The basic features of the returns mechanism in GST include: – Electronic filing of returns, Uploading of invoice level information, Auto-population of information relating to Input Tax Credit (ITC) from returns of supplier to that of recipient,
GST is a biggest reform in the field of indirect taxes in our country. Multiple taxes levied and collected by the Centre and States would be replaced by one tax called Goods and Services Tax (GST). GST is a multi-stage value added tax on consumption of goods or services or both.
Export of goods means taking goods out of India to a place outside India (Sec 2(5) of IGST Act) Export of services means the supply of any service when: the supplier of service is located in India; the recipient of service is located outside India; the place of supply of service is outside India;
Since the implementation of GST in India, most of the people are still wondering how it’s going to affect their daily life. Let’s take a brief look on the goods and services which will be cheaper, or more expensive with GST.
Central Government hereby notifies for the purposes of the said clause, the Himachal Pradesh Electricity Regulatory Commission, a commission established by the Government of Himachal Pradesh, in respect of the following specified income arising to that Commission, namely:—
Whereas a Multilateral Competent Authority Agreement on the Exchange of Country-by- Country Reports was entered into by the Government of the Republic of India, being a party to the Convention on Mutual Administrative Assistance in Tax Matters
In the meeting of the BRICS Heads of Revenue and Tax Experts held at Hangzhou, China from the 25th to 27th of July, 2017, India’s GST reforms were appreciated and hailed by the BRICS countries. The Indian delegation was led by Dr. Hasmukh Adhia, Revenue Secretary of India.
The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified the tax incidence on items like food grain, […]
GST will promote business and development by making the taxation structure easy and by eliminating the numerous taxes. The GST laws have been framed in such a manner that a multitude of taxes have been replaced by one tax. The details of the taxes subsumed under GST are as under.
On account of implementation of GST there may be instances where the retail sale price printed on a pre-packaged commodity is required to be changed. The Department has issued an order according to which, manufacturers/ packers/ importers of pre-packaged commodities are allowed to declare the revised retail sale price (MRP), by way of stamping or […]
