Goods and Services Tax - Page 20

GST Composition Scheme, its benefits and Transition

Composition Scheme is a distinct feature of Indirect Tax laws that in order to provide a comfort to assessee from complying with the requirement of paying tax on value addition by maintaining detail of ‘inputs’ and ‘outputs’, a option is provided to go for a put together scheme...

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GST-Procedural impact on Gold Jewellery

GST on gold industry has been pegged at an 5% rate. Due to GST, there will be no distinction between manufacturing and trading, no separate books, will be required to maintain. Moreover it will also reduce the cascading tax effect. The various aspect of jurisprudence, on gold jewellery, is discussed which may be helpful to the trade....

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MVAT: Guidelines regarding Cross Checking of Input Tax Credit (ITC)

Internal Circular No. 11A of 2017 (03/05/2017)

Unmatched ITC means ITC not matched due to one of the TIN not being uploaded in either Annexure J1 or Annexure J2. Whereas, mismatched ITC is due to the difference in amounts of transaction disclosed by the respective buyer and supplier in their Annexure j2 and Annexure j1, respectively....

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Tax Deducted at Source (TDS) under Goods and Service Tax

In addition, as per GST law, certain categories of registered persons will be required to deduct taxes while making payments to supplier i.e TDS and deposit it with government. Let’s try to understand TDS related procedures under the revised law....

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8 States passes State GST Act in less than one month

Eight States have passed the State Goods and Services Tax (SGST) Act in their respective State Assembly in less than a month’s time. ...

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Simplified Approach to GST – A Book by CA Raman Singla

GST Professionals take pride in releasing its latest May’ 2017 edition of GST Book titled – Simplified Approach to GST – A Ready Referencer authored by CA Raman Singla covering the latest GST laws and simplistic presentation of GST Acts and Rules. ...

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Transaction Value & Valuation Rule under GST

To determine the value on which GST would be levied has been described in the Chapter IV of CGST ACT, 2017. The Provision says that there are five items such as taxes under other statutes, interest or late fee for the delayed payment of consideration, incidental expenses, subsidy etc, which should be included in the transaction value. The...

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GST Impact on Textile Industries

An important determinant of the tax incidence under GST will be the GST rate applicable to the textile segments. While the final GST rates are yet to be announced, even at the 12% lower rate recommended by the Dr. Arvind Subramanian Committee, the textile sector is likely to be negatively impacted....

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Reimbursements in GST-Whether Taxable

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 or both, whether by the recipient or by any other person but shall not include any subsidy given by the Central Government or a State Government;...

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All about GSTR-3 Consolidated return with FAQs

GSTR-3 is a consolidated return filed by the taxpayer based on GSTR-1 and GSTR-2. GSTR-3 provides the details of tax liability for a given tax period and details of tax paid. GSTR-3 provides details of gross turnover, export turnover, exempted domestic turnover, Nil rated turnover, Non GST turnover and Net taxable turnover....

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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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