Goods and Services Tax - Page 1031

TNVAT – Forklift – Rate of Tax

CA V. Sundararajan A dealer is engaged in importing and selling fork lift. For selling of fork lift the dealer is collecting taxes @5% (Capital goods-commodity code no -2025). However the assessing officer is of the view that fork lift will fall under the category of motor vehicles-and are liable to tax @14.5% under the […]...

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GST- Origin & Indian Model of Destination Based Taxation

The fact that GST is destination based taxation is widely acknowledged. India would be implementing Dual GST which would be CGST and SGST and Inter State Transactions would be governed by IGST which would be equal to CGST and SGST. ...

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GST Models in India and its Benefits

Goods and Services Tax would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State governments....

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Taxes to Be Subsumed In GST

GST is commonly described as indirect, comprehensive, broad based consumption Tax. The Dual GST which would be implemented in India will subsume many consumption taxes. The objective is to remove the multiplicity of tax levies thereby reducing the complexity and remove the effect of Tax Cascading. The objective is to subsume all those tax...

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Impact under GST on Job work transactions

Goods and Service Tax (GST) upcoming in India is likely to result in widening the tax base substantially by covering large number of potential taxpayers who are hitherto not covered in the tax net either due to their activity not being in the nature of taxable or due to some exemption being claimed. It is talked that the present assessee ...

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GST: 1% Additional Levy: Where is it heading us?

Goods and Service Tax (GST) has been a topic of debate in the recent past. With the NDA government looking firm to bring in the GST, the members of Rajya Sabha still have a number of objections to raise, and for their very reasons. Finance Minister Arun Jaitley has been strongly contending that the implementation of GST would remove casca...

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Government pushing GST to meet April, 2016 deadline

Even though Parliament’s Monsoon Session could not turn into success, the Indian Government did not step-back and has been significantly working towards the success of Goods and Services Tax (GST) to be able to meet the April, 2016 deadline. The Government has pressed the pedal on the much needed administrative ground work for rolling o...

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Delhi VAT- Regarding restoration of registration of dealers

No.F.3(569)/Policy/VAT/2015/658-63 (02/09/2015)

After ensuring the field inspection report, the VATO shall also make a telephonic enquiry from the neighbouring dealers /market associations regarding the functioning of the dealer and submit a certificate that the applicant dealer is a genuine dealer and still functioning despite the cancellation of registration. ...

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U.P. VAT Act/ Rules Requires Simplification

Everyone has to follows the laws of the land and unfollowing of the same attracts penalties, prosecution etc. Law is above all and everyone has to respect the respective / concerning / governing laws....

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Collection of VAT in Uttarakhand Rs. 30,000 Crore – Realty

The Article 265 of The Constitution of India is as follows- Article 265. Taxes not to be imposed save by authority of law – No tax shell be levied or collected except by authority of law. Article 265 requires that- -there must be a law, -the law must authorize the tax, and -the tax must be levied and collected according to law....

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

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