GST Council has already fixed the rates for more than 1,000 items on 18 May 2017, and today on services. Under the new GST structure, cars will be subjected to a standard 28 % tax rate and additional cess between 1 to 15%.
Outward supply, in relation to a taxable person, means supply of goods/ services, whether by sale, transfer, barter, exchange, license, rental, lease, or disposal made or agreed to be made by such person in the course or furtherance of business.
Understanding the transition provisions are of prime importance as the same would help in the smooth transition to the New GST Regime. Certain situations such as return of goods sold, receiving of the goods after appointed day, change in price of goods/ services can arise during the transition phase. Some of them are discussed in this Article.
In simple terms Composite supply is one where 2 or more goods or services are supplied together, in a natural bundle and in a normal course of business, provided one of which is a principal supply. The composite supply is taxed at the rate applicable to the principal supply.
Most of today’s problems are yesterday’s challenges overlooked. It is always considered a wise thing to perceive problems before they arise and attend to them at the earliest. By doing so, you will be spared from the trouble you may have to undergo in the later stages. Here are few pointers to assist you in identifying the problems related to your spending and saving patterns.
Goods & Services Tax (GST) is a destination based consumption tax, mean tax should effectively where consumption of such supplies at destination thereof or as the case may at point of consumptions.
Central Sales Tax Act 1956 envisages single point of taxation i.e tax at the first point of sales. Subsequent sales during the movement of the goods from one state to another have been exempted under section 6(2) of CST Act. The scheme of section 6(2) of CST Act is that once the first interstate sale has suffered CST then subsequent sales effected by transfer of documents during transit will be exempt provided conditions prescribed u/s 6(2) are satisfied. This has been done to remove the cascading effect.
Mere charging of fee from members or non-members for rendering services like training, conducting seminars would not ipso facto lead to denial of exemption. The dominant object of the assessee remains charitable and the aforesaid activities are only incidental to the main activity of the assessee. Also, the activities of the assessee are benefiting the […]
Under the provisions of section 292B, certain acts are not to be treated as invalid by reason of mistake or defect or omission either in the return of income, assessment, notice, summons or other proceedings. In other words, notice cannot be invalidated by reason of any mistake such as one occurred in the present case i.e. mentioning section 153A instead of 153C.
In Srinagar, the all-powerful GST Council headed by the Hon’ble Finance Minister, Mr. Arun Jaitley met for the fourteenth time to finalise the nuts and bolts of the new GST tax framework. This meeting is paving the way for India to join select League of Nations with a GST rollout from July 1, 2017 as envisaged.
