SME Times is powered by   
Search News
Just in:   • After 1,460 days of Modi rule, 'achhe din' yet to come, feel experts  • 8 reasons why credit cards make small business financing simpler  • SIDBI, CSC sign MoU to help village entrepreneurs  • PNB fraud: ED charge-sheet names Nirav, 23 others  • Wheat prices rise on import duty hike 
Last updated: 20 Mar, 2017  

gst-THMB.jpg Entire country should discuss, understand GST: PM Modi

Modi-07032017.jpg
   Top Stories
» SIDBI, CSC sign MoU to help village entrepreneurs
» India CLMV Business Conclave held, focus on SMEs
» Dutch PM inaugurates Indo-Dutch Ganga Forum
» 15th Finance Commission forms group for health sector
» Govt releases strategy paper on software, electronics exports
SME Times News Bureau | 20 Mar, 2017
As the Goods and Services Tax (GST) system heads for a July 1 rollout, Prime Minister Narendra Modi on Saturday said people should make efforts to discuss and understand the new indirect tax regime.

"I want the entire country to discuss and try to understand GST," Modi said in Mumbai at the India Today Conclave through video conferencing.

"In GST, the entire process has been reached by consensus; the states have taken ownership. It is an example of cooperative federalism," he added.

The GST Council has approved all five enabling draft bills -- UTGST (Union Territory GST), CGST (Central GST), IGST (Integrated GST), Compensation and SGST (State GST) -- to enable the rollout of the new system.

The draft bills now need to be approved by the Union Cabinet and tabled in Parliament's ongoing Budget session.

Meanwhile, the SGST draft law will have to be approved by the assemblies of Delhi and Puducherry.

The UTGST draft law is meant for the union territories like Andaman and Nicobar Islands, Lakshadweep, Daman and Diu and Dadra and Nagar Haveli, which do not have assemblies.

The GST system also has nine sets of rules and regulations, out of which the Council has already approved five -- registration, payment, refund, invoice and return.

Four other rules dealing with composition, valuation, input tax credit transitions are slated to be discussed in the Council's next meeting on March 31.

After March 31, the Council will take up the exercise of fitment of various commodities in the GST tax slabs of 5 percent, 12 percent, 15 percent and 28 percent.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 26 May, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(19)
» Oil, Rupee concerns(6)
» Year End Review 2016: Report card of MSME Ministry(2)
» Modi chairs twenty-sixth interaction through PRAGATI (1)
» Kalam releases handbook for small entrepreneurs(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter