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Goods and Services Tax : Finance Minister Nirmala Sitharamans budget missed crucial GST changes. Discover amendments in GST laws and their impacts for busi...
Goods and Services Tax : Discover the major GST and Customs changes proposed in Budget 2024-25. Key updates include reverse charge GST, assessment procedur...
Goods and Services Tax : Explore the effects of Union Budget 2024-25 on CGST provisions. Detailed analysis of amendments to levy, composition, ITC, recover...
Goods and Services Tax : Explore the concept of "control" under the GST Act, 2017, and understand its implications on related persons' transactions, commer...
Goods and Services Tax : Explore the 53rd GST Council clarification on corporate guarantee valuation, recent Supreme Court decisions, and the impact on GST...
Goods and Services Tax : Explore the July 2024 amendments to Customs Notifications Nos. 29-39 and Explanatory Memorandum to Notification No. 51/2024-Custom...
Goods and Services Tax : Finance Minister lauds GST success, highlights reduced tax incidence, simplified compliance, and eased appeal processes in the Uni...
Goods and Services Tax : Bikaner Tax Consultants Association seeks an extension of the Income Tax Return filing deadline due to ITD portal glitches and iss...
Goods and Services Tax : Explore the need for agriculture reforms, GST implications on mechanized inputs, and government measures to support Indian farmers...
Goods and Services Tax : GST collections have risen steadily each month up to June 2024. No pending dues to states; Bihar and others have raised fiscal sup...
Goods and Services Tax : Read the detailed analysis of Telangana High Court's judgment on Himani Navaratan Oil, Gold Turmeric Ayurvedic Cream, and other pr...
Goods and Services Tax : Gujarat High Court quashes vague show cause notice against KRD Enterprise, highlighting need for detailed grounds in GST registrat...
Goods and Services Tax : Delhi High Court's ruling in Green Polymers Vs Union of India invalidates GST cancellation and restores the petitioner’s GST reg...
Goods and Services Tax : Madras High Court remands case of Sakthi Industries Vs Deputy State Tax Officer-I, citing breach of natural justice. Petitioner al...
Goods and Services Tax : Madras High Court sets aside penalty order for GST non-compliance, allowing Prakash Fabricators & Electricals to contest late fee ...
Goods and Services Tax : Discover the CBIC July 2024 newsletter highlights including NTRS 2024 findings, RoDTEP benefits for SEZs, and a crackdown on gold ...
Goods and Services Tax : Explore the integrated services of NIC-IRP e-invoice-1 and e-invoice-2 portals, launching on July 18th, 2024. Learn about seamless...
Goods and Services Tax : Explore CBIC achievements, updates, and recent cases in the July 2024 newsletter from the Ministry of Finance, Department of Reven...
Goods and Services Tax : GST rates on solar cookers, fire water sprinklers, parts of poultry-keeping machinery, pre-packaged agricultural produce and suppl...
Goods and Services Tax : Latest GST clarifications on services including Indian Railways, RERA, digital payments, insurance schemes, and accommodation serv...
With a view to settlement of arrears in dispute under the various Acts administered by the Sales Tax Department, the Maharashtra Settlement of Arrears in Disputes Act, 2016 (Mah. XVI of 2016), was enacted.
Eligibility of input tax credit on inputs held in stock and contained in semi-finished and finished goods held in stock: The credit on inputs held in stock and inputs contained in semi-finished goods and finished goods held in stock is available in the following manner:
As VAT / Excise / Service tax is subsumed into GST,the return is consolidated into one and needs to be filed monthly (Purchase return & Sales return, Final consolidated return). The main activity is narrated as follows. 1) Responsibility for Return filing & tax computation with workings
Maharashtra Notification Amends Schedule C, D, & E Enhance tax rate to 6% and 13.5% from existing 5.50% and 12.50 w.e.f. 17-9-2016 which in effect Results in 0.50 to 1% increase in VAT Rates, vide Notification No. VAT. 1516/CR-123/Taxation-1- Dated 16th September, 2016. Text of the Notification is as follows :-
GST seems to be reality now. Many well run, anxious business entities are looking for the impact study to analyse how GST would impact their business in terms of pricing policies, procurement, sales, procedural compliances, cash flow and its internal control system and software.
The Prime Minister held a meeting to review the preparedness for rollout for GST on 14th September, 2016. The meeting was attended by Union Finance Minister, both the Ministers of State for Finance, senior officers from the Prime Ministers office and Finance Ministry.
Objective of the article is To understand the reporting requirements under proposed GST legislation so that teams can start working on development of necessary IT infrastructure.
In exercise of the powers conferred by sub-section (2) of section 1 of the Constitution (One Hundred and First Amendment) Act, 2016, the Central Government hereby appoints the 16th day of September, 2016 as the date on which the provisions of Sections 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19 and 20 of the said Act, shall come into force.
1) CGST: – Under this option, the two levels of government would combine their levies in the form of a single National GST, with appropriate revenue sharing arrangements among them. In the case of a Central GST (where all goods and services are taxed by the Central government only), the Centre will collect most of the country’s total tax revenue, leaving very little for the sub national Governments.
In exercise of the powers conferred by article 279A of the Constitution, the President hereby constitutes the Goods and Services Tax Council consisting of the following members, namely:-
