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Nov 2017

ICAI GST Newsletter – Volume 1 (Issue 5)

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ICAI GST Newsletter Volume 1 (Issue 5)  – June 2017

President Communication:

Esteemed professional colleagues,

Indian economy is all set to welcome its biggest indirect tax reform since independence in the form of Goods and Services Tax (GST) which works on the concept of “One Nation, One Tax, One Market”. Implementation of GST will develop a common national market thus strengthening Indian economy’s
position on global scale.

The government is undertaking all possible measures to address and accommodate the concerns raised by trade and industry to ensure smoothest possible implementation of GST. At 15thmeeting of GST Council held on 3rd June 2017, rates for remaining items have been fixed introducing a new rate of 3%
for gold, silver and diamonds. Further, as a sign of relief, there has been an increase in proportion of deemed transitional credits from existing 40% to 60% where duty paying documents are not available with the assessee. Many recommendations from trade and industry were further takencare at 16th meeting of the GST council held on 11th June 2017 wherein rates of 66 items were revised and brought down. On the States front, it is indeed an achievement that 25 states have passed SGST Act in a short span of time to ensure GST implementation from 1st July 2017

Download ICAI GST Newsletter Volume 1 (Issue 5) in PDF (24 Pages): Click Here

Earlier Issue: click here

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