Goods and Services Tax India: Read all latest GST news, articles, notification, circulars, case laws news on, MVAT DVAT PVAT GST GSTN IGST CGST GST Council GST Rates SGST GST Forms GST Rules.
Goods and Services Tax : Supreme Court rules on Input Tax Credit for construction activities, clarifying Section 17(5)(d) of CGST Act 2017 in Safari Retrea...
Goods and Services Tax : The GST Council has exempted Extra Neutral Alcohol from GST for liquor production, addressing dual taxation issues in the Indian a...
Goods and Services Tax : Explore Section 11A of the CGST Act, clarifying GST non-recovery due to common practices and its implications for taxpayers....
Goods and Services Tax : Explore the legal guidelines and safeguards for GST payments during investigations, emphasizing taxpayer rights against coercive p...
Goods and Services Tax : जीएसटी धारा 128 ए के अंतर्गत ब्याज और अर्थदंड माफी क...
Goods and Services Tax : CGST Thane invites EOIs for empanelment of Chartered and Cost Accountants for GST special audits. Submit by October 27, 2024....
Goods and Services Tax : Biometric-based Aadhaar authentication and document verification for GST registration in Kerala, Nagaland, and Telangana began on ...
Goods and Services Tax : Start your mornings with essential GST knowledge. Join CA Sachin Jain for a 3-day live course focused on GSTR-9 and 9C, combining ...
Goods and Services Tax : Explore the key recommendations made by the GST Council during its 54th meeting, including changes in GST rates, GoM formations, a...
Goods and Services Tax : AGFTC & ITBA urge the Finance Minister to reduce GST appeal fees to ensure fair taxation, proposing fees similar to Income Tax rat...
Goods and Services Tax : Tamil Nadu GST AAR discusses the admissibility of an advance ruling on fees collected by the Nurses Council, amidst ongoing DGGI i...
Goods and Services Tax : The Tamil Nadu Medical Council's advance ruling application was rejected due to ongoing investigations regarding non-payment of GS...
Goods and Services Tax : GST AAR Tamilnadu clarifies tax rates for truck body building on customer-supplied chassis, determining the applicable 18% rate fo...
Goods and Services Tax : Murata Electronics (India) Pvt Ltd withdraws its GST advance ruling application regarding IGST on FTWZ warehoused goods before hom...
Goods and Services Tax : Calcutta HC directs benefit extension on rectified GSTR 9 for wrongful export invoice filing. Refund disallowed earlier despite ac...
Goods and Services Tax : Notification No. 02/2024 establishes new GST rules for Ladakh, adapting Central GST regulations to the Union Territory, effective ...
Goods and Services Tax : The Ministry of Finance updates CGST Rules through Notification No. 20/2024, effective November 1, 2024, streamlining tax complian...
Goods and Services Tax : Ministry of Finance amends GST notification, exempting metal scrap suppliers from provisions of notification No. 5/2017-Central Ta...
Goods and Services Tax : The Ministry of Finance amends GST notification, exempting metal scrap suppliers from provisions of notification No. 5/2017-Centra...
Goods and Services Tax : IGST amendment requires registered recipients to pay tax on renting of non-residential property from unregistered persons, effecti...
Trade Cir. No.33T of 2009 Electronic Filing of Refund Application in Form-501 has been mandatory from 1st of December 2009. Therefore, any dealer who desires to file Refund Application in Form-501, on or after 1st of December 2009 for any period(including period prior to 1-12-2009) shall file the same electronically.
The FTP is primarily focused around export-import guidelines and various incentives available for export of goods and services outside India. In addition, it is also an important source of information for companies effecting deemed exports, i.e., supplies for specified projects / purposes in India (such as power projects, refineries, etc.) that are also eligible for various incentives available for physical exports.
To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XIV of 2009) to amend the Maharashtra State Tax on Professions, Trades, Callings and Employment Act, 1975 was introduced in the Legislature. The said Bill has been passed by both the houses of the Legislature. The Act is now published in the Maharashtra Government Gazette dated 27th June 2009.
The proposed goods & services tax (GST) could turn out to be a far more benign impost than anyone expected.In what would amount to a radical tax reform, the 13th Finance Commission is understood to have arrived at a revenue-neutral rate of around 12%, at least 4 percentage points lower than what most believed the combined Centre-state rate would be.
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 state governments for making the 10-digit permanent account number (PAN) the starting point for registering GST payees.
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 ministry on drafting of the amendment Bill.
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 provision has been introduced. The VAT Audit report in Form 704 is accordingly notified in the MVAT Rules right from 01.04.2005. However, the said Form is now replaced by Notification dated 26.08.2009 under Rule 17A(2) of MVAT Rules,2005 applicable from 01.04.2008. The newly introduced Form will accordingly be applicable from financial year 2008-2009. Some of the important aspects of this Form can be noted as under:
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 countries as well.
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 to be based on purchase price as it existed prior to 01.05.2002. In the said Para it was further stated that the purchase price would be excluding the cutting and transportation charges.
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 committee will be made along with other representatives of state associations and industry associations,” chairman of the empowered committee Asim Dasgupta said after a meeting with the Confederation of All India Traders.
