GST to create one lakh jobs in three months

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2107 hours: The FMCG sector, which is expected to witness major change post GST, the FMCG companies are ready to pass on the benefits to customers. Speaking exclusively with Zee Business, Kishore Biyani said GST will have saving of 3 to 4 % on grocery bills.

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2059 hours: Future Retail has resolved the margins issue with almost 80% of its suppliers, including FMCG major HUL, under the new GST regime. The companies have agreed to pass on the pre GST margins to the Kishore Biyani-led retail firm in the new tax regime starting from tomorrow except some small suppliers, which would be resolved soon.

"We have resolved the issue of margins with most of the companies. We have also resolved issues with HUL," Future Group Chief Executive Officer Kishore told PTI.
He further said: "We have resolved almost 80% issues. Some small players have been left and it would be resolved one by one". The company would pass on the benefits on certain items arising out of GST to its customers, he added.

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2050 hours: With GST coming into effect, your finances are set to take a hit. The banks and credit card providers or an insurer have already started sending alert messages to theit customers stating that they need to "pay higher tax post implementation of GST from July 1."

Customers currently pay 15% service tax for financial services. Starting from July 1, 2017 the GST will replace all indirect taxes like service tax and Value Added Tax. Financial services and telecom have been put in the 18% GST slab. 

In case of single premium annuity policies, 10% of single premium is taxable. So, for a Rs 1 lakh premium, Rs 10,000 would be taxed at 18% now as opposed to 15% earlier. So the tax payable goes up from Rs 1500 to Rs 1800.

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2043 hours: Union minister Rajiv Pratap Rudy said the GST roll out will boost hiring across sectors by 11 per cent by creating an integrated national market which will promote domestic demand and drive job creation, a PTI report said. 

Rudy said India was on the cusp of an economic revolution with the roll out of the GST, to be effective from midnight. The Ministry of Skill Development and Entrepreneurship today announced a training programme to certify Goods and Services Tax practitioners under its flagship scheme Pradhan Mantri Kaushal Vikas Yojana to make the country's passage to the new tax regime smooth and glitch free, the report added. 

2033 hours: The GST is expected to benefit stakeholders namely industry, government and consumer. Praising the government's "big move", Anand Mahindra, Executive Chairman, Mahindra Group, in a tweet said that "At the stroke of the midnight hour...India will awake" as a common market for the 1st time. To do the obvious is often the most difficult.."

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1824 hours: The tax rates under GST for all products and services will be at 5%, 8%, 18% and 28%. Last month in a GST Council meet, Finance Minister Arun Jaitley had released a list of products that are termed 'essential' and will attract 0% the new tax structure. 

With GST coming into effect, your monthly household budget is set to take a hit and it will increase marginally. 

Unbranded food staples including vegetables, milk, eggs and flour will be exempt from GST along with health and education services.

Tea, edible oils, sugar, textiles and baby formula will attract only 5% tax. These essential and daily use items make up for about 80% of the goods used. Luxury items including motorcycles, perfume and shampoo, which account for about 19% of all taxable items, will be taxed at 18 per cent or higher.

www.gst.gov.in, if you are existing Taxpayer under VAT, Service Tax and Central Excise, you can enroll yourself at the GST Portal. Enrolment window will remain open till next three months.

Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. This process is of registration is referred as GST registration.

HERE'S HOW YOU CAN DO REGISTRATION UNDER GST

1748 hours: A day before the GST launch, Finance Minister Arun Jaitley gave an exclusive interview to Zee Business. 

WATCH FULL INTERVIEW HERE: 

READ MORE ABOUT THE GSTR FILING HERE

Just few hours left for the country to witness one of the biggest changes in the tax structure since Independence. 

Goods and Service Tax (GST) will be the new face of India's tax regime starting from tomorrow. President Pranab Mukherjee, Prime Minister Narendra Modi, Finance Minister Arun Jaitley, along with other dignitaries will officially launch GST. 

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With the motto of "One Nation-One Tax-One Market", GST is expected to benefit stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a major boost to ‘Make in India’ initiative. 

Last year on September 8, President Mukherjee gave approval for the passage of 101th Consitutional Amendment Act, 2016.

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They were passed by the Lok Sabha on the same day and by the Rajya Sabha on April 6, 2017.

This is how the new tax structure will look like: 

• The threshold limit for exemption from levy of GST is Rs. 20 lakh for the States except for the Special Category, where it is Rs 10 Lakh.
• A four slab tax rate structure of 5%, 12%, 18% and 28% has been adopted for GST.
• A cess would be levied on certain goods such as luxury cars, aerated drinks, pan masala and tobacco products, over and above the GST rate of 28% for payment of compensation to the states.
• The threshold for availing the Composition scheme is Rs. 75 lakh except for special category States where it is Rs. 50 lakh and they are required to file quarterly returns only. Certain categories of manufacturers, service providers (except restaurants) are out of the Composition Scheme.

GST is nothing without Information Technology. For that, GST Network was created as a section 25 private limited company with Strategic Control with the Government, to function as a common Pass-through portal for taxpayers. 

On this common portal, taxpayers will submit their registration applications, file returns, make tax payments, claim refunds etc. GSTN has been provided with a robust IT platform and it will provide interface to 80 lakh taxpayers and thousands of tax officials. 

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All filings under GST will be done electronically.  While GSTN remains a front-end, at the back end, the IT systems of CBEC and different states interface with the GSTN IT network to provide a seamless end to end processing of tax returns for the taxpayers. 

64,000 officials have been trained on the GST portal from February till June 2017. The GSTN IT systems have undergone load tests, performance tests, vulnerability tests, security and all other mandatory tests.