Right after the GST rates for goods, another meeting held on May 19, 2017 at Srinagar, Jammu & Kashmir, headed by Finance Minister Arun Jaitley, approved the GST rates for services. The rates for services were finalised the four- slab structure i.e. 5%, 12%, 18%, 28%. A larger number of fast- food joints, which are […]
Another key issue being debated in great length ‘the rate of GST’ on May 18, 2017, finally approved by the GST Council at its 14th GST Council (the apex decision making body for GST) Meeting held at Srinagar, Jammu & Kashmir. The rates of Goods are divided into different Slabs i.e. 0%, 5%, 12%, 18% & 28%, while the GST Compensation Cess Rates for different supplies varies. Though they are approved by the GST Council, but they will be subject to further vetting during which the list may undergo some changes. Tax rates have been finalised for 1,211 items with a majority of items being kept under the 18% slab.
In this editorial, the eligibility and conditions for taking Input Tax Credit under Central Goods and Services Tax Act, 2017 is being covered. The aim is to decipher various aspects of Input Tax Credit.
Since GST is all set to roll out in July 1, 2017, the major and important task is to Register under GST and while registering, one should be very careful, as registration can be cancelled as well, if the proper procedure is not followed.
GSP means GSTN (Goods and Service Tax Network) Suvidha Provider which is considered to play a pivotal role in the roll out GST. It is also considered as the activator to the businesses for a paperless tax compliance regime and brings more ease in doing business.
Another important provision under GST (Goods and Service Tax) which is all set to roll out in July 1, 2017 is composition Scheme. The main aim of composition Scheme is to minimize the compliances of Startups & small and medium Enterprises (SMEs), unlike Regular dealer.
Finally, after the long wait of almost nine years, regulating the Real Estate sectors became a reality with Real Estate (Regulation and Development) Act, 2016’ came into force on May 1, 2017 in entire Country.
Soon before the roll out of GST, the most important concept to understand: 1. Place of supply of goods/ services; and 2. Time of supply of goods/ services Before proceeding with the above concepts, lets understand when the CGST, SGST & IGST will be levied.
Finally, the wait is over, after an eight hour debate in Rajya Sabha(upper house of parliament), all four supplementary Bills were passed without any modification, which empowers the Government to roll out the GST in July 1, 2017 and make the nation a unified tax zone.
Please find below the complete process of GST enrolment in case of existing assessee. 1. Get the Login ID and password from the State VAT or Central Tax Department or Service Tax. 2. After obtaining Login ID & Password, go to ‘www.gst.gov.in, click on ‘new user’(for new users, not existing users): 3. Click the ‘new […]
