Goods and Services Tax

GST Enrollment to re-open on 1st June, 2017

All Central Excise & Service Tax Assessees Who are yet to enroll In GST, can do it now. Enrollment re-opens for limited period on 1st June, 2017 Please enroll in GST immediately Duty/ Tax credits under existing laws cannot be carried forward in GST unless you enroll, In GST Portal (www.gst.gov.in) TO enroll, please use […]...

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New GST Rates Vs Old Indirect Tax (Excise, Service Tax & VAT)

Analysis of proposed GST Rates Vs existing rates is going on by different trades and industry. There may be little variation in different states due to difference in VAT rates. GST rates are yet to be notified and may undergo changes, before the notification is issued. However, a general comparison is as under:...

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Taxability under GST on Transportation of Goods or Passengers

Through GTA (Specific goods like agricultural produce, relief materials, defence or military equipments, milk, salt etc. (Exempt)) Other than above through GTA (5% - No ITC)...

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All New Valuation Rules Under GST- Determination Of Value Of Supply

Since the all new GST (a biggest tax reform) is going to roll out soon, there are various questions floating in our minds, the most important among them is how to determine value of supply under GST? What is to be included in the value of taxable supply on which the GST will be calculated? […]...

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Tax Invoice, Credit and Debit Notes under GST (as on 18 May 2017)

Articles gives details of Tax Invoice, Credit and Debit Notes under GST to be issued and Time limit within which such documents shall be issued...

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Simplified Approach to GST – Online Certification Course Jointly by GST Professionals & Taxguru.in

GST at your doorstep; are you ready to open the door? Join most Intensive Online Certification Course on GST organised jointly by GST Professionals and TaxGuru.in across India to give a simplified and comprehensive understanding of the GST law. Just 2 classes a week on weekends, 2.5 hrs each for 2 months, 40 hrs detailed […]...

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Addendum to GST Rate Schedule For Goods

The list of goods for which the GST rates are yet to be decided by the GST Council, the following entries may be added: (i) Cereals and flour put up in unit container and bearing a registered brand (ii) Puja samagri including havan samagri will be under Nil category. However, the exact formulation for the same is yet to be finalised....

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Simplifying the GSTIN data collection

One of the most important tasks in getting prepared for GST is updating the vendor and the customer master with their GST registration number. This is a big task for many large companies which have thousands or even tens of thousands of records to update....

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Online Certification Course Jointly by GST Professionals & Taxguru.in

GST at your doorstep; are you ready to open the door? Join most Intensive Online Certification Course on GST organised jointly by GST Professionals and TaxGuru.in across India to give a simplified and comprehensive understanding of the GST law. Just 2 classes a week on weekends, 2.5 hrs each for 2 months, 40 hrs detailed […]...

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GST to be biggest achievement of Modi Govt; fin inclusion, digital other big milestones: ASSOCHAM

As the Narendra Modi is about to complete three years in office, its biggest achievement on economic front would be the Goods and Services Tax which is near a roll-out, while financial inclusion, digitization and public investment on infrastructure like railways and power distribution are perceived as other credible steps for structural c...

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12.5% Vat payable on Appy Fizz a fruit juice based drinks in Kerala: SC

M/S. Parle Agro (P) Ltd. Vs Commissioner of Commercial Taxes (Supreme Court of India) - The appellant, an assessee under the KVAT Act, classified the product, “Appy Fizz” as fruit juice based drink under Entry 71 of the notification issued under Section 6(1)(d) of Act, 2003 paid @ 12.5% VAT. In the year 2007, the Department initiated assessment proceedings against one of the distri...

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SC Upheld validity of MVAT (Levy, Amendment and Validation) Act, 2009

Eurotex Industries and Exports Limited Vs State of Maharashtra & Anr. (Supreme Court of India) - SC upheld constitutional validity of the Maharashtra Value Added Tax (Levy, Amendment and Validation) Act, 2009 which amended certain provisions in the Maharashtra Value Added Tax Act, 2002 (MVAT Act) with retrospective effect from April 01, 2005. ...

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Railway catering services not exempt from sales tax: Bombay HC

Union of India Vs State of Maharashtra and Ors. (Bombay High Court) - The only contention and which has prevailed throughout is that the departmental catering service being a property of the Union of India through General Manager, Western Railway, it squarely falls within the exemption provision and particularly carved out by Article 285 of the Constitution of India. ...

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No VAT under Telangana VAT Act, 2005 on transfer of a business as a whole

M/s. Paradise Food Court Vs. State of Telangana (Andhra Pradesh High Court) -  A careful look at the reason for Rule 36 being inserted, which cannot be correlated to anyone of the matters enumerated in Clauses (a) to (r) of sub-section (2) of Section 78, will show that in the entire Telangana VAT Act, 2005, the only place where a transfer of business as a whole is spoken [&h...

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Delhi HC condemns VAT dept for deliberate delay in issue of VAT refund

Asian Polymers Vs Commissioner of Trade & Taxes & Anr (Delhi High Court) - Recently, in Asian Polymers Vs. Commissioner Of Trade & Taxes & Anr, the Delhi High Court reiterated that re-assessment cannot be used as a tool for causing delay in processing the refund applications. While scrapping the assessment orders passed by the DVAT Department, the division bench criticised...

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Amendments in Second schedule appended to Delhi Value Added Tax Act, 2004

Notification No. F. 3(6)/Fin.(Rev-I)/2017-18/DS-VI/255 - (19/05/2017) - Sale of Aviation Turbine Fuel to the Civil Aviation Operators, who have opted to operate under Regional Connectivity Scheme - UDAN for the flights on RCS routes (involving Delhi) between an identified pair of origin and destination airports/helipad within India subject to applicability and fulfillme...

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Countdown to implement GST begun: CBEC Chairman

D.O.No.09/CH(EC)/2017 - (20/05/2017) - As you all are aware the GST Council had a two day meeting on 18thand 19th of May and approved seven Rules and related formats and also the chapter wise and rate wise GST schedule for goods and services as well as the GST Compensation Cess rates. ...

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No late fee on filing of MVAT Returns for FY 2016-till 15.06.2017

Trade Circular No. 16T of 2017 - (17/05/2017) - Late Fee payable by any VAT dealer in Maharashtra, who files returns for the periods of any month or quarter for FY 2016- 17 shall stand exempted, if such returns are filed (uploaded and submitted) on or before 15th June 2017....

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GST: Provide building wise data of formations & Sanctioned Strength

Notification No. F.No:IV.(24)/35/2016-Systems - (27/04/2017) - After the GST reorganization, several changes will take place in the location of Commissionerates, Divisions and Ranges. For augmentation of hardware, the building wise data of the list of formations housed in that building and the sanctioned strength of various cadres is required....

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Notification on revised MVAT Rate on Petrol / Diesel wef 17.05.2017

Notification No. VAT 1517/C.R.69 /Taxation-1 - (16/05/2017) - Government of Maharashtra, hereby amends SCHEDULE 'D' appended to the said Act, with effect from the 17th May, 2017, as follows, namely :—...

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Recent Posts in "Goods and Services Tax"

Simplified Approach to GST – Online Certification Course Jointly by GST Professionals & Taxguru.in

GST at your doorstep; are you ready to open the door? Join most Intensive Online Certification Course on GST organised jointly by GST Professionals and TaxGuru.in across India to give a simplified and comprehensive understanding of the GST law. Just 2 classes a week on weekends, 2.5 hrs each for 2 months, 40 hrs detailed […]...

Read More

GST Enrollment to re-open on 1st June, 2017

All Central Excise & Service Tax Assessees Who are yet to enroll In GST, can do it now. Enrollment re-opens for limited period on 1st June, 2017 Please enroll in GST immediately Duty/ Tax credits under existing laws cannot be carried forward in GST unless you enroll, In GST Portal (www.gst.gov.in) TO enroll, please use […]...

Read More

New GST Rates Vs Old Indirect Tax (Excise, Service Tax & VAT)

Analysis of proposed GST Rates Vs existing rates is going on by different trades and industry. There may be little variation in different states due to difference in VAT rates. GST rates are yet to be notified and may undergo changes, before the notification is issued. However, a general comparison is as under:...

Read More

Taxability under GST on Transportation of Goods or Passengers

Through GTA (Specific goods like agricultural produce, relief materials, defence or military equipments, milk, salt etc. (Exempt)) Other than above through GTA (5% - No ITC)...

Read More

All New Valuation Rules Under GST- Determination Of Value Of Supply

Since the all new GST (a biggest tax reform) is going to roll out soon, there are various questions floating in our minds, the most important among them is how to determine value of supply under GST? What is to be included in the value of taxable supply on which the GST will be calculated? […]...

Read More

Tax Invoice, Credit and Debit Notes under GST (as on 18 May 2017)

Articles gives details of Tax Invoice, Credit and Debit Notes under GST to be issued and Time limit within which such documents shall be issued...

Read More

Time of supply of services – A drafting anomaly

The Goods and Service tax is going to the single biggest reform in Indirect Taxes of Independent India. It is going to radically change the way business is done in the country and is going to have a far reaching impact on our economy. The parliament has already cleared the Central Goods and Service Tax Bill among three others on 6th April...

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Analysis of Term ‘Consideration’ defined in GST

Consideration in relation to the supply of goods or services includes (a) any payment made or to be made, whether in money or otherwise, in respect of ,in response to, or for the inducement of , the supply of goods or services, whether by the recipient or by any other person but shall not include any subsidy given by the Central Governmen...

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GST: Some brief point to get the feel of new regime

This is brief capsule on basic understanding of various compliance under GST...

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GST will trouble accounting and financial reporting?

Currently, accounting treatment of various indirect taxes varies based on their nature and point of levy. Under IND AS, excise duty is included in revenue, since it is a production-based tax. Sales tax and VAT is not included in revenue, since it is levied at the time of sales....

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.

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