India's GST for solar modules to be cut down


"His accountability norms will be higher and the consequences that get inflicted on him may be more severe", Jaitley said in his speech at the inauguration of the new campus of National Academy of Customs Excise and Narcotics (Nacen). "Further, ITC of service tax paid on assignment of spectrum by the government in 2016 is presently allowed to be availed of by the telecommunication companies over a period of three years", the statement said. Mint also cited sources as saying that the sector expects a clarification setting the tax rate at 5%.

Arun Kumar, Chairman & CEO, KPMG India said, "To implement GST, six million micro, small and medium enterprises (MSME) need to adapt their invoicing approaches, an enormous endeavour".

A committee of officials, from state and central governments, examined the tariff structure of each item before the rates were taken to the council for its consideration, another official said. The bill was passed by voice vote at the special session of the House. "And therefore it is important that the personnel, who administers the tax, right from their induction into the service, through their career evolution, in the service itself undergoes this change training", he added.

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Hailed as a "revolutionary" tax regime, the GST is said to be India's biggest tax overhaul since independence in 1947.

"Four different rate slab for services are five percent, 12 percent, standard rate of 18 percent and luxury rate of 28 percent, out of which five percent mostly comprises of transport services", said Jaitley while addressing the media at the Council meeting in Srinagar. It will replace a slew of federal and state levies, transforming Asia's third largest economy into a single market. This comes after several companies complained about an increase in taxation and a consequent rise in prices when GST is rolled out as expected on July 1.