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Small and Medium Enterprises and GST- Problems

  06 Aug 2015   0 comment
आइये बात करें क्या है इस देश में पिछले कुछ वर्षों से चर्चा का विषय बना हुआ यह नया अप्रत्यक्ष कर जिसे एक भारतीय अर्थ –व्यवस्था में ब...

Partial abolition of Local Body Tax (LBT) in Maharashtra w.e.f 01-08-2015

  06 Aug 2015   28 comments
As all the dealers are aware that the Urban Development Department, Government of Maharashtra has informed all the dealers that from 1st August 2015, LBT shall apply only to those dealers whose turnover would exceed Rs. 50 Cr. in a year....

Comparison of GST Bill 2014 and Recommendations of Select Committee of Rajya Sabha, 2015

  03 Aug 2015   0 comment
The Constitution (122nd Amendment) Bill, 2014 was introduced in Lok Sabha on December 19, 2014 and was passed by it on May 6, 2015. The Bill was referred to a Select Committee of Rajya Sabha for examination which submitted its Report on July 22, 2015. The Report contained various recommendations along with three Notes of Dissent submitted...

GST: Hyped Are The Merits, Hidden Are The Threats

  02 Aug 2015   0 comment
The introduction of GST along with other government initiatives like the ‘make in India’ programme have the potential to drastically bring down costs, re-define and re-shape the economy of India. The benefits of implementing GST have been much talked but the probable threats have only been popularized as opposition party’s publicity...

Input Tax Credit on Composite production of Taxable/Tax Free goods under PVAT Act, 2005

  02 Aug 2015   0 comment
Section 13 of the PVAT Act, 2005 provides for the entitlement of Input Tax Credit on the purchases made by a Taxable Person subject to such Conditions as may be prescribed. However when a person uses taxable goods for the production of both taxable and tax free goods Section 13(5) & Rules 23 & 24 of the PVAT Rules, 2005 comes into play....

VAT not applicable on transfer of right to use of goods if effective possession and control of goods not transferred

  31 Jul 2015   0 comment
Whether the Agreement of giving on hire two Deluxe buses for being run on the routes as per requirement of the person to whom they are hired, constitutes ‘transfer of right to use of goods’ so as to be liable to VAT under Section 2(1)(zc)(vi) of Delhi Value Added Tax Act, 2004?...

What is Goods & Service Tax” As Per Supreme Court of Canada

  31 Jul 2015   0 comment
Advocate Anandaday Misshra What is GST ? The Supreme Court of Canada in a case of  Reference re Goods and Services Tax had explained as to what is Goods & Service Tax . The important excerpts are reproduced herein below for better understanding of GST since the Indian GST is a version of Canada GST with a pinch […]...

Indian Model of Goods & Service Tax (GST)

  30 Jul 2015   3 comments
Indian Model Of GST:- Generally, GST consist three prime models:- 1. Central GST-(CGST) 2. States GST-(SGST) 3. Dual GST (i) Non concurrent dual GST (ii) Concurrent dual GST...

Legality of Single Stage Taxation under the Punjab Value Added Tax Act, 2005

  29 Jul 2015   0 comment
On 01-04-2005 Government of Punjab introduced Punjab Value Added Tax Act, 2005 (in PVAT Act, 2005) by abolishing the Punjab General Sales Tax Act, 1948. As the name suggests it’s a tax charged on portion of Value Addition at each stage. At each stage, tax calculated on sales (Outputs) and vendors are able to claim tax credits to recover...

GST Rates – An Unresolved Issue- GST Knowledge Series-3

  29 Jul 2015   0 comment
One of the crucial issue for successful implementation of GST relates to the determination of the GST rate. Since the GST is primarily intended as an exercise in reforming the consumption tax in India and not an exercise for additional resource mobilisation through discretionary changes, the CGST and SGST rates should be such rates which ...

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