Goods and Services Tax - Page 2

Availability of Input Tax Credit on Factory Building

CA Manoj P Gupta Query : A Company is setting up its Plant in Pithampur. The Construction of factory building is going on. The Input Tax Credit of Input & Input Services used in the construction of building  is not available in view of the provisions of the block credit as provided in the Sec 17(5) of […]...

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Events Which May Hint Suspicion In GST

Following are few illustrative areas which may trigger suspicious business / trade practices in GST regime and raise alert at the revenue authority’s end: (1) Substantial carry forward of input tax credit on closing stock as on 30.06.2017 (GST applicable w.e.f. 1.7.2017) ....

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Job Works under GST – Detailed Analysis

Section 2(68) of the CGST Act – ‘JOB WORK’ means any treatment or process undertaken by a person on goods belonging to another registered person (referred to as Principal) and the expression ‘job worker’ shall be construed accordingly While the person sending the goods out for job work (i.e. Principal), has to be a registered [&...

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Factors to be Considered while GST Return Filing

Being the biggest Tax reform after Independence, GST has been completely digital. This step has curtailed the evils like tax evasions, bribery and other corruptions from the country to a great extent. As we know that it has subsumed a number of previous indirect taxes; and hence, as soon as it got implemented the entire […]...

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GST leviable on Supply of Goods at Domestic Airport to transit passengers

A­1 Cuisines Private Limited Vs Union of India (Bombay High Court)

A­1 Cuisines Private Limited Vs Union of India (Bombay High Court) Facts : Petitioner seeks issuance of Writ directing the respondent UOI to exempt the petitioner from charging applicable taxes under the GST legislations on sale of cosmetic products, perfumes etc. to the International passengers and claim refund of any input tax paid on ...

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GST effect on Gold Jewellery

Before the GST was implemented in India, a potential buyer of gold/gold jewellery had to pay 1.2% VAT along with 1% excise duty and 10% customs duty for the procurement of gold. The GST council has decided a rate of 3% of GST on gold, thus, Value Added Tax (VAT) and Excise Duty have been […]...

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ICAI E-book on Exempted Supplies under GST

When a supply of goods and/or services falls within the purview of charging section, such supply is chargeable to GST. However, for determining the liability to pay tax, one needs to further check whether such supply of goods and/or services are exempt from tax. Exempt supply has been defined as supply of any goods or […]...

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Absence of price reduction after GST Rate reduction proves Profiteering

Shri Surya Prakash Loonker Vs M/s Excel Rasayan Pvt. Ltd (NAA)

Shri Surya Prakash Loonker Vs M/s Excel Rasayan Pvt. Ltd (NAA) it is clear that the Respondent has admittedly not passed on the benefit of tax reduction since the base prices of the above two products were increased to maintain the same selling prices which were existing before the reduction in the rate of tax. […]...

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GoM constituted on issues relating to GST on lottery

Group of Ministers (GoM) constituted on issues relating to lottery In pursuance of decision in the 32nd Meeting of GST Council held on 10th January, 2019 at New Delhi, a Group of Ministers (GoM) on issues relating to lottery has been constituted. The ‘GoM for Lottery’ shall consist of the following: Sl. No. Name Designation and Stat...

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Reduction in GST on Haj Pilgrimage to Decrease air fare 

Reduction in GST on Haj Pilgrimage will Ensure Significant Decrease in air fare  Shri Mukhtar Abbas Naqvi Inaugurated new Office space of Haj Division Union Minister for Minority Affairs Shri Mukhtar Abbas Naqvi today said here that for the first time after the Independence, more than 2300 Muslim women from India will go on Haj […...

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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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