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 : Ensure GST compliance for FY 2024-25 by March 2025. Key tasks include LUT submission, ITC reconciliation, e-invoicing, QRMP select...
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CA, CS, CMA : Get the latest Income Tax and GST notifications, updates, and circulars from February 10 to 16, 2025, including ITR filing deadlin...
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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,...
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Goods and Services Tax : Tamil Nadu AAR ruled that title transfers within FTWZ fall under Schedule III of CGST Act, 2017, making them non-taxable. No ITC...
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Goods and Services Tax : GSTN allows company directors to complete biometric authentication at any GST Suvidha Kendra in their home state. Read the latest ...
Goods and Services Tax : Key updates on Indian Customs, including trade facilitation, GST awareness, sports events, and major enforcement actions on tax ev...
Goods and Services Tax : Kerala SGST Circular 5/2025 clarifies adjudication of Kerala Flood Cess under SGST/CGST Acts, detailing procedures for notices, ad...
Goods and Services Tax : Kerala SGST outlines guidelines under Section 161 for rectifying apparent errors in orders, notices, and decisions, ensuring unifo...
The Union government on Friday discussed some “pending areas” in the proposed Goods and Services Tax (GST) with the empowered committee of state finance ministers, and asked it to resolve the issues at the earliest to meet the April 2011 deadline for the roll out of GST.
The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new services. On May 8, 2010, the President gave her consent to the Finance Bill and thus the Finance Act, 1994 (14 of 2010) has come into effect from that date. SERVICE TAX IS BEING IMPOSED ON THE FOLLOWING SPECIFIED SERVICES:
GST will also replace abevy of other levies like excise, sales tax, value added tax, entertainment tax and luxury tax. Under GST, there will be no distinction among manufacturers, traders and service providers. At present, traders don’t get credit for anything other than state VAT.
The government has taken the first concrete step towards the introduction of the goods and services tax. Since the introduction of the tax would require amendment to the Constitution, the government has sought the Supreme Court’s opinion on the amendments proposed. This will ensure these amendments are not challenged in the court later.
(a) In the case of a resident woman below the age of 65 years, the basic exemption limit is INR 190,000. (b) In the case of a resident individual of the age of 65 years or above, the basic exemption limit is INR 240,000 (c) Surcharge is not applicable (d) Education cess is applicable @ 3 percent on income-tax
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s / service provider’s point up to the retailer’s level i.e. up to the last level in the chain. It is essentially a tax only on value addition at each stage. The whole structure is devised in such a way that only the final consumer should bear the tax.
Addition or reduction of exemptions in various services. Renting Service – Retrospective amendment to supersede decision of Delhi High Court in case of Home Solutions Retail India Ltd. Now activity of ‘Renting’ made taxable. Construction Service – receiving any amount from prospective buyer before completion certificate would be considered as service.
The Union Home Minister, Shri P. Chidambaram has welcomed the General Budget for 2010-11 presented in Parliament on friday. In a statement issued here today, he described the budget as a very balanced effort . Following is the text of the statement.
On the question of fiscal consolidation, the much-awaited roll-back of the stimulus measures was announced in the Budget. There were expectations that this roll-back would be either calibrated or selective. But we saw an across-the-board increase in central excise duty from 8 to 10 per cent and there are obvious fears in certain quarters that prices will go up. Do you see this stoking inflation?
In the next financial year, the salaried will not only have more money to spend but also can look forward to easy tax filings. One of the income tax reforms that the finance minister announced on Friday was the introduction of Saral II form, which will only have two pages. The Income Tax Department is now ready to notify Saral-II form for individual salaried taxpayers for the coming assessment year. This form will enable individuals to enter relevant details in a simple format in only two pages,” Finance Minister Pranab Mukherjee said during his Budget speech.
