** Sagar Sandesh print version ceases to be published from December 31, 2017. New look E-paper would be available from Jan. 1, 2018 onwards. free of cost.**

GST Council clears pending rules; States agree to rollout GST from July 1

The GST Council on Saturday 3 June 2017 cleared the pending rules, including transition provisions and returns, with all the States agreeing to July 1 roll out of the Goods and Services Tax.

“We were discussing the rules and (they) have been completed. Transition rules have been cleared and everybody has agreed for July 1 roll out,” Kerala Finance Minister Thomas Isaac told reporters here.

The GST Council had last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28 per cent.

Finance Minister Arun Jaitley on Saturday chaired the 15th meeting of the GST Council which is scheduled to decide on tax rate of six items including gold, textiles and footwear.

West Bengal Chief Minister Mamata Banerjee, however, had said earlier that her state would not roll out the new indirect tax regime in its present form since it is not suitable for all the sections of the society, especially the unorganized sector.  “ We have to continue with our fight to bring down the tax rates on certain products.

"Unless the rates are reduced, they will adversely impact the state's economy and employment," she had said.

West Bengal Finance Minister is however attending the meeting.

As for the transition rules approved by Council, the industry had been demanding some relaxation of the provision of deemed credit.

The draft transition law provided that once GST is implemented a company can claim credit of up to 40 per cent of their Central GST dues for excise duty paid on stock held by businesses prior to the rollout.

Several dealers are choosing to wait and watch rather than buy and hold on to inventories. They have lobbied with the government seeking an increase in the credit limit.


Copyright © 2017 PORT TO PORT - Shipping Services Portal ( Sagar Sandesh ). All rights reserved.

Follow Us