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Goods and Services Tax

Tax Treatment of Gold Investments in India

We Indians do love the shiny yellow metal. So much so, that between March and December 2016, gold imports in India had reached the hereto unmatched level of Rs. 2295 billion (approx.). Though a majority of the imported gold actually makes its way to the jewelry store, a relatively smaller number look at gold as an investment....

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Key takeaways of 10th GST Council meeting

Prospects of Goods and Services Tax (GST) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10th meeting, held on February 18,t 2017 at Udaipur....

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Anti-Profiteering measure under GST to bring relief to consumers

The 10th GST Council Meeting which concluded on 18.02.2017 at Udaipur has approved the anti-profiteering Measure as illustrated by section 163 of the Revised Draft of Goods and Services Tax Law. But what it is exactly here we illustrate for you:...

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GST Moves Forward: Summary of 10th GST Council Meeting

GST Council met for the tenth time at Udaipur on 18th February, 2017, its first meeting out of Delhi and at Udaipur (Rajasthan). This meeting being at Udaipur for only few hours, being of one day and then due to air connectivity, people were reaching till 12.00 p.m. of same day....

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Provisions applicable to “Composition Scheme Dealers” under GST

A registered taxable person can opt for the composition scheme only if his aggregate turnover in the preceding financial year did not exceed Fifty Lakh Rupees (i.e. upto Fifty Lakh)...

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Join Certification Course on GST by Ministry of MSME

With immense pleasure, we would like to invite the readers for the certification course on GST by Ministry of Micro, Small & Medium Enterprises (MSME), Govt. of India, specially designed to cater the need of professionals and businesses at large....

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GST Outreach programme

As part of the GST : MISSION ALL project whereby awareness on GST law was sought to be spread far and wide in the jurisdiction of Tirupati Commissionerate, a novel idea of broadcasting GST awareness programmes over AIR Tirupati was thought of. The station Director of AIR., Tirupati was contacted who readily agreed to cover GST awareness p...

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Publications on GST by ICAI Indirect Taxes Committee

India is witnessing a sea change in the indirect taxes regime. The implementation of much awaited Goods and Services Tax, which is major taxation reforms taken by the Government since independence, is around the corner. This new law would directly or indirectly affect every section of the society be it Manufacturer, Traders, Retailers, Se...

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TCS under Model GST Law – A challenge for e-commerce marketplaces

The Tax Collection at Source (TCS – Section 56) clause under the GST draft model law, mandates e-commerce marketplaces, to deduct 2% of the transaction value and submit it to the government. ...

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No hike in service tax if GST roll out is delayed

The Government is not thinking to hike service tax if GST roll out is delayed. The Government is taking steps to expedite the GST and to take the concerns of the States on board. ...

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Tractors cannot be treated as motor vehicle under Gujarat Entry / VAT Tax

Tractors and Farm Equipments ltd Vs State of Gujarat (Gujarat high Court at Ahmedabad) - Levy of Entry Tax at the rate of 15% treating Tractors as motor vehicles and/or at par with the motor vehicles is hereby held to be illegal, discriminatory, violative of Article 304(a) of the Constitution of India and against the object and purpose of the levy of Entry Tax under the Entry Tax Act....

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Audit report filed under KVAT Act cannot be revised: HC

M/s. Modern Hospital Pharmacy Vs. Commercial Tax Officer & Anr. (High Court of Kerala at Ernakulam) - HC held that Though there is a provision to revise the returns filed under the KVAT Act, there is absolutely no provision where the auditor could file a revised report. ...

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e-mail is not proper mode for applying revision under Kerala VAT

Sabith K. A Vs Commercial Tax Officer (Kerala High Court) - The petitioner's contention is that the petitioner had detected the defects noticed by the Assessing Officer when audit was conducted of the accounts of the petitioner. It was in that context that the petitioner sent an e-mail, as per Ext.P4, for revision of return, which is said to be dated 29.08.2...

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Sales Tax applicanbility on under construction flats at the time of Booking

M/s Supertech Ltd. Vs Commissioner of Commercial Tax, UP (Allahabad High Court) - Whether sales tax attracted merely because the flats were booked by prospective buyers while the same were under construction? Whether K. Raheja and Larsen & Toubro & Ors. judgments universally applicable without regard to the facts and circumstances of the case?...

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No disallowance of ITC for mere technical defect in VAT invoice – HC

M/s Avdesh Tracks Private Limited Vs. The State of Punjab and another (Punjab & Haryana High Court) - The Hon'ble Punjab & Haryana High Court in a crucial decision has held that input tax credit cannot be disallowed merely for a technical defect in the VAT Invoice such as non mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules,...

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3Q DVAT return due date extended to 28/02/2017

Circular No. 23 of 2016-17 - (13/02/2017) - I, H. Rajesh Prasad, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexure/enclosures to 28/02/2017....

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MVAT: Improves new registration functionality with integrated payment gateways

Trade Circular No. 4T of 2017 - (02/02/2017) - Such applicant may apply for refund of such amount of fee and or deposit paid under earlier system to the concerned Additional Commissioner of Sales Tax or they can claim this amount as payment of tax in the returns to be filed by them for financial year 1st April 2016 to 31stMarch, 2017....

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DVAT: Complete CST Form-9 assessment for Year 2012-13 by 31.03.2017

Circulars No. 22/2016-17 - (02/02/2017) - The reconciliation return in CST form 9 relating to declaration of sales against statutory forms are required to be filed by all such dealers who had effected interstate sale against any statutory form like C, F, H, E-I, E-II, I & J....

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3Q DVAT return due date extended to 13/02/2017

Circular No. 21 of 2016-17 - (27/01/2017) - Last date of filing of online/hard copy of third quarter return for the year 2016-17, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures extended to 13/02/2017....

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GST Migration Seva Kendras to help Migration of CX & ST Assessees

D.O.No. IV (33) 16/2016 - Systems - (27/01/2017) - It is the responsibility of CBEC to adequately support all such Central Excise / Service Tax assessees in their migration to GST. For this purpose, I would urge all Chief Commissioners to personally arrange to have special GST MIGRATION SEVA KENDRAS in their Zonal Headquarters/Commissionerates /Divi...

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Recent Posts in "Goods and Services Tax"

Join Certification Course on GST by Ministry of MSME

With immense pleasure, we would like to invite the readers for the certification course on GST by Ministry of Micro, Small & Medium Enterprises (MSME), Govt. of India, specially designed to cater the need of professionals and businesses at large....

Read More

Tax Treatment of Gold Investments in India

We Indians do love the shiny yellow metal. So much so, that between March and December 2016, gold imports in India had reached the hereto unmatched level of Rs. 2295 billion (approx.). Though a majority of the imported gold actually makes its way to the jewelry store, a relatively smaller number look at gold as an investment....

Read More

GST Outreach programme

As part of the GST : MISSION ALL project whereby awareness on GST law was sought to be spread far and wide in the jurisdiction of Tirupati Commissionerate, a novel idea of broadcasting GST awareness programmes over AIR Tirupati was thought of. The station Director of AIR., Tirupati was contacted who readily agreed to cover GST awareness p...

Read More

Key takeaways of 10th GST Council meeting

Prospects of Goods and Services Tax (GST) becoming a reality from July 1, 2017, brightened further with the GST Council clearing the legally vetted draft of the GST Compensation Bill, in its 10th meeting, held on February 18,t 2017 at Udaipur....

Read More

Anti-Profiteering measure under GST to bring relief to consumers

The 10th GST Council Meeting which concluded on 18.02.2017 at Udaipur has approved the anti-profiteering Measure as illustrated by section 163 of the Revised Draft of Goods and Services Tax Law. But what it is exactly here we illustrate for you:...

Read More

GST Moves Forward: Summary of 10th GST Council Meeting

GST Council met for the tenth time at Udaipur on 18th February, 2017, its first meeting out of Delhi and at Udaipur (Rajasthan). This meeting being at Udaipur for only few hours, being of one day and then due to air connectivity, people were reaching till 12.00 p.m. of same day....

Read More

Provisions applicable to “Composition Scheme Dealers” under GST

A registered taxable person can opt for the composition scheme only if his aggregate turnover in the preceding financial year did not exceed Fifty Lakh Rupees (i.e. upto Fifty Lakh)...

Read More

Reverse Charge Mechanism and Remission of Tax under GST Regime

At present Reverse Charge Mechanism is applicable in Service Tax for about 15 Services. Cenvat Credit is eligible on eligible services to the Service receiver paid under Reverse Charge, based on the payment challan viz., GAR 7....

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GST Business Impact Analysis on Manufacturing Companies

Branch and depo transfers will be treated as taxable supplies accordingly IGST will be chargeable on such transfers made from one state to other. It will result in increase in working capital requirements as though the tax paid by receiving unit/depo is allowed as input tax credit but there will be a time gap between the time of payment o...

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Comedy of corruption! The curious case of Sale Tax Department

I hurried inside the elevator of the Sale Tax Department among others and breathed in the usual fragrance of tobacco and paan plastered colourfully on the door. ...

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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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