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 : 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 : Understand GST provisions for invoices and credit notes in the sale of under-construction flats/shops, including time limits, e-in...
Goods and Services Tax : In the recent times, GST Department by exercising the powers bestowed on them by way of Section 65 of the CGST Act 2017, has been ...
Goods and Services Tax : Get the latest updates on GST portal advisories issued in July-August 2024, including changes in registration, refund processes, a...
Goods and Services Tax : 16 अगस्त से 15 अक्टूबर 2024 तक सीबीआईसी द्वारा जीएसटी फ�...
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 ...
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...
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 : Madras HC sets aside dismissal of GST appeal for delay, remands case to the appellate authority for fresh consideration despite th...
Goods and Services Tax : Delhi HC grants interim protection to a petitioner alleging misuse of GST credentials for ITC claims, pending further investigatio...
Goods and Services Tax : Bombay High Court held that amount payable has been quantified before 30th June 2019 and hence eligible to avail benefit under Sab...
Goods and Services Tax : Rajasthan HC ruled that appeals should be considered on merits, even if filed late, quashing a CGST order dismissing an appeal as ...
Goods and Services Tax : Rajasthan HC dismisses petition challenging 18% GST on samosa and kachori, directs Sodhani Sweets to approach the Appellate Author...
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...
CA Vinod Kaushik Introduction:- In its best attempt to meet the budgeted targets of Rs. 24000 Cr for VAT collection the Delhi Govt. is taking all important decisions related to boost the tax collection. In last few months we have seen a series of notification which have been issued to curb tax evasion such as […]
Additional tax is an additional tax levy whereby states will be allowed to collect tax of one percent over and above the normal GST for the goods that enter the state. This is imposable for a maximum period of two years.
In the proposed GST regime, the revenue of the Government would not be the same in comparison with the present tax structure due to tax credit mechanism or otherwise. Therefore, an adjustment in tax rate is required to avoid reduction in revenue of the Government. Hence, the rate of tax will have to be suitably adjusted to ensure that tax revenue does not reduce. This rate is termed as ‘Revenue Neutral rate’ (RNR). It is the rate at which tax revenue remains the same despite giving credit of duty paid on inputs and other factors.
(i) Share of revenue from such commodities, which would be kept outside the GST structure, e.g., petroleum products, tobacco, liquor, etc. However, Central Govt. can charge excise duty on tobacco products over and above GST. (ii)Number of taxes to be subsumed in the GST, for example stamp duty, property tax, toll tax, etc. might be kept outside the GST structure.
The current article would be focusing on the historical background of Goods and Services Tax and how it has evolved over the period in India. In almost all the budget speeches since the year 2006-07, there has been a reference to the implementation of GST. All the steps have been discussed herewith to showcase the process and preparation for the implementation of GST by the Government of India.
To set the stage for the ambitious reform legislation, the Union Cabinet under the leadership of Shri Narendra Modi ji on 17th December, 2014 approved the proposal for introduction of a Bill in the Parliament for amending the Constitution of India.
Refund refers to the amount that is due to the tax payer from the Tax Administration. According to the Report of the Joint Committee on Business Processes for GST constituted by Empowered Committee on 10th March 2014, below mentioned are the situations where refund may arise:
Registration of a business with the tax authorities implies obtaining a unique identification code from the concerned tax authorities so that all the information relating to the business can be agglomerated and correlated.
Who will be entitled to set off Input Tax credit? Will any set off be allowed for credit on Input tax against Output Tax under upcoming GST? What will be the manner of utilisation of unadjusted input tax credit? Any refund???? This article will help in clarifying your doubts about the basic set off procedures […]
Base on First Discussion Paper on GST, despite the success with VAT, there are still certain shortcomings in the structure of VAT both at the Central and at the State level. The shortcoming in CENVAT of the Government of India lies in non-inclusion of several Central taxes in the overall framework of CENVAT, such as additional customs duty, surcharges, etc., and thus keeping the benefits of comprehensive input tax and service tax set-off out of reach for manufacturers/ dealers.
