There are some ground realities which should be taken into account while implementing in a short period of time, the new law countrywide, replacing Value Added Tax, Excise, Service Tax, etc. and making golden handshake with VAT of different States of India and Central Excise, Service Tax and some other notified taxes, presently in operation.
Section 3(1) of RERA Act prohibits advertisement for all projects (ongoing/future) without registration with Real Estate Regulalory. This provision has come into effect from 01st May, 2017.
1. In the list of service tax exemptions to be continued in GST as approved by the GST Council, after S.No. 83, the following shall be inserted –
GST Council, in its meeting held on 11th June, 2017, has recommended increase in the aforesaid turnover limit for Composition Levy for CGST and SGST purposes from Rs. 50 lakh to Rs.75 lakh in respect of all eligible registered persons, referred to in the aforesaid subsection.
IGST Exemption under GST- [As per discussions in the 16th GST Council Meeting held on 11th June, 2017. I . Bilateral Commitments – Imports under Agreement between India and Pakistan / Bangladesh for regulation of Bus Service
GST council has revised GST rate more than 66 items in its meeting held on 11th June 2017. In its meeting council has revised the rate downward on most of the items. Rates on most goods has come down from higher rate to comparatively lower rate. In some cases rate has come down from 28% to 0% also.
Goods and Service Tax Council has approved Accounts and Records Rule and related format in its meeting held on 11th June 2017. Text of the Rules is as follows :-
(GST Registration Rules after making the changes in rule no. 19 as per meeting of GST Council held on 11th June 2017. Other News from GST Council Meeting on 11.06.2017 » GST Service: Amendment in Tax / Registration exemption and Rates » GST: Revised Threshold for Composition Scheme – 11.06.2017 » IGST Exemptions approved by […]
Under the GST regime, there will be a standardised form for making any claim for refunds. The claim and sanctioning procedure will be completely online and time bound, which is a marked departure from the existing time consuming and cumbersome procedure.
Supreme Court of India in its Landmark Judgement has upheld Section 139AA of the Income Tax Act,1961 as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns.
