Global

Customs: No GST expansion on 60 food items from July 1

Customs: No GST expansion on 60 food items from July 1

India will launch a new national Goods and Services Tax (GST) as planned on July 1, Finance Minister Arun Jaitley said on Sunday, but will let companies file late returns for the first two months so that they can adapt to a new online filing system. "From September, strict adherence to time will go on", Finance Minister Arun Jaitley said after the seventeenth GST Council meeting.

Assocham pitched its case by quoting the GSTN (GST Network) CEO, who has said that the network might not be fully operational by July 1, 2017. For August, the new deadline for GSTR-1 will be September 20, instead of September 10.

The council has already finalised tax rates on nearly all goods and services in the bracket of nil, 5, 12, 18 and 28 percent.

The new taxation rate will put private lotteries in the same tax slab as other "luxurious" activities from the entertainment industry, including renting hotel rooms at tariffs over Rs 7,500 ($116), entries to land-based casinos, and even theme park services.

The Council cleared six draft rules relating to advance ruling, appeal and revision, assessment, anti-profiteering and funds settlement.

Among a series of efforts to educate people on the Goods and Services Tax (GST), the Central government on Monday launched a video where actor Amitabh Bachchan is speaking about the much talked about tax.

Revenue Secretary Hasmukh Adhia said that under the proposed APA, a company can be asked to roll-back the price and also refund an amount equal to what it has made through the hike in prices. Earlier, the council had fixed a tax of 28 per cent for rooms costing more than Rs 5,000 a night.

Suppliers with an Australian turnover of $75,000 or more in a 12 month period would be required to register and charge GST under the plan.

But what is GST and how will it reform the current tax structure?

The GST has also widened the tax net hugely, bringing in millions of traders and mom-and-pop stores which rarely give bills and mostly never paid taxes all these years. "It was decided that further deliberation will continue and till then, an alternate rule will operate to authorise the existing system to continue", Jaitley said.

In light of above background, the 17th meeting of the Council assumed significant importance, as the businesses had been hopeful of finalisation of final rates and contentious issue of e-way bill.

Jaitley expressed confidence that GST laws from all pending states shall be in place by the end of next week.


  • Kim Kardashian Addresses Blackface Controversy: 'I Was Really Tan'

    Kim Kardashian Addresses Blackface Controversy: 'I Was Really Tan'

    The celebutante even made sure to promise that the kit will allow fans to use the same "correction" tricks she utilizes. Life can be rough at times , so I am always down to enjoy some cute animal news to brighten up my day.

    Looming expansion draft turns up trade chatter around NHL

    This story has been corrected by removing Red Wings defenseman Mike Green from list of unprotected players. We'll know for sure on Wednesday night, but Fleury ought to be the center-piece of the Las Vegas team.
    Staff Had to Talk Trump Out of Firing Mueller — NY Times

    Staff Had to Talk Trump Out of Firing Mueller — NY Times

    Trump had viewed Sessions' recusal as unnecessary, even though Justice Department regulations made it nearly impossible to avoid. If Rosenstein recuses himself, Brand, a Trump appointee, would become the top Justice official overseeing Mueller's work.
  • Supreme Court Set to Hear Accusations of Wisconsin Gerrymandering

    Supreme Court Set to Hear Accusations of Wisconsin Gerrymandering

    The Supreme Court had discussed the case at its June 8 and June 15 conferences, according to the court's docket on the case. Sachin Chheda (SAH'-chihn CHAY'-dah) is director of the Fair Elections Project, which organized and launched the lawsuit.
    The wrong kind of US Open history: Top 3 all miss cut

    The wrong kind of US Open history: Top 3 all miss cut

    Johnson came in with 73, but that was not almost enough, as he finished at 4-over 148 when 145 or better was needed to advance. It's there that the mistake was made: Hadwin tried to play too ideal of a third shot up toward the raised putting surface.
    Trump interviewed Robert Mueller for Federal Bureau of Investigation  director

    Trump interviewed Robert Mueller for Federal Bureau of Investigation director

    Last night, a longtime friend of President Trump, Christopher Ruddy, said the president is considering firing Mueller . He said he will fire Mueller only if there was a "good cause" for it, "it wouldn't matter to me what anybody said".
  • Bali escape: Australian, three other men tunnel out of Kerobokan prison

    Bali escape: Australian, three other men tunnel out of Kerobokan prison

    Last week, dozens of inmates escaped from an overcrowded prison in western Indonesia after floods caused a wall to collapse. The four men were serving sentences for different crimes, from immigration rules violation to drug crimes, Widjaja said.
    Tech CEOs to visit White House

    Tech CEOs to visit White House

    Axios was first to report on Cook's agenda for the meeting. "America's more important than bloody politics from my point of view". That meeting was widely panned as a photo opp for Trump, and some of the executives came under fire for their participation.
    President Trump

    President Trump "Considering Terminating" Russia Special Counsel Robert Mueller

    It's unclear whether the president could override those rules and order Rosenstein to fire Mueller. The Post report cited anonymous sources who were briefed on requests made by investigators.
  • Newtown parent won't view NBC interview of Alex Jones

    Newtown parent won't view NBC interview of Alex Jones

    Relatives of the shooting victims have called Jones' comments hurtful and say he has encouraged people to harass them. Megyn Kelly's episode featuring an interview with Alex Jones finished behind Fox, CBS and ABC in the same timeslot.
    Iran launches missiles into eastern Syria

    Iran launches missiles into eastern Syria

    Activists in Syria did not immediately have information about the Iranian-claimed strikes. Iranian television showed footage of the missiles being launched into the night sky.

    Lobbyist shot is expected to make full recovery

    Doctors said Friday the bullet entered at his hip and traveled across his body, causing severe damage to internal organs. James Hodgkinson , who is from downstate IL , had a list of three Republican congressmen in his pocket.