Goods and Services Tax - Page 30

GST Audit- Eligibility, Engagement, Preparation, Program & Report

Every Registered person whose aggregate turnover during a financial year exceeds the prescribed limit of Rs 2 crore is liable to get his account audited by Chartered Accountant or a Cost Accountant. The above prescribed limit is calculated by all India pan based turnover which includes intra state supplies, exports, interstate supplies, e...

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GST Rate reduced to 1% on on affordable houses & 5% on others wef 01.04.2019

i. GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment;ii. GST shall be levied at effective GST of 1% without ITC on affordable housing properties....

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Takeaways of 33rd GST Council Meet

1. GST shall be levied at effective GST rate of 5% without ITC on residential properties outside affordable segment. 2. GST shall be levied at effective GST of 1% without ITC on affordable housing properties. 3. The new rate shall become applicable from 1st of April, 2019. 4. A residential house/flat of carpet area of […]...

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Review on Current GST Provisions as at 24th February 2019

A REVIEW ON CURRENT GST PROVISIONS AS AT 24TH FEBRUARY 2019 (Recent Status/Amendments on Returns, Dates, Rules, Forms, Order, Circular etc.) Volume 1 – GST Act, Rules – dt.24-02-2019 Dear readers, every day you may come across with various amendments, directives issued by Govt. on alone GST Act, Rule etc since it’s implementation w....

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Analysis of circular on tax payment on supply of goods being deposited in custom bonded warehouse

Analysis of Circular on tax payment on supply of goods being deposited in custom bonded warehouse. In the recent Circular No. 91/10/2019-GST dated 18 February 2019, CBIC has clarified on the issues faced in common portal in case of Supply of goods while being deposited in custom bonded warehouse which was subject to payment of […]...

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Doctrine of Estoppel shall Not be in GST Filing

Doctrine of Estoppel  The Government has committed mistake in setting up improper system which resulted the trade and industry, suffer severe financial crises, loss of business, stress and strain.  If the trade and industry commits small error the Government is punishing with interest, penal action and or prosecution.  It is not fare o...

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Suspension of GST Registration with effect from 1st February, 2019

The insertion of the provisions relating to the suspension of GST registration is a welcome step for the GST registered taxpayer. With the insertion of suspension provisions, all those taxpayers who have applied for cancellation of GST registration would be relieved from the continuous compliance burden under the GST law during the peri...

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Additions in GST roll out during January 2019

 a. Functionalltles available on GST portal ♥ Tax payers can furnish details of security/ surety in prescribed form ASMT-05. After submitting the form online, they are required to furnish hard copy of original bank guarantee/ surety/ security to the proper officer. ♥ Tax payers can submit an application for compounding of offence in ...

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Liability to tax was on manufacturer for possession of chassis of vehicles U/s 6 of BMVT Act

Ms.Tata Motors Limited Vs. State of Jharkhand (Supreme Court)

Liability of tax was on the manufacturer for the chasis of the motor vehicles manufactured by them during the period these chasis were in their “possession”, i.e., before they were delivered to the dealers and/or the purchasers of the said vehicles as per section 6 of Bihar Motor Vehicles Taxation Act, 1994....

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One Time Payment of Tax Scheme, 2019 (Maharashtra Profession Tax)

Notification No. PFT.1218/C.R.52/Taxation-3 (22/02/2019)

Maharashtra Profession Tax- (i) This Scheme shall be called the One Time Payment of Tax Scheme, 2019.(ii) It shall be deemed to have come into force on the 1st April 2018. Government of Maharashtra, hereby makes the following scheme to provide an optional scheme for the payment of tax, in advance, for an enrolled person, under the said Ac...

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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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