Goods and Services Tax - Page 2

Meaning of “supply” in CGST Act, 2017

All forms of supply of goods and/ or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business....

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Import of Services from related person under GST

Provisions related to GST for import of service from related person is very harsh as it will cover all the transactions even if consideration is not involved. Valuation will be a major problem for such cases and it may lead to litigations also. ...

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GST Transition: Carry forward of ITC on Stock held on appointed day

Carry forwarding of existing ITC of the stock held on the appointed day is the first basic step that a business house needs to look into for a smooth transition into the GST regime. As the clock is ticking understanding the Transition Provisions and their implementation thereon is of the prime importance....

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Sugar, Tea and Coffee to cost less in GST Regime

Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee (other than instant coffee) and Milk Powder; Present incidence of taxes on sugar is 8% while proposed GST rate on Sugar is only 5% i.e. 3% less; ...

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Let’s prepare ourselves for GST: especially for small businessmen

Government is trying hard to implement GST with effect from 1st of July 2017, so the time has come to pull up your socks and keep yourselves ready to handle this transitional phase of the biggest tax reform in India. For the smooth transition from the existing structure of Indirect taxes into the new GST regime, both businessmen and the c...

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GST On Non-Banking Finance Companies (NBFCs)

Some of the noticeable provisions on NBFCs under GST are as under:- 1. Services provided are taxable at 18% GST Rate (Earlier 15% Service Tax). 2. Need to obtain State wise Registration where they have branches (Earlier Centralised Registration). 3. Inter-State supplies of services between branches of same entity will also attract IGST 4....

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Composition Scheme under GST (Updated 18 May 2017)

Under the proposed GST regime, registered persons shall either pay the taxes under normal rates or he may opt to pay tax at special lower rates under composition scheme as specified in the act and rules there under. Normal rates of taxes under GST is expected to be anywhere between 18% to 24%. However under composition scheme registere...

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Impact of GST on Alcohol/Liquor Sector

Alcohol sector is the second largest contributor of taxes to state government in India. The total tax impact for liquor companies are in the range from 7. To 150% in most state a no inter-state set offs are available, for them while alcoholic beverages represents 25 % of the food and beverages market in china and USA. In India sprits alon...

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Impact of GST on Job Work

The manufacturing industries now-a-days stick to their core competencies and get most jobs done on outsourced basis. The sending of raw materials/semi-finished materials for some process as per the directions of principal manufacturer is known as job work. This is widely used method in many industries....

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Impact of GST on Steel Sector

Steel industries contribute nearly two per cent of the country’s Gross Domestic Product (GDP) and Employs over 600,000 people in India. Steel industries of India were third largest producer of crude steel and are expected to become the second-largest producer in near future....

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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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