Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
3-min read

GST Council to Meet Officials From Six Key Sectors Today

The all powerful GST Council headed by the Finance Minister will meet the representatives of six crucial sectors, including IT, telecom, banking and insurance on Tuesday, to assess the implementation hurdles under the new GST regime.

CNN-News18

Updated:January 3, 2017, 8:05 AM IST
facebookTwitterskypewhatsapp
GST Council to Meet Officials From Six Key Sectors Today
Image for representation (Photo courtesy: AFP)
Loading...

New Delhi: The powerful GST Council headed by Union Finance Minister Arun Jaitley will meet the representatives of six crucial sectors, including IT, telecom, banking and insurance on Tuesday, to assess the implementation hurdles under the new GST regime.

Representatives of the Civil Aviation and Railways will also make their presentation at the two-day GST Council meeting.

Software association Nasscom is likely to express concerns over issues such as tax treatment of software, and also make a case for single registration under the new GST regime.

"We support the introduction of GST but its should not complicate the business operations of IT companies," R Chandrashekar, President of Nasscom, had said.

Nasscom's concerns pertain to areas like classification of software, import of services from related parties, and taxation rules based on location of receiving services.

Stating that the first draft of GST law had classified all 'intangibles' as services thereby ensuring a uniform tax rate, the revised law removed the clarification.

"This could lead to a situation where software classification can be disputed even under the GST regime. Electronic downloads should be treated as services as the majority practice prevalent globally," according to Nasscom's recent representation to the Revenue Department.

Nasscom also contends that revisions in the draft GST law does not facilitate offering a single interface for overseas/domestic clients in cases where large service contracts are supplied to multiple client sites from single or multiple delivery centres.

Also, the revised draft potentially makes onsite services delivered overseas at customer site liable to payment of GST, followed by a refund which blocks capital and complicates the transaction, it added.

"This will therefore imply that onsite services are imported into India, GST discharged, and then exported, and the GST paid on the onsite service then filed for refund - additional unnecessary transactions for companies which operate in a Branch office model, and associated compliance and working capital troubles," says Nasscom.

Nasscom is also of the view that the legislation should clearly provide for centralised registration of central taxes of IGST (Integrated-GST) and CGST (central GST), which is within the Central Government power itself.

The GST Council among other things will deliberate on the issue of jurisdiction of assessees in the new regime.

This will be the eighth meeting of the Council since it met for the first time on September 22, 2016.

At the end of the last meeting of the GST Council on December 23, 2016, Jaitley had said that the Council has made a 'reasonable headway' on supporting legislations and a discussion on Integrated GST law will take place in the next meeting.

The dual control over assessees is also part of the Integrated-GST legislation that Parliament needs to pass before the new regime is rolled out.

The stumbling block in the GST roll out is the issue of dual control issue -- which deals with which taxpayers should be controlled by the Centre and who should be governed by the states after a single tax will replace levies like central excise, service tax and VAT.

States like West Bengal and Kerala are unrelenting on their position of being given right to control all assesses with up to Rs 1.5 crore annual turnover.

(With PTI inputs)

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Sujit Nath
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 536.85 -2.52
Yes Bank 76.65 -3.52
Reliance 1,292.60 1.14
HDFC Life 524.55 -2.89
Axis Bank 685.00 1.38
Company Price Change %Gain
IndiGrid InvIT 86.50 -1.59
Indiabulls Hsg 536.55 -2.64
Yes Bank 76.70 -3.46
Reliance 1,292.10 1.15
HDFC Life 524.35 -2.95
Top Gainers
Company Price Change %Gain
Sun Pharma 426.00 2.72
Bharti Infratel 255.30 2.45
Tech Mahindra 670.35 1.72
Axis Bank 685.00 1.38
Larsen 1,352.20 1.27
Company Price Change %Gain
Sun Pharma 425.80 2.66
Axis Bank 685.00 1.40
Larsen 1,352.20 1.30
Reliance 1,292.10 1.15
ICICI Bank 423.40 1.01
Top Losers
Company Price Change %Gain
Yes Bank 76.65 -3.52
Grasim 732.35 -2.65
Indiabulls Hsg 536.85 -2.52
Power Grid Corp 207.05 -1.94
GAIL 127.30 -1.81
Company Price Change %Gain
Yes Bank 76.70 -3.46
Power Grid Corp 207.10 -1.96
ONGC 126.25 -1.48
SBI 286.70 -1.46
Coal India 199.05 -1.39

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results