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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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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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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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.



one of the most important items on the government

s crowded reforms agenda. MoreOver





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


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


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


Agree (0)

Disagree (0)

Recommend (0)

Offensive

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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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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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.

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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


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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..

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one of the most important items on the government


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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.

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identified GST as one of the most important items on the government


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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

'place of supply' rules

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GST Dream One Step Closer to Reality; Empowered Panel of State FMs & Centre Agree on 'Place of Supply' Rules - The Economic Times