Goods and Services Tax - Page 1521

GST registration will be through uniform PAN-linked business identification number

The model legislation for the introduction of goods and services tax (GST) will have a provision for registration of individuals and companies which pay the tax.The registration will be done through a uniform PAN-linked business identification number. The Department of Revenue in the Ministry of Finance had recently sent a proposal to sta...

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Consitution will be amended to introduce GST

The Constitutional amendment will be the basis for the new tax regime and will be followed by adoption of separate state and Central GST laws. The last amendment to the Constitution dealing with a financial matter was in 2000, when the Centre was given the power to tax services. The Ministry of Finance was in consultation with the law min...

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Important Aspects of New VAT Audit Form -704

For non filing or late filing of the Audit Report, penalty at the rate of 0.1% of the turnover of sales is also leviable. As explained from beginning, under VAT Act the assessments will be sparing, based on selection criteria. Therefore, to have authentic checking of the returns/tax liability of the dealer, the VAT Audit prov...

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GST unnecessary criticism and genuine concerns

Threshold:Different thresholds have been proposed, Rs 10 lakh for SGST (lower for some underdeveloped states), Rs 1.5 crore for CGST for goods and a lesser amount (not indicated as yet) for services. Thus, there will be four thresholds which has been criticised by several analysts but one must remember it is different in many developed co...

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MVAT Circular on Clarification regarding levy of tax on cutting of transportation charges

Trade Circular No. 31 T of 2009 (23/11/2009)

The Maharashtra Purchase Tax on Sugarcane Act, 1962 was amended in the year 2002 and year 2003. Thereafter, a Trade Circular cited at reference (1) was issued. By the aforesaid Trade Circular the effects of amendments were explained. In Para 2 of the Trade Circular, it was mentioned that the levy of purchase tax on sugarcane will continue...

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Joint committees at states level will be formed for inputs on the proposed GST

The Empowered Committee of State Finance Ministers will form joint committees at the level of the states for inputs on the proposed goods and services tax before its planned introduction next year.“A joint committee at the level of the states will be made and that will be a part of the exercise for preparation to implement GST. The comm...

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GST unlikely to be implemented from 1st April, 2010

With issues like the exclusion of petroleum products from the purview of Goods and Services Tax (GST) yet to be resolved, India may miss the GST implementation deadline of April 1, 2010. "There are various issues remaining unsolved. Currently, we are taking various industries' views on them to resolve them at the earliest," a senior offic...

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Analysis of First Discussion Paper on Goods and Services Tax in India

The Empowered Committee of State Finance Ministers, finally issued a long awaited First Discussion Paper on Goods and Services Tax in India. Though it was expected that this Discussion paper will put an end to much awaited queries on implementing GST in India, however after analyzing the Paper, it appears as if this has been drafted in a ...

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Good transactions under Goods and Services Tax

The indirect tax regime in India is evolving into GST in the year 2010. The steps towards introduction of GST have commenced. The Empowered Committee of State Finance Ministers has introduced the First Discussion Paper on GST in India on November 10, 2009. A dual structure of Central GST (CGST) and State GST (SGST) is proposed to be impos...

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State should be compensated for loss of revenue on implementation of GST

States that have huge mineral and petroleum reserves, but are economically backward may face significant loss of tax revenues on implementation of goods and services tax (GST), according to economists and experts in public finance. Introduction of GST would lead to the abolition of central sales tax (CST), which is collected by state gove...

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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.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.

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