"18 July 2017" Archive

GST Rate on hotel accommodation depends on Tariff not Star Rating

Government clarifies that accommodation in any hotel, including 5-star hotels, having a declared tariff of a unit of accommodation of less than INR 7500 per unit per day, will attract GST @ 18% ; Star rating of hotels is, therefore, irrelevant for determining the applicable rate of GST....

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Posted Under: Income Tax |

Organized traders and unorganized sellers in Textile Sector not affected by GST: FM

The main demand of the textile traders is not to put any tax on fabrics. However, the same cannot be accepted because of the following reasons: Nil GST on fabrics will break the input tax credit chain and then the garments / made ups manufacturers will not be able to get the credit of tax on previous stages...

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Posted Under: Income Tax |

GST exemption for products used by differently abled people

Specified assistive devices, rehabilitation aids and other goods for differently abled people attract the lowest (non-Nil) GST rate of 5%. Most of the inputs for such goods attract 18% GST. Nil GST on any goods zero rates inputs, while domestic goods continue to bear input taxes. Further, for any goods which attract GST rate (other [&hell...

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Posted Under: Income Tax |

GST on most Mass consumption items are lower than the pre-GST tax incidence

GST rates so notified are lower than the pre-GST tax incidence on most of the items of mass consumption such as cereals, pulses, milk, tea, vegetable edible oils, sugar, toothpaste, hair oil, soap, footwear, Children’s’ picture, drawing or coloring books, etc. The GST rates on supply of goods and services have been notified ba...

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Posted Under: Income Tax |

CA Final May 2017 & CPT June 2017- Result, Toppers & Analysis

Chartered Accountants Final Examination held in May, 2017- I. Details of top three rank holders on All India Basis for Chartered Accountants Final Examination held in May, 2017 are mentioned below:...

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Posted Under: Income Tax |

GST much simpler to earlier tax regime: MOS Finance

GST : to migrate from a complicated and multi tax system to a simpler tax system The tax rates on goods and services have been fixed taking into consideration, inter alia, the total indirect tax incidence in pre- GST regime, including cascading of taxes. The GST rates so notified are lower than the pre– GST […]...

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Posted Under: Income Tax |

FAQs on GST on Export and Transition of Export Promotion Scheme

Question 1: How are exports treated under the GST Law?  Answer: Under the GST Law, export of goods or services has been treated as: i) inter-State supply and covered under the IGST Act. ii) ‘zero rated supply’ i.e. the goods or services exported shall be relieved of GST levied upon them either at the input stage or at […]...

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Posted Under: Income Tax |

GST in Textile Sector- What You Should Know- 20 FAQs

Does the buyer of raw cotton (who is a registered person) from the farmer need to pay GST on Reverse Charge basis? Answer: Yes. As the cotton under heading 5201 and 5203 has been placed under 5% rate and the cotton farmer is not liable to registration, the buyers of raw cotton (who are registered persons) from the farmers are required to...

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Posted Under: Income Tax |

GST in MSME Sector -All You Want to know- 57 FAQs

Who will pay GST? Answer: GST is generally paid by the supplier, i.e. the one who makes the supply after collecting it from the recipient. The supplier collects GST from the recipient of the supply as part of the consideration. However, in a few exceptional cases, the recipient, would be liable to pay GST to the Government on reverse ch...

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Posted Under: Income Tax |

Detailed guidelines for re-testing of samples from import consignments

Circular No. 30/2017-Customs (18/07/2017)

F. No. 450/15/2017-Cus IV Government of India Ministry of Finance Department of Revenue (Central Board of Excise & Custom) ******** Circular No. 30/2017-Cus New Delhi, dated 18th July, 2017 To All Principal Chief Commissioners/Chief Commissioners of Customs / Customs (Preventive), All Principal Chief Commissioners/Chief Commissioners ...

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