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Goods and Services Tax : Explore the implications of Section 16(2)(c) of the CGST Act, balancing taxpayer rights and government revenue in Input Tax Credit...
Goods and Services Tax : Learn about Section 128A of CGST Act, introduced to reduce litigation in non-fraud cases, covering tax waivers, notified dates, co...
Goods and Services Tax : Learn how to address GST notices on excess ITC claimed in GSTR-3B compared to GSTR-2B with structured replies, reconciliation step...
Goods and Services Tax : The article analyzes the key GST provisions for e-commerce, focusing on regulatory frameworks, compliance requirements, and associ...
Goods and Services Tax : Haryana revives entry tax after 8 years, sparking legal concerns. Understand the implications, recovery limits, and legal remedies...
Goods and Services Tax : The GST Council has deferred decisions on insurance premium taxation, granting more time to the GoM to finalize its recommendation...
Goods and Services Tax : Tirumala Tirupati Devasthanam gets GST exemptions on religious services, but GST of ₹36.28 crore was paid in 2024-25. Details of...
Goods and Services Tax : NBEMS stopped collecting GST on course fees per court order. Refund processing has begun, but no enquiry has been instituted. Deta...
Goods and Services Tax : Tobacco tax revenue contributed 1.27%-2.75% of Gross Tax Revenue from 2016-2024. Funds are allocated across government programs, i...
Goods and Services Tax : The GST Council deferred a decision on reducing GST on health and life insurance premiums in its 55th meeting as GoM sought more t...
Goods and Services Tax : Supreme Court rejects SLP of Goverdhandham Estate against Rajasthan HC's decision in GST dispute over ITC eligibility on elevators...
Goods and Services Tax : Madras High Court directed granting of one final opportunity of being heard as demanded by assessee on payment of 10% of the dispu...
Goods and Services Tax : Petitioner runs a hotel and registered under GST. It was issued a notice in GST ASMT-10 intimating certain discrepancies which sta...
Goods and Services Tax : Kerala HC orders IGST refund decision within two months, reviewing the petitioner’s “risky exporter” status. Refund claim pe...
Goods and Services Tax : Orissa HC directs refund of GST differential amount for a contractor despite a locked payment system, ensuring reimbursement withi...
Goods and Services Tax : CBIC detects Rs. 18.10 crore GST evasion in real estate and organizes a CPR training workshop for officers. Post-Budget discussion...
Goods and Services Tax : Maharashtra establishes GST Suvidha Kendra for Aadhaar-based biometric authentication and document verification for new GST regist...
Goods and Services Tax : Clarified procedure for appeals under Section 128A of CGST Act 2017, addressing disputes on interest and penalty where tax is full...
Goods and Services Tax : GST applicants in Maharashtra & Lakshadweep must complete biometric Aadhaar authentication & document verification at GST Suvidha ...
Goods and Services Tax : GST advisory clarifies E-Way Bill rules for goods under Chapter 71, excluding HSN 7117. Mandatory in Kerala; voluntary EWB generat...
All the Tax Practitioners (Chartered Accountants or otherwise) can understand the importance of composition scheme better (especially those who deal with the smaller business clients).
On 6th April 2017 Rajyasabha has passed four GST bills viz. Central GST Bill 2017, Integrated Goods and Service Tax Bill 2017, the Union Territory Service Tax Bill 2017 and the Goods and Service Tax (Compensation to States) Bill 2017.
After 29th March, 2017, 6th April, 2017 became a historic day in the journey of GST when Rajya Sabha easily passed the GST Bills after a day long debate. It is important to note that despite an eight hour long debate, Rajya Sabha did not recommend any change in the GST Bills.
On Thursday i.e. April 6, 2017, the Rajya Sabha has passed four supplementary GST legislations without amendments by a voice vote as all parties were on board. The four Bills are as under:
GST Council – Decisions ◊ Threshold limit for exemption to be Rs. 20 lac (Rs. 10 lac for special category States) ◊ Compounding threshold limit to be Rs. 50 lac –not available to inter-State suppliers, service providers (except restaurant service) & specified category of manufacturers ◊ Government may convert existing Area based exemption schemes into reimbursement based scheme ◊ Four tax rates namely 5%, 12%, 18% and 28%
In my view this Bill is a very well thought out Bill. I would like to know that what would be the impact of this Bill on our GDP. The inflation would also fluctuate with the implementation of this Bill. My another concern is regarding the effect of GST on FDI after its implementation.
Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions) by the LEAs (IT/ED/MCA/SFIO/CBI). During the last three financial years (2013-14 to 2015-16)
Finally, the wait is over, after an eight hour debate in Rajya Sabha(upper house of parliament), all four supplementary Bills were passed without any modification, which empowers the Government to roll out the GST in July 1, 2017 and make the nation a unified tax zone.
The term GST stands for Goods and Services Tax, and would be a comprehensive indirect tax levy in India on manufacture, sale and consumption of goods as well as services at the national level. Its main objectives are to cover most of the indirect tax levies into a single tax
India moves an inch closer to the dream of a unified tax reform, by welcoming a new chapter in Indian Economics- Goods and Service Tax. GST is a single tax on the supply of goods and services, right from the manufacture to the consumer.
