Vat was introduced in all over country in 2006 and GST is the logical conclusion of the successful introduction and imposition of Value added Tax in India. In its standard format GST is a single tax replacing all the indirect taxes and collected by a single authority but in our country the system of Governance is Federal and both centre and states have the power to collect indirect taxes in one form or another.
What is IGST and how this will monitor the interstate trade of Goods in GST? Will IGST replace the existing CST? Please explain with suitable example. A new model is developed under proposed GST to monitor the interstate trade of Goods and Services and this is called IGST. Let me clear first thing it will not replace the existing CST and there will be long awaited goodbye to Central Sales Tax in the GST regime.
Goods and Service tax which is going to be introduced in India is a Tax to be collected by states and centre both on a single transaction so if X of Mumbai sells Goods to Y of Mumbai then both SGST and CGST will be applicable on this transaction
Goods & Service Tax (GST) – One Question A Day by CA Sudhir Halakhandi – PART 1 Q. The talks on GST is going on in the News papers very prominently and I came to know that GST will be a single tax replacing all the Central and State indirect Taxes and we will require […]
सुधीर हालाखंडी बजट आने के पहले हर वर्ष समाचार पत्रों में बजट साल के अगले साल जी.एस.टी. लागू होने की काफी जोर शोर से छपती है लेकिन एक बात हर बार होती है कि कही ना कही बाद में यह खबर आती है कि राज्यों और केंद्र के बीच किसी एक या अधिक मुद्दे पर […]
All Rajasthan Vat Consultants Association (ARVCA) (Incorporation under process) has recently given by e-mail on 22.12.2014 Memorandum on VAT issues faced by the Traders and Professionals in the State to Hon. Commissioner of Commercial Taxes, Rajasthan. The Memorandum Covered the following 16 topics :-
The first base of the extension of due date as mentioned by CBDT is the verdict of Gujarat High court and today we have with us , the Gujarat petitioner CA RAJNI SHAH from Ahemdabad , Let us have a talk with him :-
The basis of the extension of date by CBDT was verdict of Gujarat High court and we have talked with the petitioner of Gujarat High court CA RAJNI SHAH and in his talk he mentioned the role of WhatsApp Group ‘MISSION TAR DEFERMENT 2014’.
The central Board of Direct taxes has extended the date of obtaining and furnishing the Tax audit report to 30/11/2014 though the Date of filing of Income tax returns is still 30/09/2014 and it is very unfortunate situation troubling the whole trade and Industry which is a very big part of the total tax paying fraternity.
CA Suhdir Halakhandi – The Mid-year introduction of New formats of Tax audit reports and further extension of date of Tax audit report without extending the date of filing of return has created a lot of controversy and in this respect two writ petitions have been filed in Hon. Delhi high court and Hon. Gujarat High Court by CA Mahesh Kumar and CA Rajni Shah respectively and both are coming up for hearing on 15th Sept 2014.
