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Change in GST Rates The council has recommended to change GST tariff rate for hotels as follows: Transaction value per unit per day up to Rs.1000/- Nil rate, from Rs.1000/- to Rs.7500/- 12% and above Rs. 7500/- tax at 18%. This will have direct impact on consumers by benefiting in the lower taxes. To reduce outdoor catering […]
We Completed two years of GST era in India on 1st July 2019. Let us try to review what GST has been able to achieve in these two years and future of GST. The aim of GST was to abolish or subsume multiple indirect taxes levied by Central & State Govt. into one Tax. To […]
Impact of GST cut on Under construction property in 33rd GST Council Meeting on 24th Feb 2019 Finance Minister Arun Jaitley informed that GST on Under construction building to be reduced from 12% (after abatement towards land cost) to 5%, a reduction of 7%. The Council also reduced the rate of affordable housing from 8% […]
How to prepare for IDT paper 8 (GST) for CA Final May 2018 Exam (old syllabus as well as new syllabus)- Part III
Zero rated supplies are those supplies on which you can claim input but Vat is charged at zero rate. To understand better we should first understand the definition of Taxable Supply.
GST council meeting was held on 6th Oct 2017 and effect of decisions taken in that meeting was given on 13th Oct 2017 by Notification Nos. 38 to 46. To clarify the decisions taken by the council and the date of effective changes following analyses has been done:
GST Council has taken many positive decisions in this meeting and in the long run it will benefit the business and businessmen. It will also take away difficulties faced by Business people SME’s who were earlier more involved in compliance of Indirect Tax and were not able to concentrate on their business.
First, we should try to understand why we need to emphasise and understand Place of Supply. Since GST Law is based on point of supply ie. Destination based
Presently we pay Excise Duty on goods produced and removed from factory. So the liability arise at the time of removal. Service Tax is charged on rendering services at the time of Receipt of Payment, raising of Invoice / Completion of Services, whichever is earliest. VAT & CST on sale of goods, transfer of property.
