As per Sec. 10(1) of the CGST Act, 2017, a registered person whose aggregate turnover in the preceding FY did not exceed Rs.75 lakhs, would be eligible for paying GST under the composition scheme.
All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to other duties of customs. Full set-off will be available as ITC of the IGST paid on import on goods and services
Shri Mansukh L. Mandaviya, in a written reply to a question in Lok Sabha today, informed that all India weighted average MRP of Urea decreased by 71 paise per bag.
Under the GST regime the applicable tax rate on passenger tickets for economy class has been reduced from 6% to 5% (non-creditable for goods). The tax rate for business and first class has been increased from 9% to 12% (with input tax creditable for both goods and services procured by airlines). With regard to the […]
Amendments to the Legal Metrology (Packaged Commodities) Rules, 2011 to make mandatory for Medical Devices to print MRP on the packages. Amended rules shall be applicable to e-commerce companies also: Shri Mansukh L. Mandaviya
The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rates on goods have been fixed taking into […]
i. About 18 lakh persons whose cash transactions did not appear in line with their tax profile were identified and approached through email/sms. ii. More than 9.27 lakh responses were received giving information on 13.33 lakh accounts involving cash deposits of around Rs.2.89 lakh crore. Out of this record number of 5.27 lakh responses were received in the first 12 days of the operation.
Permanent Account Number (PAN) is the key identifier of taxable entity and aggregator of all financial transactions undertaken by one person. One PAN for one person is the guiding principle for allotment of PAN. However, for achieving the objective of one PAN to one assessee it is required to maintain uniqueness of PAN. The uniqueness […]
Government has set up two call centers being run for the purpose of catering to queries of taxpayers and stakeholders in GST. i. Call center on GST Application software prepared by GSTN, is being run by GSTN. Phone number is 0120-4888999 and email id is helpdesk@gst.gov.in ii. CBEC Mitra Help desk for replying to queries […]
Institute of Chartered Accountants of India (ICAI) conducts Integrated Professional Competence Course (IPCC) exam twice a year in the months of May and November. Which will be now called CA Intermediate exam according to new amendments applied from 1 July 2017.
