Goods and Services Tax - Page 3

Govt clarifies on Transition Credit of Rs. 65,000 crore claimed by taxpayers

There are lot of speculations in the media about the credit of Rs. 65,000 crore claimed by taxpayers in respect of Central Excise and Service Tax in the pre-GST period. Some people are under the impression that because of Rs. 65,000 crore claimed as transition credit, the income of Government this month has plummeted....

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Govt clarifies on Blockage of Working Capital of Exporters in GST

There are lot of apprehensions expressed in the media about the problem of blockage of working capital for exporters post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts....

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Accounting Entries for GST related Transactions

The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. GST is a Indirect Tax which was earlier known as Excise & Service Tax and Value Added Tax (VAT). Now the GST is is a single tax on the supply of goods and service...

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CGST exemption on supply of heavy water & nuclear fuels to NPCIL

Notification No. 26/2017-Central Tax (Rate) (21/09/2017)

GST Council, hereby exempts intra state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) by the Department of Atomic Energy to the Nuclear Power Corporation of India Ltd. ...

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CGST exemption on tickets of FIFA U-17 World Cup 2017

Notification No. 25/2017-Central Tax (Rate) (21/09/2017)

Seeks to amend notification No. 12/2017-CT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017 vide Notification No. 25/2017-Central Tax (Rate)...

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CBEC reduces CGST rate on specified supplies of Works Contract Services

Notification No. 24/2017-Central Tax (Rate) (21/09/2017)

CBEC Seeks to amend notification No. 11/2017-CT(R) to reduce CGST rate on specified supplies of Works Contract Services vide Notification No. 24/2017-Central Tax (Rate) dated : 21st September, 2017...

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IGST exemption on supply of heavy water & nuclear fuels to NPCIL

Notification No. 26/2017-Intergrated Tax (Rate) (21/09/2017)

Notification No. 26/2017-Intergrated Tax (Rate) GST Council, hereby exempts inter-state supply of heavy water and nuclear fuels falling in Chapter 28 of the First Schedule to the Customs Tariff Act, 1975 ...

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IGST exemption on tickets of FIFA U-17 World Cup 2017

Notification No. 25/2017-Intergrated Tax (Rate) (21/09/2017)

Notification No. 25/2017-Intergrated Tax (Rate)- Seeks to amend notification No. 09/2017-IT(R) to exempt right to admission to the events organised under FIFA U-17 World Cup 2017 ...

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IGST Rate on Works Contract Services provided to Govt. for non commercial purpose

Notification No. 24/2017-Intergrated Tax (Rate) (21/09/2017)

Services provided to the Central Government, State Government, Union Territory, a local authority or a governmental authority by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation, or alteration of...

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UTGST exemption on supply of heavy water & nuclear fuels to NPCIL

Notification No. 26/2017-Union Territory Tax (Rate) (21/09/2017)

UTGST exemption on supply of heavy water & nuclear fuels to Department of Atomic Energy to Nuclear Power Corporation of India Ltd from whole of Union territory tax as leviable thereon under section 7 of Union Territory Good and Services Tax Act, 2017. ...

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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.