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 : In this article we will analyse the ambit of GST exemption in relation to accommodation services provided in religious places....
Goods and Services Tax : Explore GST Section 74A(11) changes: standardized timelines, new penalties for late payments, and the impact on taxpayer complianc...
Goods and Services Tax : Karnataka HC ने DGGI की ₹2.5 करोड़ की वसूली को अवैध ठहराया। जान...
Goods and Services Tax : Is clubbing multiple financial years in a GST show cause notice legal? Explore judicial rulings and legal interpretations under Se...
Goods and Services Tax : Pink Tax refers to the higher prices women pay for similar products and services compared to men. Learn about its impact, history,...
CA, CS, CMA : Get the latest Income Tax and GST notifications, updates, and circulars from February 10 to 16, 2025, including ITR filing deadlin...
Goods and Services Tax : KSCAA highlights issues in GST registration, suggesting uniform SOPs, better verification, geocoding fixes, transparency, and supp...
Goods and Services Tax : Karnataka CA Association urges upgrades to the Professional Tax portal, addressing issues like OTP errors, payment glitches, and l...
Goods and Services Tax : West Bengal's GST share dropped from 4.6% in 2019-20 to 4% in 2024-25. Learn about factors affecting revenue, government measures,...
Goods and Services Tax : Government addresses GST exemption on health & life insurance premiums, forming a GoM for review. Key updates on current exemption...
Goods and Services Tax : Allahabad High Court confirms penalty for goods transported without e-way bill, stressing mandatory compliance post-April 2018 ame...
Goods and Services Tax : Madras High Court held that works contract services pertaining to railways is covered by Notification 11 of 2017 CGST (RATE) dated...
Goods and Services Tax : Gujarat AAAR remands GST ruling on Devendra Kantibhai Patel's consultancy services to R&B Dept. for fresh review with new project ...
Goods and Services Tax : Analysis of GST implications on High Seas Sale transactions under turnkey contracts in the Tecnimont Pvt. Ltd. vs IOCL case as per...
Goods and Services Tax : Analysis of GST classification and applicable rates for PVC floor mats for cars. Examines AAAR Gujarat's decision and the appellan...
Goods and Services Tax : A Group of Ministers (GoM) is set up to evaluate the feasibility of a special cess under GST for disaster relief and recommend a u...
Goods and Services Tax : The GST Council reconstitutes the GoM on Revenue Analysis with new terms of reference to assess revenue trends, compliance, and po...
Goods and Services Tax : Rajasthan mandates virtual hearings for GST cases. Learn about the process, requirements, and compliance under the new guidelines ...
Goods and Services Tax : CBIC issues KYC compliance clarifications for couriers, reports on significant drug seizures, overvaluation cases, and announces p...
Goods and Services Tax : GSTN allows company directors to complete biometric authentication at any GST Suvidha Kendra in their home state. Read the latest ...
VAT is a multi-stage tax levy system which envisages collection of tax at each stage of the value addition chain, with a provision to allow input tax credit (ITC) on tax paid at an earlier stage (ie.for inputs), which can be appropriated against the VAT liability on subsequent sale. Under VAT system, the dealer has to pay Net tax on his taxable transactions.
Assessment is the process of determination of the tax liability of a tax payer. Section 6203 of the Revenue and Taxation Code of the Internal Revenue Service of the USA defines it as the statutorily required recording of tax liability. Analysis of this definition reveals that assessment is a.
A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period. Return is a very critical aspect of any tax administration since it is the formal mode for submission of information important for administration of tax in a structured and time bound manner. Return provides a framework for working out the tax that becomes payable in the prescribed period applying the legal principles laid down in the tax law to the transactions during the period. A taxable person has a legal obligation.
Case Studies : 1. Determination of Place of Supply in E-Commerce transactions 2.Determination of Place of Supply in Telecom transactions –Prepaid 3. Determination of Place of Supply of goods in normal business transactions
Section 42 (4) Audit by a chartered accountant or a cost accountant- Every registered taxable person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a chartered accountant or a cost accountant and shall submit to the proper officer a copy of the audited statement of accounts, the reconciliation statement under sub-section (2) of section 30 and such other documents in the form and manner as may be prescribed in this behalf.
The Jewellery sector plays a significant role in the growth of Indian economy. It is contributing around 6-7 per cent in the pool of country’s GDP (Gross domestic product). This is the fastest growing sectors and is extremely export oriented and labour intensive. It is creating a high degree of potential for the value addition and growth of the country.
Petroleum Products is currently out of the GST ambit ,However, petroleum and petroleum products shall only be subject to GST later depending on the GST Councils recommendation. States will continue to have power to impose sales tax on sale within state on petroleum products & alcoholic liquor for human consumption vide Entry no 54 of List II of Seventh Schedule to COI. Simultaneously
On 14th June Model draft of GST was published. If read properly one will realise that there are more thorns than roses. GST Council is now in place and will discuss and finalise the Model GST Act. This is right time to examine, discuss, represent and if necessary oppose the unjustifiable provisions proposed in Model draft.
Under the proposed GST Law, tax components could be CGST/SGST/IGST. CGST & SGST is leviable on intra-state supplies whereas IGST is levied on inter-state supplies. CGST represents tax belonging to Central Government; SGST represents tax belonging to respective State Government and IGST represents a tax levied and collected by the Central Government which would be containing share of both the Central and the State Government.
The Existing Model of Input Service Distributor (ISD) for the purpose of distribution of input credit on services has been adopted in the Model GST Law with modifications to align the concept with the framework of GST law
