GST council clears crucial CGST, IGST laws

Jaitley said the panel would now meet on March 16 – while Parliament is in session – to finalise these laws. The C-GST and I-GST will now be presented in the Parliament for approval in the second half of the budget session that will start from March 9.”A business entity with an annual turnover of up to Rs 20 lakhs would not be required to take registration in the GST regime, unless he voluntarily chooses to do so to be a part of the input tax credit (ITC) chain”, a Finance Ministry statement said. The long-awaited GST is hailed as India’s biggest tax overhaul since independence in 1947, which would replace a slew of federal and state levies, transforming Asia’s third largest economy into a single market for the first time.Proposed tax rates range from 5 to 28 percent, with 12 percent and 18 percent being the standard rates.The Minister said: “The decision was unanimous”. Syria accuses main opposition of taking peace talks ‘hostage’
One breakthrough, Monzer noted, was an “ice-breaker” meeting late Thursday with the largest opposition delegation at the talks. De Mistura acknowledged the aim was to hold another round of indirect negotiations later in March, 2017. The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, cleared two critical legislations Central (GST) and Integrated (GST) during the eleventh meeting of the Council.The remaining two Bills namely, State GST and the Union Territory GST, which would be nearly a replica of the CGST Act, would be taken-up for approval in the next meeting of GST Council scheduled on March 16 2017.”Approval of CGST and IGST laws by the GST council is a decisive step towards implementation of GST from July 1 this year”.”While it seems that it will not immediately impact the current slabs which have been envisaged, industry would be afraid that rates could increase once GST is implemented”, said Pratik Jain, indirect tax leader, PwC India. Murray River Tragedy: Missing Boy’s Body Found At Moama
Thirty searchers are combing the river, with Victorian Police divers and spotter planes also taking part in the search. The court heard how she allegedly told witnesses the night before the incident that she “had to drown my babies”. The Centre will also levy and collect the IGST on all inter-State supply of goods and services.The Council had previously cleared the compensation draft bill and today’s approval means that only two more laws – the State GST (S-GST) and Union Territory (UT-GST) – remain to be considered.India has chose to peg the peak goods and services tax (GST) rate at 40% in the legislation instead of 28%, giving it the flexibility to raise rates without having to reach out to Parliament. A breathless nation awaits the birth of a giraffe
In a video posted on the zoo’s Facebook page, Jordan Patch blamed “a handful of extremists and animal rights activists”. He added that the initial timeline for the birth – based on April’s breeding behaviour – may have been slightly off.