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New Delhi, The central government on Friday will seek the introduction and passage of the Central Goods and Services Tax (Amendment) Bill, 2023 and <keyword id="4742340" type="General" weightage="80" keywordseo="integrated-goods-and-services-tax" source="Orion">Integrated Goods and Services Tax</keyword> (Amendment) Bill, 2023 in the Lok Sabha. The union cabinet earlier this week had cleared the two bills. The amendment in the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> will allow introduction of a 28 per cent goods and services tax rate on horse racing, online gaming and casinos. Similarly, states too will have to amend their individual GST legislations separately. If the bill is passed in the day, the new tax system will become applicable from October 1, as was decided in the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST council</keyword> meeting held earlier this month. It was decided in that meeting that 28 per cent levy on online gaming, casinos and horse racing will become applicable from October 1 onwards and will be reviewed for six months, and if need arises, changes could bemade in the tax structure after that. Friday being the last day of the monsoon session of Parliament, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will introduce the two bills and if the House business continues, then it will also seek to get the two bills passed. Considering the fact that the GST council had to meet twice within a month owing to continuous representations from the gaming industry, seeking to ease the 28 per cent tax slab on gaming, the bills are likely to be pushed for passing as the applicability of the new tax slab is October 1. --IANSans/dpb

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

New Delhi [India], December 13 (ANI): A bill to align provisions of the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> with the <keyword id="12034100" type="General" weightage="50" keywordseo="tribunal-reforms-act" source="Orion">Tribunal Reforms Act</keyword> to initiate the administrative process for operationalisation of the <keyword id="6359833" type="General" weightage="100" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> Appellate Tribunals was introduced in <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Wednesday. The Central Goods and Services Tax (Second Amendment) Bill, 2023 was introduced in Lok Sabha by Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The Bill seeks to amend the Central Goods and Services Tax Act, 2017. According to the statement of objects and reasons of the Bill, Section 109 of the Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Constitution of Goods and Services Tax Appellate Tribunal, which is the second appellate authority within the Goods and Services Tax framework for hearing appeals against the orders passed by the Appellate Authority under the Central Goods and Services Tax Act, 2017 and the State Goods and Services Tax Acts. It said that non-constitution of the Goods and Services Tax Appellate Tribunals is denying the taxpayers of second appellate remedy and consequently the taxpayers are seeking relief directly from the High Court, thereby burdening the High Courts. The amendments to sections 109 and 110 of the Central Goods and Services Tax Act, 2017 for enabling the creation of the Central Goods and Services Tax Appellate Tribunals were notified in July this year. "During the process of operationalisation of said Tribunal, it was observed that certain provisions of the Central Goods and Services Tax Act, 2017 need to be aligned with the Tribunal Reforms Act, 2021 (33 of 2021). The provisions of the Central Goods and Services Tax Act, 2017 are being aligned with the Tribunal Reforms Act, 2021, to initiate the administrative process for operationalisation of the Goods and Services Tax Appellate Tribunals at the earliest," it said. (ANI)

Bill to amend Central Goods and Services Tax Act introduced in Lok Sabha

Chandigarh, Dec 2 () The Punjab Goods and Services Tax (Amendment) Act, 2017 will be suitably amended, in line with the Central GST Act, to further promote ease of business in the state.
The state cabinet, at its meeting chaired by Chief Minister Amarinder Singh, on Monday approved the Punjab Goods and Services Tax Ordinance, 2019, to make amendments in accordance with those made to the Central Goods and Services Tax Act, 2017, a state government release said here.
The GST Council, in its 35th meeting held on June, 21, 2019, had recommended various amendments in the provisions of Central Goods and Services Tax Act, 2017. 
The same were incorporated in the Finance (No. 2) Bill, 2019, and received the Presidential Assent on August 1, 2019. 
Similar amendments need to be carried out in the Punjab Goods and Services Tax Act, 2017, in order to safeguard the interests of taxpayers and promote hassle-free business.
The ordinance approved on Monday by the state cabinet provides for an alternative composition scheme for supplier of services or mixed suppliers (not eligible for the earlier composition scheme), having an annual turnover in preceding financial year up to Rs 50 lakh.
It further provides for higher threshold exemption limit from Rs 25 lakh, to such an amount not exceeding Rs 40 lakhs, in case of a supplier who is engaged exclusively in the supply of goods, release said.
It also provides for furnishing of annual returns and for quarterly payment of tax by taxpayer who opts for composition levy, as well as mandatory Aadhaar submission or authentication for persons who intend to take or have taken registration.
The amendment will also empower the PGST Commissioner to extend the due date for furnishing annual return and reconciliation statement. 
It will give taxpayers the facility to transfer an amount from one head to another in the electronic cash ledger, among other benefits, the statement said. CHS VSD MKJ

Punjab GST to be amended in line with Central GST Act

The crucial constitutional amendment bill preparing the ground for the Goods and Services Tax has been passed by the <keyword id="48510" type="ORGANIZATION" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> today with 187 votes in favour of the amendment, paving the way for the most far-reaching tax reform in India to be brought into power. 
 
Rajya Sabha unanimously passed the 122nd constitutional amendment with a total of 187 votes in favour, with 9 votes against it. 
 
This will end a <a href="http://www.businessinsider.in/Indian-companies-unprepared-for-GST/articleshow/53519404.cms">cumbersome regime of multiple taxes on goods and services </a>and bring them under one rate. This one-stop tax move will cover 17 taxes like central excise duty, state-level taxes like, VAT or sales tax, entertainment tax, entry tax, purchase tax, luxury tax and octroi. The move will create uniformity in taxes across states, increasing efficiency &amp; compliance and also <a href="http://www.businessinsider.in/GST-will-bring-new-era-of-development-economic-reforms-Amit-Shah/articleshow/53527851.cms">boost Modi government's big push</a> towards ease of doing business. 
 Following the passage of the amendment today, the draft legislations for the Central GST and IGST will be tabled in the <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> in November. The CGST and the IGST bills will have the details of the GST including key provisions like what the standard rate of tax will be, what the compensation mechanism will be as well as what the dispute redressal mechanism will be. 
 
<a href="http://www.businessinsider.in/GST-bill-amended/articleshow/53428298.cms">The Centre had earlier managed to iron out some differences </a>with the states over<a href="http://www.businessinsider.in/GST-decoded-Heres-how-common-man-corporate-are-going-to-benefit-from-GST/articleshow/53521455.cms"> GST's implementation</a>. It dropped 1% manufacturing tax to ensure GST does not lead to revenue loss for the states, decided to provide a guarantee to compensate states for any revenue loss in the first 5 years of GST rollout, promised to work on a GST rate that cushions blow to the common man and also protect the revenue generating capacity of the states, agreed on dual control which means Centre will not have control to tax businesses with a turnover below Rs 1.5 crore, and promised to create space for a dispute redressal system for the states. 
 However, there were three demands in particular being debated by the Opposition today. Focus was on the tax rates. While GST rate was not be capped in the Constitution Amendment Bill, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> had sought “legal ring-fencing” of the rates to insulate common citizens and small businesses from possible adverse impact from the high indirect tax rates. States also wanted a provision to ensure that their revenue is not hurt. <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> asked Arun Jaitley to include 18 per cent GST rate in the amendments itself and the Opposition parties demanded the <keyword id="387846" type="UNKNOWN" weightage="20" keywordseo="GST-Bill">GST Bill</keyword> to be brought as a Money Bill that would give Rajya Sabha the power to debate it. 
 
Arun Jaitley assured the House that the rate would be fixed with consensus, but failed to assure that the GST Bill would be introduced as a Money Bill. Even as Opposition expressed displeasure arguing the Finance Minister was not under any obligation to introduce it as a Money Bill and could assure, however, despite no assurance it passed the 122nd constitutional amendment as agreed, thereby clearing the biggest hurdle for GST to come into force. 
 
(Image credit: Reuters)

Breaking News: Parliament clears India's biggest tax reform since Independence, GST finally a reality

The <keyword id="6355512" type="ORGANIZATION" weightage="20" keywordseo="Union-Cabinet">Union Cabinet</keyword> has approved changes in the Customs and Excise Act, which is required for rollout of Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>). The amendment will result in abolition of 16 cesses and surcharges, union excise and service tax charged on various goods and services. 
 
The cesses that would be abolished include <a href="http://www.businessinsider.in/markets/economy/Krishi-Kalyan-Cess-from-June-1st/articleshow/52504911.cms">Krishi Kalyan</a> and <a href="http://www.businessinsider.in/swachh-bharat-campaign-goes-digital-private-companies-can-now-choose-their-cleanliness-projects-online/articleshow/57730445.cms">Swachh Bharat</a>, resulting in the government losing Rs 65,000 crore. The government will make up for this loss by finding resources from the budget. 
 
"Amendments or repeal of various provisions of other Acts which will no longer be relevant consequent on <a href="http://www.businessinsider.in/get-ready-for-gst-draft-bills-have-been-approved-by-cabinet/articleshow/57751339.cms">rollout of GST</a> will result in cleansing of the irrelevant portions from the Statute Book and reduce multiplicity of taxes," said an official release from the government. 
 
Also read: <a href="http://www.businessinsider.in/luxury-cars-to-get-costlier-after-gst-rolls-out/articleshow/57687734.cms">Luxury cars to get costlier after GST rolls out</a> 
 
These resources would come from higher GST mop-up, since more entities would now be <a href="http://www.businessinsider.in/tax-collections-will-exceed-rs-17-lakh-crore-despite-demonetisation-arun-jaitley/articleshow/57773980.cms">eligible to pay taxes</a>. 
 
GST rates are not yet finalised, which means that it can’t be ascertained whether consumers <a href="http://www.businessinsider.in/traveling-eating-out-and-phonebills-to-get-expensive-as-arun-jaitley-plans-to-hike-service-tax/articleshow/56850084.cms">eating in restaurants or paying phone bills</a> would benefit after removal of cesses and surcharges or not. 
 
Also read: <a href="http://www.businessinsider.in/jaitley-hopeful-of-july-1-gst-rollout/articleshow/57772424.cms">Jaitley hopeful of July 1 GST rollout</a> 
 
The bills amended include the Customs Act, 1962, the Customs Tariff Act, 1975 and the Central Excise Act, 1944. 
 
It also approved cancelling the Central Excise Tariff Act, 1985 and changing or cancelling the provisions relating to Acts under which cesses are levied. 
 
(Image source: South Live)

Removal of cesses for GST would cost government Rs 65,000 crore

Jaipur, Feb 19 () Rajasthan Assembly on Wednesday passed the Rajasthan Goods and Services Tax (Amendment) Bill, 2020 by voice vote. Parliamentary Affairs Minister Shanti Kumar Dhariwal introduced the Bill in the House. During a discussion on the Bill, he said only the amendments made in GST by Parliament have been done through this Bill. An ordinance was brought in this regard on December 28 last year in view of the special circumstances and urgent needs. He said the Centre had implemented GST in hurry and the mistakes are needed to be fixed repeatedly. He informed that the tax collection of the central government will be Rs 2.5 lakh crore less than the target in the current fiscal year. Dhariwal informed the House that the state government's share of GST compensation of Rs 2,600 crore and CST (central sales tax) of Rs 4,100 crore is pending with the Centre. In the 37th meeting of the GST Council, only one month's compensation was given. He said that the state government will be able to do more welfare works in interest of the public if the share is released by the Centre. Referring to anti-evasion actions, Dhariwal said that during the last five years of the previous government, Rs 25 crore was recovered by checking 900 vehicles in the state, whereas the present government took effective action in only one year. The government recovered Rs 75 crore during checking of 2,700 vehicles, he said. He said the Congress government in the state took strong action against GST fraudsters in Bhiwadi, Jodhpur and Kota, whereas the previous government failed to take any action. Earlier, the House rejected the amendment resolution to circulate the Bill for seeking public opinion. AG RVK

Rajasthan Assembly passes GST Amendment Bill

With the <keyword id="3206186" type="UNKNOWN" weightage="20" keywordseo="Union-Budget-2016">Union Budget 2016</keyword> just around the corner, India Inc and tax experts across the country are pinning their hopes on the NaMo government to give better clarity on the much deferred Goods and Services Tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>). While the corporate are hoping to see this new tax structure in place by April 2016, here’s a little reality check. 
 
According to tax experts, looking at the current scenario of this impending bill, it doesn’t seem that the government will be able to introduce the bill on April 1, 2016. This is simply because the future of 122nd <keyword id="407259" type="UNKNOWN" weightage="20" keywordseo="Constitution-Amendment-Bill">Constitution Amendment Bill</keyword>, which was introduced by the government and passed in the Lok Sabha in May last year, is still in doldrums. 
 
The Constitution Amendment Bill 2014, which was introduced after extensive discussions between the Central government and the state governments, aimed at bringing parity in the revenue sharing and autonomy that will be given to the state governments under the GST. However, the Bill which was passed with a thumping majority in the Lok Sabha, failed to clear the tables in the Rajya Sabha. 
 Following dissent notes by the <keyword id="6360456" type="COMPANY" weightage="20" keywordseo="opposition">Opposition</keyword> and the complete washout of the Monsoon Session in 2015, the bill was not passed in the Winter Session as well. And unless, this bill is not cleared, GST will not be able to see the light of the day. 
 
Currently, tax experts are divided on the expected time of implementation of GST. While some say it is expected to come into exercise by October 1, 2016, many others are of the view that it will only be implemented by April 2017. Until then, it seems India Inc will have to follow the complex tax structure that currently mars the ease of doing business in the country.

Budget 2016:
This is why GST will not be implemented by April 1, 2016!

Remember those days you could download anything and everything from any site you wished to? Well, unfortunately that’s going to come to an end. 
 
Beginning December 1, everytime you <a href="http://www.businessinsider.in/searchresult.cms?query=download&amp;sortorder=effectivedate">download </a>music, <keyword id="406" type="ENTERTAINMENT" weightage="100" keywordseo="Movies">movies</keyword> or an e-book from an overseas site or even buy some storage on a cloud from an overseas service provide, you’ll need to pay 15% of <keyword id="6355686" type="COMPANY" weightage="100" keywordseo="Service-tax">service tax</keyword> on top of your bill. 
 
Apparently movies provided for download by domestic suppliers already incur this service tax. On the other hand, until now the tax wouldn’t apply to an overseas supplier if the customer is an individual, government, local body or government agency based in India. 
 
The only way any overseas supplier would incur such a tax was if it was a B2B transaction with a customer based in India. 
 
However, the Central Board of Excise and Customs (CBEC) on November 9 amended the Place of Provisions of Specific Rules (PPSR) FOR ‘online information and database access or retrieval services.’ 
 
The bulk of the amendment included the change in the definition of ‘place of provision of service.’ Until now, if service providers were outside India, the place of provision of the service recipent was also counted to be outside India and hence there would be no tax deducted. 
 
That will change from December 1, when the place of provision of the service will be counted as the location of the service recipient, thus impacting your bill. 
 
So we'd say, think before you download? 
 
Image credit: Indiatimes

Get ready to pay 15% tax everytime you’re
downloading movies and TV shows from foreign sites

New Delhi, Feb 15 () Interest payable on delayed payment of GST will henceforth be calculated on net tax liability and the law is being amended to give effect to it, the Central Board of Indirect Taxes and Customs (CBIC) said on Saturday. Amid worry in the industry regarding CBIC's recent directive to field formations to begin recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment, the CBIC, in a series of tweets, clarified that the central and several state governments have prospectively amended the GST Acts to collect interest on net tax liability. The CBIC said GST laws, as of now, permit interest calculation on delayed GST payment on the basis of gross tax liability. This position has been upheld in the Telangana High Court's decision dated April 18, 2019. "In spite of this position of law and Telangana High Court's order, the central government and several state governments, on the recommendations of the GST Council, amended their respective CGST/SGST Acts to charge interest on delayed GST payment on the basis of net tax liability," the CBIC said. "Such amendment will be made prospectively. The states of Telangana and West Bengal are in the process of amending their state GST Acts. After the process of amendment is complete, the changed provisions can be put in operation for the entire country," it added. Businesses, other than those under the composition scheme, registered under goods and services tax (GST) have to file returns (GSTR-1) showing tax liability by 11th of following month and pay taxes by filing GSTR-3B by 20th. There have been cases where GST assessees have paid taxes after due date but did not pay the interest due on account of delayed payment. There were doubts on whether the interest was to be paid on gross tax liability or net tax liability. The CBIC had said that interest was to be paid on tax liability either through cash or utilisation of input tax credit. JD HRS

Interest on delayed GST payment will now be calculated on net tax liability

New Delhi, Dec 11 () The government has carried out a number of reforms in various sectors and it is a continuous process for improvement in the economy, Commerce Minister Piyush Goyal said in the Lok Sabha on Wednesday.
He said some of the reforms were by way of amendments in various acts such as the Finance (Amendment) Bills, the Special Economic Zones (Amendment) Bill, amendments in the Goods and Services Tax Act and the Insolvency and Bankruptcy Code.
"The government has already carried out a number of reforms in various sectors and the reform process is a continuous process for improvement in the economy," Goyal said during the Question Hour.
He said as regards reforms in the tax system, it is stated that through the Taxation Laws (Amendment) Ordinance, 2019 (the Ordinance), corporate tax rates were reduced to 22 per cent plus the applicable surcharge and cess for all domestic corporate persons not claiming any deduction or incentive.
Further, an option was given to any new domestic manufacturing company incorporated on or after October 1, 2019 to avail lower corporate tax rates of 15 per cent, with the applicable surcharge and cess, without claiming any deduction or incentive as per sub-section (2) of section 115BAB of the Act, provided they commence manufacturing or production of an article or thing by March 31, 2023, Goyal said. ACB RC

You Searched For "central goods and services tax amendment bill" and got 10 results

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

IANS

Bill to amend Central Goods and Services Tax Act introduced in Lok Sabha

ANI

Punjab GST to be amended in line with Central GST Act

PTI

Breaking News: Parliament clears India's biggest tax reform since Independence, GST finally a reality

Anushree Singh

Removal of cesses for GST would cost government Rs 65,000 crore

BI India Bureau

Rajasthan Assembly passes GST Amendment Bill

PTI

Budget 2016: This is why GST will not be implemented by April 1, 2016!

Purba Das

Get ready to pay 15% tax everytime you’re downloading movies and TV shows from foreign sites

Poulomi Das

Interest on delayed GST payment will now be calculated on net tax liability

PTI

Govt carrying out reforms to boost economy: Goyal

PTI

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