Goods and Services Tax - Page 3

GST on Apparel Sector

Apparel sector of India is one of the oldest and largest contributors toward the development of the Indian economy, concerning GDP, employment, export promotion, etc. Known as one of the oldest manufacturing industry in the country and the second largest after agriculture, the textile industry employs both skilled and unskilled people. Th...

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New GST Returns: Normal, Sahaj and Sugam

There has been a constant effort on the part of the government to encourage compliances by making the GST Portal more Assessee friendly. Though there has been issues since implementation in July 2017, the Government has fairly addressed most of the issues & now we are getting into the next stage of simplification of GST […]...

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New GST Rates on Real Estate Sector FAQs)

The GST council in the 34th GST council meeting held on 19th March, 2019 at New Delhi decided new GST rates and other related issues on real estate sector. Followings are the main provisions (other than transition related provisions) as have been published by way of press release by CBIC on its website. Q1: What is the […]...

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Incidence of CST or sale of goods, occurs where goods are appropriated to contract

Commissioner of Value Added Tax Vs OTIS Elevator Company (India) Ltd. (Delhi High Court)

Commissioner of Value Added Tax Vs Otis Elevator Company (India) Ltd. (Delhi High Court) The placement of an order by the agent for procurement of the lifts, in this case, was merely an offer. It is only upon its acceptance and further steps taken by the supplier that an offer crystallizes into a binding promise […]...

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Online GST Certification Course by TaxGuru & GST Professionals (Few Seats Left)

Join Online GST Certification Course by TaxGuru & GST Professionals – April’19 Batch- Starting from 13th April 2019. After Completing nine successful batches on GST We are happy to announce Advanced Online GST Certification Course – April 2019 Batch to help Learn GST in Easy and Practical way to help you be an Expert in [&hellip...

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Real estate and GST – 8 critical issues you must know about recent proposed amendments

In its 34th meeting, the GST Council, in its much- awaited attempt to revamp the GST structure (or simplifying the GST framework) for the real estate sector has put across some path breaking propositions. However, we need to deliberate whether the propositions are indeed path breaking and may bring about simplicity in GST framework or it ...

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Impact of New GST Regime (Without Input Tax Credit) on Real Estate Sector- (FAQs)

CA Rajesh Bhauwala 1. What is the definition of Affordable Housing : a) A Residential House/flat of carpet area of up to 90 Sqm(968.752 sq ft) in Non metropolitan Cities/towns having value up to 45 Lacs . b) A Residential House/flat of Carpet area of up to 60Sqm(645.835 sq ft.) in Metropolitan cities/towns having value […]...

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Compliance of GST Returns made easy by Government!

We all know that government has put enormous efforts in bringing us the compatible GST Systems in order to encourage the habit of compliance and simplify the existing compliance complications. In its first step, it brought an exhaustive reporting system of uploading the invoices where the intension is to digitalise the document process an...

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Decisions of 34th GST Council Meeting

In the 34th GST Council Meeting held on 19.03.2019, the Council has come up with the operational details for implementation of the recommendations made by it in the previous meeting. However, as on date, no official notifications have been released by the CBIC. Ongoing Projects (not completed by 31.03.2019): The promoters shall be given a...

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New GST Returns W.E.F. April 1, 2019

NEW GST RETURNS The new GST returns would be implemented on a pilot basis from April 1, 2019 and will be made mandatory from July 1, 2019 according to the decision by the GST Council. Since the new returns would be run on a pilot basis, the existing return formats (i.e. GSTR-3B) will be continued […]...

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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.

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