When will GST be applicable? - GST is Applicable from 1st July 2017. Check Applicability of GST, SGST, CGST, GST is Applicable or not for CA Course. GST is Rolled out From 1st July 2017. Check Latest News on GST Applicability. Everyone ask that when GST is applicable in India so in this article we provide all latest Updates on GST Applicability, Check all updates from below. Hello Everyone Here we are providing Complete Details on Applicability of GST (Goods and Service Tax). In this article you can find all details regarding When will GST be applicable. Recently we provided Complete details for Registration Under GST – Registration Requirement, Liability. and Role of Company Secretary in GST, Role of CS in GST. Now you can scroll down below and find Details for When will GST be applicable - Know complete details.
GST stands for Goods and Services Tax, which will be levied on the supply of goods or services or both in India. GST will subsume a number of existing indirect taxes being levied by the Centre and State Governments, including Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc. The countdown for the much awaited indirect taxes reform has begun with the GST implementation slated from 1st July 2017.GST Live Updates on 30th June 2017 (30-06-2017)
GST: For the first time in 70 years, for the first time in the tax reform Parliament today Goods and Services Tax (GST) is going to be implemented from July 1 throughout the country. For this, the Joint Session of Parliament is being called on Friday midnight. This will be the fourth chance in the history of independent India when the midnight session will be held in Central Hall of Parliament. Earlier, on three occasions Parliament was invited to celebrate Independence at midnight. However, for the first time in 70 years this is happening when Parliament will run for midnight on any tax reform. On the other hand, the Indian industry and the market regulator against GST have announced the closure of shops in the country on Friday. 1 The night will start from 11.00 a.m., First will be the speech of Pranab Mukherjee and then Narendra Modi. At 12 o'clock in the night, it will be announced to implement the GST. Two short films will be shown by the government's efforts to implement the GST.Latest News on GST Applicability
GST is Applicable from 1st July 2017
- Arun Jaitley said that 2 short films will be shown in the GST launch program. In the GST launch program, besides the President, Vice President Hamid Ansari, Lok Sabha Speaker Sumitra Mahajan and former Prime Minister Manmohan Singh and Devgora will also be included.
- He said that all the MPs, Chief Ministers and Finance Ministers of the states have been invited to the GST launch program.
- After GST is implemented, there will be major changes in indirect taxation. GST is the country's largest tax reform after independence.
- The Modi government has proposed to convene a special session of Parliament on 30th June in view of the historic occasion of GST implementation. This session will start from 11 p.m. on 30th June and till 12:10 p.m.
- This special session of Parliament will be a joint session of both houses.
- This will be the first time when a law will be called to Parliament session on midnight. Earlier on 14th August 1947 a special session was called on midnight.
- GST Registration Procedure
- GST Rates 2017
- List of Services Taxable in GST
- List of Services Exempted in GST
- List of Goods Exempted in GST
- GST Rate 5% Goods List 2017
- GST Rate 12% Goods List 2017
- GST Rate 18% Goods List 2017
- GST Rate 28% Goods List 2017
4 types of GST
- 1. CGST ie Central GST: It will be recovered by the Central Government.
- 2. SGST ie State GST: It will be recovered by the State Government.
- 3. IGST i.e. Integrated GST: If any business is between two states, then this tax will be levied on it. It will give equal share in both the states by collecting central government.
- 4. Union Territory GST: The Union Government will look at goods, service or both to be administered by the Government. It will recover the central government only.
Latest News on GST Applicability - 29-03-2017
GST Bill is passed in Lok Sabha on today 29/03/2017 with all amendments. The GST bill has passed with the amendments in the Lok Sabha on Wednesday. The four bills associated with GST are Central GST (CGST), Integrated GST (IGST), Union GST (UTGST) and Compensation Law Bill. The bill was debated for 7 hours. Narendra Modi is also in the house During the debate, Jaitley said: "GST will not increase inflation. Current tax rates will remain at a level. At the same time, Congress MP Veerappa Moily said - This is not a game changer step but a baby step. Four bills linked to GST were introduced in Parliament on Monday. There are more than 40% GST rates in the bill, provision for authority to stop profiteering and arrest of tax evasion.GST is Applicable from 1st July 2017
Run up to GST
- The GST Bills have been passed by the Parliament
- Subsequent to the passage of GST Bills in the Parliament, states will take up State GST Bills for clearance in the respective state legislative assemblies.
- The list of exemption, classification of goods and service and machinery provisions including valuation and other rules are yet to be notified.
- As per the office order issued by the Central Board of Excise and Customs, the Government has set up ten working groups to iron out sectoral issues faced by trade and industry to ensure smooth transition to GST. Sectors include banking, telecom, IT and ITES, financial, textile, oil and gas, gems and jewellery, transport and logistics, and MSMEs.
GST Applicability in CA Exams
| GST to be made applicable from May, 2018 examination onwards for Intermediate (IPC) Course and Final Course - (30-03-2017)
The Council of ICAI has decided that Goods and Services Tax (GST) will be examined in both Part II: Indirect Taxes of Paper 4: Taxation of Intermediate (IPC) Course and Paper 8: Indirect Tax Laws of Final Course from May, 2018 examination onwards. |
GST Bill Passed in Rajya Sabha on 3rd August 2016 (03-08-2016)
Finally GST Bill passed after serious debate. On Today GST Bill is Passed in Rajya Sabha. GST Bill is Passed with 203 Votes. There are no vote against GST Bill. AIADMK walks out of the Rajya Sabha before the voting takes place.When will GST be applicable
The Central Government has finally agreed to many demands of various states during the most successful meeting held so far on 15th December , 2014. This is claimed to be a win win deal and passing of first hurdle in rolling out the long awaited goods and service tax (GST) in India from July, 2017 .Now, the probability of introducing the amended bill in winters parliamentary session cannot be ruled out.
1. additional levy in lieu of entry tax:
such tax will be subsumed into the combined tax on goods and services2. transitionary tax :
