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BREAKING NEWS
By Deepshikha Sikarwar, ET Bureau | 12 Nov, 2014, 08.56AM IST 83 comments | Post a Comment
Prime Minister Narendra Modi has identified GST as one of the
most important items on the governments crowded reforms
agenda.
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GST dream one step closer to reality;empoweredpanel of state FMs &Centre agree on 'place of supply' rules
READ MORE ON Service tax| Narendra Modi| Lok Sabha| GST| gdp| European Union| Chairman
NEW DELHI: The government's bid to
implement the goods & services tax (GST)
as early as possible got a significant boost
with theempoweredcommittee of state
finance ministers endorsing the so-called
'place of supply' rules that form the
backbone of the new regime that will
replace a plethora of levies, create a
common market and likely give GDP
growth a lift of up to two percentage points.
The states are also confident GSTwill be in
place by April 1, 2016, six years after it was
originally scheduled to take effect.
The place of supply rules decide where
goods or services will be taxed, fixing a
crucial element of the levy that has gained
in importance because of the surge in
ecommerce and electronic delivery of
services. Meanwhile, the Centre is
preparing the ground for a national
common market commission that will mesh
with GST to create a unified area without
interstate barriers to trade. However, both
the Centre and the states continue to differ
on the threshold for the levy with the first
wanting it to be raised to Rs 25 lakh while
the latter prefers it at Rs 10 lakh.
The Centre has assured the states that they won't suffer any revenue loss on account of
subsuming petroleum product and entry taxes within the ambit of GST, promising to mee
an important concern of states that are opposed to these duties being included in the levy
that was to have been rolled out in April 2010.
"The empowered committee has given in-principle clearance to place of supply rules...
This is a key takeaway from today's meeting," a senior government official, aware of the
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7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
2/9
11/13/2014 GST dream one step closer to reality; empowered panel of state FMs & Centre agree on 'place of supply' rules - The Economic Times
http://economictimes.indiatimes.com/news/economy/policy/gst-dream-one-step-closer-to-reality-empowered-panel-of-state-fms-centre-agree-on-place-of-su
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panel's deliberations on Tuesday, told ET.
Tax experts see finalisation of these rules as key to GST. "Place of supply rules are
fundamental in determining the state where a service is provided and state GST or
integrated GST is required to be paid," said Bipin Sapra, partner, EY. "These are
extremely crucial to the basic structure of GST." Place of supply and consumption will
determine the tax-recipient state and consuming state and have implications for their
revenue.
"Place of supply rules are very critical for GST to run effectively. This is more so in the
context of services as determining the state of consumption would be challenging,
particularly where the services are not provided from an identified fixed place, such as
telecom and transportation," said Pratik Jain, partner, KPMG in India. Jain pointed out
that most of the disputes on value added tax in the European Unioncentre around place
of supply rules.
Prime Minister Narendra Modihas identified GST as one of the most important items on
the government's crowded reforms agenda and progress on the talks is being closely
monitored.
The government is expected to finalise the draft of the constitutional amendment Bill thatwill allow the Centre to tax goods at retail level and states to tax services in a few days.
Finance MinisterArun Jaitleyhas already indicated the Centre is in the last stage of
finalising the Bill draft, approval of which is an essential step in the process. "If all goes
well and the constitutional amendment Bill is carried in Parliament by both Houses, I thin
the 2016 target date is achievable," said GST Empowered Committee ChairmanAbdul
Rahim Rather.
The empowered panel did not agree to the Centre's demand for a higher threshold for
taxing goods and services.
"In September, the Centre wrote to us suggesting that this decision of the empowered
committee should be reviewed. The Centre suggested that the limit should beRs25 lakh.
Even if it is not Rs25 lakh, the Rs10 lakh limit should be increased," Rather said, adding
that the committee wants to stick to the agreed Rs 10 lakh threshold. However, he said
the final call on threshold could be taken by the GST Council proposed to be created in
the constitution amendment Bill.
GST will subsume central indirect taxes such as excise duty and service taxat the centra
level and value added tax at the state level besides other local levies such as octroi and
entry tax. Though states are reluctant to include entry tax within GST, the Centre is now
attempting to persuade them by offering a revenue compensation mechanism. The GST
Constitutional Amendment Bill, introduced in the Lok Sabhain 2011, has lapsed and the
government has to come up with fresh legislation.
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7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
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still some hope for this nation. Still Prime Minister Narendra Modi has iden tified GST as
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governmentâ
s crowded reforms agenda. MoreOver
Implementing GST will change the country's bad image of having one of the most
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7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
4/9
11/13/2014 GST dream one step closer to reality; empowered panel of state FMs & Centre agree on 'place of supply' rules - The Economic Times
http://economictimes.indiatimes.com/news/economy/policy/gst-dream-one-step-closer-to-reality-empowered-panel-of-state-fms-centre-agree-on-place-of-su
governmentâ
s crowded reforms agenda. MoreOver What ever it
is, the implementation of GST is overdue, and need to be hastened. There is a reporting
of 'entry tax', which on any account should no t find any place, even in the name of GST.
Within 'one nation', where is the question of 'entry tax'.If for any reason, a special
parliamentary session is required to pass the bill, the Govt. should discuss with
opposition parties and do the needed. Still Let GST be implemented at an early date.
Let the State Border check post go along with Nehru-Gandhi family politics. There will be
still some hope for this nation. Still Prime Minister Narendra Modi has iden tified GST as
one of the most important items on the government
s crowded reforms agenda. MoreOver
Implementing GST will change the country's bad image of having one of the most
complex taxation regimes, which will help in gaining foreign investor's confidence in
India. MUST BE IMPLEMENTED ASAP. MoreOver Prime Minister Narendra Modi has
identified GST as one of the most important items on the
government
s crowded reforms agenda.
Agree (0)
Disagree (0)
Recommend (0)
Offensive
What ever it is, the implementation of GST is overdue, and need to be hastened. There is
a reporting of 'entry tax', which on any account should not find any place, even in the
name of GST. Within 'one nation', where is the question of 'entry tax'.If for any reason, a
special parliamentary session is requ ired to pass the bill, the Govt. should discuss with
opposition parties and do the needed. Still Let GST be implemented at an early date.
MoreOver Let the State Border check post go al ong with Nehru-Gandhi family politics.
There will be still some hope for this nation. Still Prime Minister Narendra Modi has
identified GST as one of the most important items on the
governmentâ
s crowded reforms agenda. MoreOver Let GST beimplemented at an early date.
Agree (0)
Disagree (0)
Recommend (0)
Offensive
GST dream one step closer to reality; empowered panel of state FMs & Centre
agree on 'place of supply' rules Also Implementing GST will change the country's bad
image of having one of the most complex taxation regimes, which will help in gaining
foreign investor's confidence in India. MUST BE IMPLEMENTED ASAP. MoreOver Prime
Minister Narendra Modi has identified GST as one of the most important items on the
government
s crowded reforms agenda.
Agree (0)
Disagree (0)
Recommend (0)
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Team Modi should study best practices of Govts of different countries, of every ministry
and implement it....But first make a strong team to tackle corruption. Let GST be
implemented at an early date. Still Implementing GST will change the country's bad
image of having one of the most complex taxation regimes, which will help in gaining
foreign investor's confidence in India. MUST BE IMPLEMENTED ASAP. MoreOver Prime
Minister Narendra Modi has identified GST as one of the most important items on the
governmentâ
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7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
5/9
11/13/2014 GST dream one step closer to reality; empowered panel of state FMs & Centre agree on 'place of supply' rules - The Economic Times
http://economictimes.indiatimes.com/news/economy/policy/gst-dream-one-step-closer-to-reality-empowered-panel-of-state-fms-centre-agree-on-place-of-su
s crowded reforms agenda. Still What ever it is, the
implementation of GST is overdue, and need to be hastened. There is a reporting of
'entry tax', which on any account should no t find any place, even in the name of GST.
Within 'one nation', where is the question of 'entry tax'.If for any reason, a special
parliamentary session is required to pass the bill, the Govt. should discuss with
opposition parties and do the needed. Also Great that things are moving at last..
The government's bid to implement the goods & services tax (GST) as early as possible
got a significant boost with the empowered committee of state finance ministers
endorsing the so-called 'place of supply' rules that form the backbone of the new regime
that will replace a p lethora of levies, create a common market and likely give GDP
growth a lift of up to two percentage poin ts. The states are also confident GST will be in
place by April 1, 2016, six years after it was originally scheduled to take effect. The place
of supply rules decide where goods o r services will be taxed, fixing a crucial element of
the levy that has gained in importance because of the surge in ecommerce and
electronic delivery of services. Meanwhile, the Centre is preparing the ground for a
national common market commission that will mesh with GST to create a unified area
without interstate barriers to trade. However, both the Centre and the states continue to
differ on the threshold for the levy with the first wanting it to be raised to Rs 25 l akh while
the latter prefers it at Rs 10 lakh. MoreOver It is suggested that India may implement
'invoice-credit method', instead of 'tax-credit method' of VAT. In the latter, scope for taxevasion is more. Also The government's bid to implement the goods & services tax (GST)
as early as possible got a significant boost with the empowered committee of state finan
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hope to bring soon this act by govt Agree (0)
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Implementing GST will change the country's bad image of having one of the most
complex taxation regimes, which will help in gaining foreign investor's confidence in
India. MUST BE IMPLEMENTED ASAP. MoreOver Prime Minister Narendra Modi has
identified GST as one of the most important items on the
government
s crowded reforms agenda. Still What ever it is, the implementation of GST
is overdue, and need to be hastened. There is a reporting of 'entry tax', which on any
account should not find any place, even in the name of GST. Within 'one nation', where is
the question of 'entry tax'.If for any reason, a special parliamentary session is required to
pass the bill, the Govt. should discuss with opposition parties and do the needed. Also
Great that things are moving at last.
Agree (1)
Disagree (0)
Recommend (0)
Offensive
What ever it is, the implementation of GST is overdue, and need to be hastened. There is
a reporting of 'entry tax', which on any account should not find any place, even in the
name of GST. Within 'one nation', where is the question of 'entry tax'.If for any reason, a
special parliamentary session is requ ired to pass the bill, the Govt. should discuss with
opposition parties and do the needed. Still Let GST be implemented at an early date.
MoreOver Let the State Border check post go al ong with Nehru-Gandhi family politics.
There will be still some hope for this nation. Still Prime Minister Narendra Modi has
identified GST as one of the most important items on the
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Saurabh Sharma (Unknown)
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7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
6/9
-
7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
7/9
11/13/2014 GST dream one step closer to reality; empowered panel of state FMs & Centre agree on 'place of supply' rules - The Economic Times
http://economictimes.indiatimes.com/news/economy/policy/gst-dream-one-step-closer-to-reality-empowered-panel-of-state-fms-centre-agree-on-place-of-su
lakh. Still GST dream one step closer to reality; empowered panel of state FMs & Centre
agree on 'place of supply' rules
Hoping that there will be agreement between center and state govts. and the
implementation will be smoother. Also, hope the draft of the bill considered the
perspective of nation's growth without discrimination. WHY GST CANT BE
IMPEMENTED FROM 1 APRIL 2015 INSTEAD OF 2016 MoreOver Team Modi should
study best practices of Govts of different countries, of every ministry and implement
it....But first make a strong team to tackle corruption..
Agree (0)
Disagree (0)
Recommend (0)
Offensive
Let the State Border check post go along with Nehru-Gandhi family politics. There will be
still some hope for this nation. Still Prime Minister Narendra Modi has iden tified GST as
one of the most important items on the government
s crowded reforms agenda.
Agree (0)
Disagree (0)
Recommend (0)
Offensive
It is suggested that India may implement 'invoice-credit method', instead of 'tax-credit
method' of VAT. In the latter, scope for tax evasion is more. Also The government's bid to
implement the goods & services tax (GST) as ea rly as possible got a significant boost
with the empowered committee of state finance ministers endorsing the so-called 'place
of supply' rules that form the backbone o f the new regime that will rep lace a ple thora of
levies, create a common market and likely give GDP growth a lift of up to two percentage
points. The states are also confident GST will be in place by April 1 , 2016, six years after
it was originally scheduled to take effect. The place o f supply rules decide whe re goods
or services will be taxed, fixing a crucial element of the levy that has gained in
importance because of the surge in ecommerce and electronic delivery of services.
Meanwhile, the Centre is preparing the ground for a na tional common market
commission that will mesh with GST to create a unified area without interstate barriers to
trade. However, both the Centre and the states continue to differ on the threshold for the
levy with the first wanting it to be raised to Rs 25 lakh while the latter prefers it at Rs 10
lakh.
Agree (0)
Disagree (0)
Recommend (0)
Offensive
Implementing GST will change the country's bad image of having one of the most
complex taxation regimes, which will help in gaining foreign investor's confidence in
India. MUST BE IMPLEMENTED ASAP. MoreOver Prime Minister Narendra Modi has
identified GST as one of the most important items on the government
s crowded reforms agenda.
Agree (0)
Disagree (0)
Recommend (0)
Offensive
What ever it is, the implementation of GST is overdue, and need to be hastened. There is
a reporting of 'entry tax', which on any account should not find any place, even in the
name of GST. Within 'one nation', where is the question of 'entry tax'.If for any reason, a
special parliamentary session is requ ired to pass the bill, the Govt. should discuss with
opposition parties and do the needed. Still Let GST be implemented at an early date.
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7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
8/9
11/13/2014 GST dream one step closer to reality; empowered panel of state FMs & Centre agree on 'place of supply' rules - The Economic Times
http://economictimes.indiatimes.com/news/economy/policy/gst-dream-one-step-closer-to-reality-empowered-panel-of-state-fms-centre-agree-on-place-of-su
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What ever it is, the implementation of GST is overdue, and need to be hastened. There is
a reporting of 'entry tax', which on any account should not find any place, even in the
name of GST. Within 'one nation', where is the question of 'entry tax'.If for any reason, a
special parliamentary session is requ ired to pass the bill, the Govt. should discuss with
opposition parties and do the needed. Also Great that things are moving at last.
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Modiji is a man of action and adopts all right measures to bring on table the requisite
modalities of speeding up of economic growth. There is no point in UPA saying we have
brought in all po licies, but who has prohibited them to implement the schemes? Aadhar
policy is one such goof up and NDA Govt takes much pain and time to remove
impediments and loop holes of such policies/laws.
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good move on implementation of GST Agree (0)
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Great that things are moving at last. Agree (0)
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Team Modi should study best practices of Govts of different countries, of every ministry
and implement it....But first make a strong team to tackle corruption.
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GST dream one step closer to reality; empowered panel of state FMs & Centre agree on
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7/21/2019 GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times
9/9
11/13/2014 GST dream one step closer to reality; empowered panel of state FMs & Centre agree on 'place of supply' rules - The Economic Times
http://economictimes indiatimes com/news/economy/policy/gst-dream-one-step-closer-to-reality-empowered-panel-of-state-fms-centre-agree-on-place-of-su
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