goods and services tax

Impact of GST on Indian Economy

Goods and Services Tax - The introduction of Goods and Services tax (GST) would be a very noteworthy step in the field of indirect tax reforms in India, by amalgamations a large number of central and state taxes into a single tax. Introduction of GST would also make Indian products competitive in the domestic and international markets. Once GST implemented in the...

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E-Way Bill under GST Regime

Goods and Services Tax - Waybill compliance has been a nightmare for suppliers in the pre- GST era. Supply of goods cannot take place without obtaining these ‘waybills’ from VAT authorities. Waybill is nothing but a physical document that allows movement of goods. The compliance around waybills has caused restricted movement of goods across states. And this i...

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Construction & Infrastructure Sector in the Proposed GST

Goods and Services Tax - Though the Government is claiming that GST is going to benefit the business and industry but on deep analysis of existing negative/mega exempt services and proposed exempt services (as announced by GST Council), it is revealed that construction/infrastructure sector is going to be negatively affected under the new dispensation...

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All About Job- Worker under GST

Goods and Services Tax - In other words, Job work is the processing or working on goods supplied by another person/ entity to complete a part or whole of the process. Job work can be undertaken for the initial process, assembly, packing or any other completion process or complete manufacturing....

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Impact of GST on Export

Goods and Services Tax - Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal and governmen...

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CBEC asks telcos to pass benefit under GST to Customers

Goods and Services Tax - Telcos are required to re-work their costing and credits availability and re-jig their prices and ensure that the increased availability of credits is passed on to the customers by lowering their costs....

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Sugar, Tea and Coffee to cost less in GST Regime

Goods and Services Tax - 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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Simplified Approach to GST – Online Certification Course Jointly by GST Professionals & Taxguru.in

Goods and Services Tax - 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

Goods and Services Tax - 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

Goods and Services Tax - 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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Can GST implementation end Tax Terrorism by State Revenue officials?

Flipkart India Pvt. Ltd Vs State of U.P. & Others (Allahabad High Court) - It clearly shows that State VAT department has literally plundered most of the assets of a company without any legal justification. Now, these commercial tax officials would also be part of GST machinery....

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HC slams cavalier fashion working of UP VAT Department

Flipkart India Pvt. Ltd Vs State of U.P. & Others (Allahabad High Court) - If in this cavalier fashion the Commercial Tax Department functions and withdraws huge sums of money without valid service, it would be difficult for big business houses to carry on their business. Such business houses would be forced to shift their business outside the State of Uttar Pradesh....

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Sodexo meal vouchers are utility goods- Octroi & LBT can be levied

Sodexo SVC India Private Limited. Vs The State of Maharashtra and Others (Bombay High Court) - The Petitioner Company is conducting a business of providing pre­printed Sodexo Meal Vouchers (For short “the said Vouchers”). The case made out in the Petitions is that the Petitioner Company enters into a contract with its customers for issuing the said vouchers....

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Gujarat Sales Tax – Interest admissible on refund arising in appeal proceedings

M/s. Jupiter Engineers Vs State of Gujarat - The Gujarat Value Added Tax Tribunal in the case of Jupiter Engineers Vs. The State of Gujrat has, in the context of the Gujarat Sales Tax Act, 1969, held that a dealer is entitled to interest on refund even where such refund arises in appeal proceedings....

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Penalty cannot be imposed for the first time in Revision proceedings – Gujarat VAT Tribunal

Kunal Structure (India) Pvt. Ltd. Vs The State Of Gujarat (Gujarat Value Added Tax Tribunal, Ahmedabad) - Full bench of the Gujarat Value Added Tax Tribunal in the case of 'Kunal Structure (India) Pvt. Ltd. V/S The State Of Gujarat' held that in view of provisions contained in Sec. 75 of the Gujarat Value Added Tax Act, 2003, penalty cannot be imposed for the first time in revision. ...

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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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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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Huge difference in working strength & number of CBEC officials trained

DO. No. 08/CH(EC)/2017 - (12/05/2017) - For the smooth roll out of GST, tax officials were required to be trained on the GST common portal of GSTN. However, there appears to be a huge difference between the working strength of tax officials and the number of officials trained....

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Summary of reorganization plan of CBEC field formation for GST implementation

D.O. F. No. 8/B/208/HRD (HRM)/2015-Pt - (13/05/2017) - CBEC has already got approval of FM for plan for reorganization of existing Central Excise and Service Tax field formations according to requirements of GST regime....

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GST to have far reaching implications for Indian Economy

Press Release : 2016-2017/3056 - (12/05/2017) - Introduction of GST would have economy-wide ramifications in terms of growth, inflation, government finances and external competitiveness over the medium-term....

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Recent Posts in "goods and services tax"

CBEC asks telcos to pass benefit under GST to Customers

Telcos are required to re-work their costing and credits availability and re-jig their prices and ensure that the increased availability of credits is passed on to the customers by lowering their costs....

Read More

Impact of GST on Indian Economy

The introduction of Goods and Services tax (GST) would be a very noteworthy step in the field of indirect tax reforms in India, by amalgamations a large number of central and state taxes into a single tax. Introduction of GST would also make Indian products competitive in the domestic and international markets. Once GST implemented in the...

Read More

E-Way Bill under GST Regime

Waybill compliance has been a nightmare for suppliers in the pre- GST era. Supply of goods cannot take place without obtaining these ‘waybills’ from VAT authorities. Waybill is nothing but a physical document that allows movement of goods. The compliance around waybills has caused restricted movement of goods across states. And this i...

Read More

Construction & Infrastructure Sector in the Proposed GST

Though the Government is claiming that GST is going to benefit the business and industry but on deep analysis of existing negative/mega exempt services and proposed exempt services (as announced by GST Council), it is revealed that construction/infrastructure sector is going to be negatively affected under the new dispensation...

Read More

All About Job- Worker under GST

In other words, Job work is the processing or working on goods supplied by another person/ entity to complete a part or whole of the process. Job work can be undertaken for the initial process, assembly, packing or any other completion process or complete manufacturing....

Read More

Impact of GST on Export

Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal and governmen...

Read More

Impact of GST on Role/Work of Professionals (CA, CS, CWA)

The introduction of GST will have a magnanimous impact as each and every business will be affected. The entire framework of indirect taxation will change ranging from the nature of levy, rate of taxes and administration of the taxes. Introduction of GST should rationalize the tax content in product price, enhance the ability of business e...

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5 Most Significant Benefits of GST for SMEs

With all Central legislations in place and only State level ratifications pending, the stage is set for GST implementation. The 1 July 2017 target also seems realistic given that the major hurdles have been crossed....

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Impact of GST on marketing strategy

Free supplies would be liable to excise duty, while under the VAT laws, free supplies would require reversal of input tax credit; Under the GST law, the treatment would be similar to the present VAT laws, where the supplies are made without any consideration (monetary/ otherwise)....

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Return filing under GST

Submission of details of transaction that the business was indulged in for a given period , in prescribed period can be termed as ‘Return’. It can also be described as periodic statement of transactions carried out by organization. Every Act has certain returns prescribed which has to be filed with certain departments / authorities et...

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