Understand the Goods and Services Tax (GST) and its impact on businesses. Learn about GST rates, compliance requirements, and its role in simplifying taxation. Stay updated with the latest GST news and updates.
Goods and Services Tax : As per Section 18(6) of the Central Goods and Service Tax Act, 2017 In case of supply of capital goods or plant and machinery, on ...
Goods and Services Tax : Reverse Charge Mechanism (RCM) in GST is a system where the recipient of goods or services is liable to pay the tax instead of th...
Goods and Services Tax : The Finance (No 2) Act 2024 been notified on 16th August 2024. The Finance Act sections 114 to 157 Page 114 to 157 (Page 67 to 6...
Goods and Services Tax : Overview of GST tax liability, self-assessment, and the distinction between scrutiny under Section 61 and actions under Sections 7...
Goods and Services Tax : Karnataka HC ruled that under Section 75(4) of CGST Act, a hearing opportunity must be granted before passing an adverse order. Ba...
Goods and Services Tax : Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Regist...
Goods and Services Tax : A Superintendent in Nadiad is sentenced to 5 years for bribery. CBI also investigates two GST officers in Hyderabad for demanding ...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
Goods and Services Tax : Explore the latest details on GST rates for agricultural equipment, machinery, and fertilizers, and the government's stance on pot...
Income Tax : On August 5, 2024, it was clarified in the Lok Sabha that there are no specific tax incentives or waivers currently in place for t...
Goods and Services Tax : Allahabad High Court ruled Section 130 of GST Act can't be applied for excess stock found during search; Section 73/74 should be u...
Goods and Services Tax : Allahabad HC rules that GST authorities can survey business premises for verifying transactions when goods are intercepted without...
Goods and Services Tax : Madras High Court judgment on Hajee S M Ahamed and Company vs Deputy State Tax Officer, remanding ₹25,000 GST demand and ₹1.36...
Goods and Services Tax : Calcutta HC reinstates GST appeal for Rahul Bansal, ruling technical glitches can't negate statutory rights to challenge orders un...
Goods and Services Tax : Kerala High Court grants a petitioner the opportunity to challenge GST assessment orders uploaded post-registration cancellation, ...
Goods and Services Tax : Maharashtra GST Circular No. 21T of 2024 updates guidelines for recovering outstanding dues after first appeal until the Appellate...
Goods and Services Tax : Instruction No. 03/2024-GST outlines procedures for CGST audits, emphasizing uniformity and reducing litigation through adherence ...
Goods and Services Tax : Kerala SGST department issues a circular clarifying the method of penalty calculation under the IGST Act, 2017 for tax demands mad...
Goods and Services Tax : CBIC's latest updates include a Customs cooperation deal with New Zealand, a new Hindi magazine, and significant seizures of smugg...
Goods and Services Tax : CBIC issues guidelines for a second All-India drive to detect and eliminate fake GST registrations, safeguarding government revenu...
Every registered person required to furnish the details of outward supplies of goods or services or both under section 37, shall furnish such details in FORM GSTR-1 electronically through the Common Portal either directly or through a Facilitation Centre notified by Commissioner.
In order to give a big relief to MSME sector, government has made a significant reduction in composition rates: Earlier it was proposed to levy 1% composition rate for trader and 2.5% for manufacturer. Further composition scheme was not allowed for a supplier of services.
In order to impose any tax, there must be a taxable event. Taxable Event mean– Any Event or transaction, that results in a tax consequence for the party who executes the event. The Present system of Indirect Tax in India has different taxable Events. The major heads of Indirect Tax Structure have following taxable events:
Request For Proposal (Rfp) For Engagement Of Consultants For Implementation Of Goods And Services Tax (GST) In Allahabad Bank
In the earlier article, I had covered Place of Supply of Goods as per IGST Act, 2017 as passed by Lok Sabha on 29th March 2017. This article is about principles to determine the place of supply of services when the location of supplier of service and the location of the recipient of services is in India.
Please find below the complete process of GST enrolment in case of existing assessee. 1. Get the Login ID and password from the State VAT or Central Tax Department or Service Tax. 2. After obtaining Login ID & Password, go to ‘www.gst.gov.in, click on ‘new user’(for new users, not existing users): 3. Click the ‘new […]
The Kelkar Task Force had suggested first time a Goods and Services Tax (GST) in 2003. The proposal to introduce a Goods and Services Tax (GST) was first mooted in the Budget Speech for the financial year 2006-07 with the objective of “One Country One Tax” to have a Integrated tax structure in the country.
The service is likely to undergo a metamorphosis with the introduction of GST. The officers of the CBEC have played a pivotal role in the framing of the GST Laws and Rules and we can all be justifiably proud.
CBEC has recently released following 8 GST namely 1. Input Tax Credit Rules 2.Valuation Rules 3.Transition Rules 4.Composition Rules 5.Revised Invoice Rules 6.Revised Payment Rules 7.Registration Rules and 8.Refund Rules for comments by general public and other stakeholders on or before 10-April-2017 by email on [email protected]. The Institute of Cost accountants of India has done […]
Implementation of Goods and Service Tax in India is the biggest tax reform that tax fraternities across the world are keenly watching. The GST in India comes with several unique features like Dual Structure, Cross Empowerment, and Matching of Input taxes at transaction level, making it complex and a compliance heavy tax reform.
