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...
A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governments.
Directorate of Systems, Central Board of Excise and Customs is in the process of releasing an RFP for the appointment of an Implementation Agency for development and maintenance of an application for CBEC’s proposed GST system; maintenance of the existing ACES application and Help Desk, and Training for the users.
Goods and Services Tax (GST) is a very simple indirect tax structure, wherein tax paid on goods or services procured by any entity (manufactures, trader or service provider) at first level can be availed as input tax credit while passing on the goods or service to the second level.
The Goods and Service Tax – An Introductory study written by CA Sudhir Halakhandi in the ICAI CA Journal at the time of start of initial discussion of GST in India has been used as a reference article in the GST bulletin of the Loksabha Secretariat. This bulletin is prepared to introduce the Members of Parliament with the basics of the Goods and Service Tax.
Goods and Service Tax is being glorified as a system of taxation by which economy will take a upward swing and further it will ease the trade and industry with respect to the indirect tax system of the country. The revenue will be increased and the consumers have to pay less tax. Only one indirect tax has to be paid by the trade and industry and all the other indirect taxes will be subsumed in GST.
Changes made in the taxation system, it is a not simpler process. Nobody can make easily change in the Taxation System except the Tax Authority having power regarding towards the Constitution. So that is why, GST Act is not implemented till now. Article 246 and 254 of the Constitution, gives a power with respect to goods and Service tax imposed by the Union or by such state. But now a question arises to all of us i.e
1. Formation of cross functional core team to drive implementation of GST. This team shall disseminate the learnings to all the stakeholders of the company by keeping abreast of all the developments in the subject. Finance Head of the company should regularly meet and review the suggestions being made by the team and should take necessary action
India has adopted a dual GST system because of federal nature of our constitution where both centre and states will have the power to levy taxes on the sale of goods and services. GST is similar to VAT and can be termed as National level VAT on goods, with one difference, in GST not only goods but services are also included and rate of tax on both goods as well as services will be the same.
Basically GST stands for Goods and Service Tax. The Goods and Service Tax (GST) is likely to be implemented Very soon and many are worried about the same as the many of the people are still confused and illiterate over GST. While writing this I think learning something new is easier than teaching someone something new, so we all should start learning about GST on our own than to wait for implementation of GST.
Brief Intro: Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India. As per, First Discussion Paper released by the Empowered Committee of the State Finance Ministers on 10.11.2009, it has been made clear that there would be a “Dual GST” […]
