GST Report of Rajya Sabha Panel

Highlights of Report of 'Rajya Sabha Panel' on GST Bill

Band for GST-rates

The Bill empowered GST Council to make recommendations for the rates of goods and service tax including floor rates with bands. The Committee recommended that the word 'band' may be defined in GST laws as following:

"Band": Range of GST rates over the floor rate within which Central Goods and Service Tax (CGST) or State Goods and Service Tax (SGST) may be levied on any specified goods or services or any specified class of gods or services by the Central or a particular State Government as the case may be.

In its report, The Committee mentioned that it was aware that while discharging the functions conferred upon the GST Council, it would be guided by the need for a harmonized structure of goods and services tax and for the development of a harmonized national market for goods and services.

It can be said that while construing above definition of 'Band' one has to ensure that harmonized structure of GST-rates must not be altered.

Voting pattern

The Committee found no merit in altering the voting pattern proposed in the Bill.

Dispute Settlement Authority

It also didn't recommend inclusion of provision for GST Dispute Settlement Authority having noted that GST Council shall decide only the 'modalities' to resolve disputes.

Definition of 'Supply'

The Bill proposed definition of 'goods and services tax' to mean any tax on supply of goods, or services or both. The Committee opined that the term 'supply' would be defined in the various GST laws relating to CGST and SGST, therefore, it would not be appropriate to define the term 'supply' in the Bill.

Definition of 'services'

The Bill proposed to define 'services' to mean anything other than goods. The Committee felt that term 'services' had been so defined in order to give it wide amplitude so that all supplies that are not goods can broadly be covered within the ambit of services and no activity remains outside the taxable net. It also opined that this would also minimize disputes. In view of the above, it proposed no change in the definition.

Additional Goods and Services Tax

The Bill proposed to levy non-Cenvatable additional tax at 1% on inter-State supply of goods. The Committee felt that the provision of 1% additional tax in its present form was likely to lead to cascading effect of taxes. Therefore, it strongly recommended that following Explanation should be added for word 'supply':

Supply: "All forms of supply made for a consideration."

Compensation to States

The Bill proposed that the Parliament 'may' compensate States for loss of revenue for a period which may be extended to five years. The Committee felt that there was no justification for substitution of the word 'may' with 'shall'. It, however, recommended that compensation should be provided for whole period of five years.

(Source: Taxmann)

PPF-NSC- CHANGES

 

Interest rates on small savings have been hiked in the range of 4 per cent up to 8.6 per cent. The investment limit for Public Provident Fund (PPF) has also been increased by Rs 30,000 to Rs 1 lakh, as also the interest rate at 8.6 per cent from 8 per cent at present.

Announcing the new norms on Friday, the Finance Ministry said the new rates will be applicable from the date of notification which will be announced soon. From next year, the rates would be notified before April 1, it added.

The small saving schemes have been restructured on the basis of the recommendations of the Shyamala Gopinath Committee, which submitted its report in June.

The rate of interest on small savings schemes will be aligned with Government Securities rates of similar maturity, with a spread of 25 basis points with two exceptions. The spread on 10-year National Savings Certificates (new instrument) will be 50 basis points and on Senior Citizens Savings Scheme 100 basis points.

The maturity period for the post office Monthly Income Scheme (MIS) and National Savings Certificate (NSC) has been reduced to five years from six years at present.

AGENTS DISAPPOINTED

Although this is good news for small savers, collection agents are disappointed. According to an office memorandum issued by the Finance Ministry, payment of commission on PPF at the rate of 1 per cent and Senior Citizens Savings Scheme at the rate of 0.5 per cent will be discontinued.

Agency commission under all other schemes (except Mahila Pradhan Kshetriya Bachat Yojana) will be reduced by half, from the existing 1 per cent

Happy Friendship Day

Happy Friendship Day..

And be my Friend always...

--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final

U CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS.

U CAN MAKE A HUGE DIFFERENCE TO THE INDIAN ECONOMY BY FOLLOWING FEW SIMPLE STEPS. Please spare a couple of minutes here........for the sake of India ... our country. I got this article from one of my friend, but it's true, I can see this from day to day life, Small example Before 5 months 1 CAN $ = IND Rs 32 After 5 months. Now it is 1 CAN $ = IND Rs 37 Do you think Canadian Economy is booming? No, but Indian Economy is Going Down. Our Economy is in u'r hands INDIAN economy is in a crisis. Our country like many other ASIAN countries is undergoing a severe economic crunch. Many INDIAN industries are closing down. The INDIAN economy is in a crisis and if we do not take proper steps to control those, we will be in a critical situation. More than 30000 crore rupees of foreign exchange are being siphoned out of our country on products such as cosmetics, snacks, tea, beverages...etc which are grown, produced and consumed here . A cold drink that costs only 70 / 80 paisa to produce is sold for NINE rupees, and a major chunk of profits from these are sent abroad. This is a serious drain on INDIAN economy. "COCA COLA "and" SPRITE " belong to the same multinational company, "COCA COLA"? Coke advertisements says ' JO CHAHO HOJAYE, COCACOLA ENJOY' (Whatever the hell, let it happen, you drink coke) What can you do? You can consider some of the better alternatives to aerated drinks. You can drink LEMON JUICE, FRESH FRUIT JUICES, CHILLED LASSI (SWEET OR SOUR), BUTTER MILK, COCONUT WATER, JALJEERA, ENERJEE, MASALA MILK.......... Everyone deserves a healthy drink, including you! Over and above all this, economic sanctions have been imposed on us. We have nothing against Multinational companies, but to protect our own interests we request everybody to use INDIAN products only for next two years. With the rise in petrol prices, if we do not do this, the rupee will devalue further and we will end up paying much more for the same products in the near future. What you can do about it? 1 . Buy only products manufactured by WHOLLY INDIAN COMPANIES. 2 . ENROLL as many people as possible for this cause. Each individual should become a leader for this awareness. This is the only way to save our country from severe economic crisis. You don't need to give-up your lifestyle. You just need to choose an alternate product. All categories of products are available from WHOLLY INDIAN COMPANIES. LIST OF PRODUCTS BATHING SOAP: USE - CINTHOL & OTHER GODREJ BRANDS, SANTOOR, WIPRO SHIKAKAI, MYSORE SANDAL, MARGO, NEEM, EVITA, MEDIMIX, GANGA , NIRMA BATH & CHANDRIKA INSTEAD OF - LUX, LIFEBOY, REXONA, LIRIL, DOVE, PEARS, HAMAM, LESANCY, CAMAY, PALMOLIVE TOOTH PASTE: USE - NEEM, BABOOL, PROMISE, VICO VAJRADANTI, PRUDENT, DABUR PRODUCTS, MISWAK INSTEAD OF - COLGATE, CLOSE UP, PEPSODENT, CIBACA, FORHANS, MENTADENT . TOOTH BRUSH: USE - PRUDENT, AJANTA , PROMISE INSTEAD OF - COLGATE, CLOSE UP, PEPSODENT, FORHANS, ORAL-B SHAVING CREAM: USE - GODREJ, EMANI INSTEAD OF - PALMOLIVE, OLD SPICE, GILLETE BLADE: USE - SUPERMAX, TOPAZ, LAZER, ASHOKA INSTEAD OF - SEVEN-O -CLOCK, 365 , GILLETTE TALCUM POWDER: USE - SANTOOR, GOKUL, CINTHOL, WIPRO BABY POWDER, BOROPLUS INSTEAD OF - PONDS, OLD SPICE, JOHNSON BABY POWDER, SHOWER TO SHOWER MILK POWDER: USE - INDIANA , AMUL, AMULYA INSTEAD OF - ANIKSPRAY, MILKANA, EVERYDAY MILK, MILKMAID. SHAMPOO: USE - LAKME, NIRMA, VELVET INSTEAD OF - HALO, ALL CLEAR, NYLE, SUNSILK, HEAD AND SHOULDERS, PANTENE MOBILE CONNECTIONS USE - BSNL, AIRTEL INSTEAD OF - HUTCH Every INDIAN product you buy makes a big difference. It saves INDIA . Let us take a firm decision today. BUY INDIAN TO BE INDIAN we are not against of foreign products. WE ARE NOT ANTI-MULTINATIONAL. WE ARE TRYING TO SAVE OUR NATION. EVERY DAY IS A STRUGGLE FOR A REAL FREEDOM. WE ACHIEVED OUR INDEPENDENCE AFTER LOSING MANY LIVES. THEY DIED PAINFULLY TO ENSURE THAT WE LIVE PEACEFULLY. THE CURRENT TREND IS VERY THREATENING. MULTINATIONALS CALL IT GLOBALISATION OF INDIAN ECONOMY. FOR INDIANS LIKE YOU AND ME IT IS RECOLONISATION OF INDIA ... THE COLONIST'S LEFT INDIA THEN. BUT THIS TIME THEY WILL MAKE SURE THEY DON'T MAKE ANY MISTAKES. WHO WOULD LIKE TO LET A" GOOSE THAT LAYS GOLDEN EGGS" SLIP AWAY. PLEASE REMEMBER: POLITICAL FREEDOM IS USELESS WITHOUT ECONOMIC INDEPENDENCE . RUSSIA , S.KOREA , MEXICO ..........THE LIST IS VERY LONG!! LET US LEARN FROM THEIR EXPERIENCE AND FROM OUR HISTORY. LET US DO THE DUTY OF EVERY TRUE INDIAN. FINALLY: IT'S OBVIOUS THAT U CAN'T GIVE UP ALL OF THE ITEMS MENTIONED ABOVE, SO GIVE UP ATLEAST ONE ITEM TO FOR THE SAKE OF OUR COUNTRY. We would be sending useless forwards to our friends daily. Instead please forward this mail to all your friends to create awareness. "LITTLE DROPS MAKE A GREAT OCEAN ."

--
Ashwin Nagar India +91-9833015352
Success is not permanent and failure is not final