Goods and Services Tax - Page 4

GST Proposed Return – Prototype

An attempt to put some light on the proposed GST System, And Integrated In-Built Matching has been made as under :- Matching tool will be provided to match Inward Supplies & ITC Thereon. Note : Matching tool can be used by the recipient to match the auto-drafted details of GST ANX-2 with their own purchase register. […]...

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Impact of GST on Apparel Sector 

GST rates for garments and made up articles is 5% of sale value not exceeding Rs. 1000 per piece and 12% for articles of sale value exceeding Rs. 1000 per piece. The GST rates are lesser than the pre-GST incidence of taxes on these goods. To reduce the cost of garment industry, GST rate on […]...

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GST ADT 02 Format- Communicating GST audit report to registered person

Form GST ADT – 02 [See rule 101(5)] Reference No.: Date: To, ————————– GSTIN ……………………………….. Name …………………………………… Address …………………………………. Audit Report No. ……….. dated …….. Audit Report under section ...

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Synopsis of Budget 2019 related to Goods & Services Tax

Indirect Tax Budget (GST) -2019  1. Provision of Inter Transfer of fund of Electronic Cash ledger from one head to another: Financial Bill proposes to allow a taxpayer to transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger to integrated tax, central tax, state tax, union [&hellip...

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Union Budget 2019-20 – Major Tax Proposals

Union Budget for the year 2019-20, as laid in the Parliament on 5th July, 2019 is the first Budget of the new Union Government and so for the Union Finance Minister, a woman. While the Budget promises a host of plans, welfare schemes and developmental activities, here is a snap shot of the of the major offerings in terms of direct and ind...

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GST on supply of foods & beverage services provided by educational institutes

The Notification No. 11/2017 CT-(R) dated 28.06.2017 states that the supply of foods and beverages made by institute such as college, school and  hospital etc. shall be liable to GST at the rate of 5%. While Notification No. 12/2017 CT-(R) dated 28.06.2017 provides an exemption for the service provided by the educational institute to its...

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Bail denied in Bogus GST Billing / Wrongful ITC Claim Case

Principal Commissioner of Central Tax Vs Supreet Singh Bakshi (Patiala House Courts)

Principal Commissioner of Central Tax Vs Supreet Singh Bakshi (Patiala House Courts) In the case in hand, applicant / accused is stated to be the proprietor of M/s. Swift Enterprises, whereas, his father and brother are stated to be the Directors of M/s. Megabyte I.T. Pvt. Ltd. and his employee Rakesh Kumar Gupta is stated […]...

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Join 1 day workshop on GST Audit & Annual Return by Taxguru & GST Professionals.

We are happy to announce One Day GST workshop for effective GST Audits and Annual Returns. The workshop would cover clause wise clause detailed Analysis for Form GSTR 9, GSTR 9C along with GST Audit tool for GST Health Check-up. ...

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GST AD01 -Format of Letter of intimation for conduct of GST audit

Article contains format of  GST AD01 -Format of Letter of intimation for conduct of GST audit under rule 101(2) of Central Goods and Service Tax Rules, 2017. FORM GST ADT – 01 [See rule 101(2)] Reference No.: Date: To, ————————————– GSTIN ……&#...

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Amendment in CGST Act, 2017 by Union Budget 2019

Analysis of Finance Bill (02) 2019- Goods and Service Tax The major proposed amendment by Finance bill (02) 2019 under GST are as follows. Few amendments which are not so important are not covered. 1. Amendment in Section 10 (Composition Scheme)- To Extend the Benefit of Composition Scheme to Supplier of Service Also History of […]...

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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.