Goods and Services Tax - Page 4

Excel Utility as per new GST ITC utilization rules applicable from 01.02.2019

Excel Utility for GST Input Tax Credit (ITC) utilization as per new Amendment applicable from 01.02.2019 The Order for utilization of ITC has been changed along with introduction of new Sections 49A & 49B under The CGST Act 2017. Utilization of input tax credit subject to certain conditions “49A. Notwithstanding anything contained...

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Holi with colors of GST! Enjoy It

Pink color represents the clarification regarding to sales promotion. If Free samples and gifts are supplied without consideration under GST, ITC of such items cannot be claimed. Also, Buy one get one, quantity discount, sales promotion etc. related clarification regarding allowance of ITC has been issued. A useful circular for taxpayers...

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Why Agriculture, Rural Development & Healthcare Require a GST Council Type Structure?

The GST was enabled by a Constitution Amendment which was unanimously approved by both the Houses of Parliament. Several legislations to implement the GST were passed by the Parliament. Laws relating to the State GST (SGST) were approved by all the State Legislatures....

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Analysis of the 34th GST Council Meeting Decisions

Before analyzing the 34th GST Council meeting decisions, let us look at the key decisions of the 33rd GST Council meeting. The 33rd GST Council meeting held on 24th February 2019 proposed the rates of tax for the Construction sector being: 1. 5% without ITC on residential properties outside affordable segment 2. 1% without ITC […]...

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Supply to/from Duty Free Shops- GST Implication

There has been a confusion as to whether supply by duty-free shops or supply to duty-free shops in India attracts GST or not. This paper is an attempt to understand the legal position in the light of prevailing law and recent judgments. Under the provisions of erstwhile Central Sales Tax Act, an issue had arisen […]...

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Summary of 34th Council Meet on GST Rate on Real Estate Sector

Summary of outcome of 34th Council Meet on GST Rate on Real Estate Sector The much awaited meet of the GST Council to decide on modalities for GST applicability on Real Estate Sector was held on 19th March, 2019 at New Delhi. This was 34th time the GST Council met. The Council in today’s meeting […]...

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Recommendations of 34th Council meeting held on 19th March 2019

GST Council’s 34th Meeting was held on 19th March 2019 at New Delhi. Therein, it discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than affordable house. The […]...

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New GST Composition schemes for Service Providers- Actually New or Just another Tax Rate?

On 07-03-2019 government introduced a new GST Composition scheme by Notification No. 02/2019 of CGST (rate) 2017 with a new rate for the service sector. This notification is effective from 1.4.2019....

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Highlights of Maharashtra Settlement of Arrears Scheme (Amnesty)

Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fees Ordinance 2019 The Maharashtra Goods and Services Tax Act, 2017 has been made applicable in the State with effect from the 1st July 2017. Prior to the implementation of GST in the State various tax laws were in force, some of the tax laws […]...

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Analysis of Newly inserted section 49A of CGST Act 2017

CBIC Notifies applicability of CGST (Amendment) Act, 2018 with effect from 1st February 2019 vide Notification No. 02/2019 Central Tax Dated 29.01.2019. One of the important amendment was made in Section 49 CGST Act, 2017 by introducing new section 49A & 49B under The CGST Act 2017. After section 49 of the principal Act, the follow...

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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.