Goods and Services Tax - Page 278

Video on key highlights of Draft Model GST Law

After getting the Draft Model Goods and Services Tax Law on public domain on June 14, 2016, GST has been creating a buzz amongst all stake holders, eagerly waiting for the monsoon session of the Parliament to commence with the hope that the much awaited Constitutional (122nd Amendment) Bill, 2014 on GST will be passed, which will pave th...

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Model GST Law, 2016 A Practical Analysis of Input Tax Credit, Returns, Matching of ITC

In this write up I tried to analyse:- 1. Scheme of Input Tax Credit under Model GST Law 2. About various returns under GST and 3. Matching concept of input tax credit in GST....

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Returns under Model Goods and Service Tax Law

1. Periodicity of Returns a Monthly Return Every registered taxable person, other than composition taxpayer u/s 8 b Quarterly Return Every registered composition taxpayer u/s 8 2. Types of Returns / Statements a Within 10 days Monthly Return (Section 27) GSTR 7 Every registered taxable person deducting Tax b Within 10 days Details of outw...

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Registration under Model Goods and Service Tax Law

1. Basic Threshold Limt Every supplier shall be liable to be registered under this Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover (All-India turnover) in a financial year exceeds (i) Rs. four lakh; if the taxable person conducts his business in any of the […]...

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Payments under Model Goods and Service Tax Law

1. Electronic Ledgers of actual Payments made and Input Tax Credit Every registered taxable person will have two types of electronic ledgers showing the amounts standing to the credit of such taxable person for discharge of tax liability, interest, penalties or any other sum payable under the Act and rules made thereunder. (i) Electronic ...

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Delhi VAT: Description of goods not covered by any Schedule

Circular No. 10 of 2016-17 (01/07/2016)

Description of goods/items as per the DVAT Schedules as well as the goods/items which are largely traded in Delhi but are not covered by any of the schedules has been prepared after wide consultation with stakeholders....

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Filing of Delhi VAT returns through Digital Signatures

Notification No. F3 (643)/Policy/VAT/2016/419-31 (01/07/2016)

Dealers, whose gross turnover (i.e. turnover under the Delhi Value Added Tax Act, 2004 plus turnover under the Central Sales Tax Act. 1956) during the financial year 2015-16 exceeded one crore rupees, shall furnish their returns in Form DVAT 16 or in Form DVAT 17, as the case may be, with digital signatures in accordance with the provisio...

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FAQs on Compounding Option Under GST Law

Quick understanding of Composition levy under section 8: Who is eligible: Registered Taxable person whose aggregate turnover as defined by section 2(6) of Draft Model GST Law, 2016 which includes both taxable and non-taxable supplies, exempt supplies and exports in a financial year does not exceed Rs. 50 Lakhs. ...

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Life Without Water, Economy Without GST

GST is one of the widely accepted indirect taxation system & prevalent in more than 150 countries across the globe. GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point up to the retailer’s level. ...

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GST Law- Agents overlap intermediary

The new GST Bill clubs all intermediaries as 'agents' who carries on the business of supply or receipt of goods and/or services on behalf of another and clubs these entities together with commission agents, brokers, etc....

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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.