28th time to discuss some crucial changes in the new indirect tax regime, including simplified tax return, lowering tax slabs on about 30 odd items and to consider cess on sugar the most-awaited decision is. 05-08-2018 new delhi: finance minister piyush goyal, who on saturday chaired the 29th goods and services tax (gst) council meeting, announced that a committee has been. The goods & services tax (gst) council has decided that businesses in the northeastern and hill states with annual turnover below rs10 lakh would be out of the gst net, “for gst, the exemption threshold is fixed at rs20 lakh,” council chairman and union finance minister arun jaitley said at a news conference at the conclusion. Kerala’s finance minister, thomas isaac, who could not attend the meeting for health reasons, described the rate cuts as unfortunate and undemocratic it is most unfortunate that gst council without circulating in the agenda notes should decide to reduce the tax on 18 consumer durables lie tv, fridge etc from 28 per cent to 18 percent disregarding. According to the report, modi said, “we have decided to recommend for empowering gst council to finalise goods for which rcm to be made applicable.
The finance minister also said the gst council has decided to focus on issues concerning the broader economy such as job creation rather than only on revenue targeting the controversial reverse charge mechanism (rcm) has also been deferred until september 2019 reverse charge is a mechanism where the recipient of the. Watch video the new gst or goods and services tax will range from 5 to 28 per cent in a four-bracket structure, finance minister arun jaitley said today. Gst council gst council is constituted with the union finance minister as chairman, the union minister of state in charge of revenue or finance, and the minister in charge of finance or taxation or any other, nominated by each state government the members shall choose a vice chairman from amongst themselves.
The council is also likely to make changes in the gst law to facilitate the release of locked input tax credit in tourism and hotel industry. New delhi:chaired by interim finance minister piyush goyal, the goods and services tax (gst) council will meet on saturday for the 28th time to discuss some crucial changes in the new indirect tax regime, including simplified tax return, lowering tax slabs on about 30 odd items and to consider cess. Year before polls, centre's gst olive branch for middle class piyush goyal heads the gst council, which has as members, state finance ministers and officials from both states and the centre. Gst council chairman (members composition) meeting gst council chairman the union finance minister shall be the chairman of gst council and also the head the current fm is arun jaitley, however, as the head and chairman of the gst council meeting, the union finance minister will have suo-moto powers some of.
Goods and services tax (gst) is an indirect tax (or consumption tax) levied in india on the supply of goods and services the tax rates, rules and regulations are governed by the gst council which consists of the finance ministers of centre and all the states it is chaired by the union finance minister goods and services tax network (gstn. Addressing the media after convening the 28th gst council meeting, finance minister piyush goyal announced that sanitary napkins, among several other products, has been exempted from gst. Ca bimal jain bimal has more than 21 years of experience in indirect taxation – gst, service tax, excise, customs, vat/cst, foreign trade policy, dgft matters, etc. Cashback will be provided to customers making payments through rupay card and bhim upi, finance minister piyush goyal (above) said (photo: reuters) highlights gst council held a meeting today and decided to push for digital payments it okayed proposal to provided cashback of 20% of the total gst amount to customers the.