The rates for goods and services were finalised by the GST Council that met at Srinagar in May, 2017. Here's the complete update.
GST updates and issues
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- July 1 rollout : Ahead of the proposed Goods and Service Tax (GST) roll out from July 1, the government was busy strengthening the agency responsible for detecting tax evasion and will set up two agencies, including one for business intelligence and analytics.
- CBEC restructured : As the GST subsumes central levies such as excise duty, service tax and state VAT, the Central Board of Excise and Customs (CBEC) has restructured its existing central excise and service tax field formations to suit the requirements of the GST regime. CBEC will be renamed as the Central Board of Indirect Taxes and Customs (CBIC) six members headed by a chairman, and will supervise GST and Customs activities and also provide policy inputs. The six members will be for GST, IT, legal and compliance verification, investigation, tax policy, Customs and administration and vigilance. The existing Directorate General of Central Excise Intelligence (DGCEI) will be renamed as the Directorate General of GST Intelligence (DGGSTI).
- New Directorates : Two new directorates are created – (1) The Directorate General of Analytics and Risk Management (DGARM) – for business intelligence and analytics, and risk management, and (2) The Directorate of International Customs (DIC) – to deal with WTO related matters & Kyoto Convention etc.
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- WTO and DIC : The DIC will assist the board in functions related to the National Trade Facilitation Committee for implementation of Trade Facilitation Agreement (TFA) and Customs procedures for international trade. Matters of cross-border trade through Land Customs Stations will also be handled by this directorate.
- Training Academy for GST : The existing National Academy of Customs, Excise and Narcotics (NACEN) is reconstituted as the National Academy of Customs, Indirect Taxes and Narcotics (NACIN). It’s the only institution of its kind in India under the GST regime to provide regular training to officers. NACIN is also expected to provide training to representatives of trade bodies and tax professionals.
- Taxpayers may end up being happy! Under the GST regime, the role of Directorate General of Taxpayer Service will be to provide assistance to taxpayers at their doorsteps. It will perform the important function of coordinating the resolution of taxpayers’ grievances besides handling publicity and public relations, organizing seminars and workshops and attending to queries of taxpayers.
- Teething troubles : However, the rapid launch of GST led to a stark realization that issues plaguing the Indian economy still exist – most businesses not fully prepared due to informal working structures. The bigger businesses have to worry about the GST compliance of all their suppliers and distributors, as even one lagging in the chain can undo it all. Tough times ahead!
- The GST Council finalises rates : In its meeting at Srinagar in May 2017, the GST council rapidly finalised rates for almost all goods and services that are to fall in the GST net. This should bring some relief to the corporates still struggling to cope up with this massive change, coming so soon.
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- Deep Dive : (1) All about GST - here, (2) Various issues in GST - here
- Download all relevant PDFs right here : (1) GST rates for goods - click & download, (2) GST rates for services - click and download, (3) GST compensation and cess rates - click & download
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