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.
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Goods and Services Tax : Learn about India's GST Act, its structure, objectives, tax types, exemptions, compliance measures, and the role of the GST Counci...
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 : Madras High Court quashes GST order against P. Rajasekaran, citing violation of natural justice. Petitioner granted relief on depo...
Goods and Services Tax : Orissa High Court denies pre-arrest bail to GST Officer accused of embezzling ₹71.03 lakhs, citing the seriousness of the econom...
Goods and Services Tax : Gujarat High Court sets aside a GST demand order for violating natural justice by denying a personal hearing, remanding the matter...
Goods and Services Tax : Kerala HC denies Neo Classic Cruise's plea against GST order, ruling classification disputes must be appealed under Section 107, n...
Goods and Services Tax : AP High Court quashes GST assessment order against Knight Hawk Security due to missing DIN, allowing fresh assessment with due not...
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 ...
The GST shall have two components: one levied by the Centre (hereinafter referred to as Central GST), and the other levied by the States (hereinafter referred to as State GST). Rates for Central GST and State GST would be prescribed appropriately, reflecting revenue considerations and acceptability. This dual GST model would be implemented through multiple statutes (one for CGST and SGST statute for every State).
GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point upto the retailer’s level. It is essentially a tax only on value addition at each stage, and a supplier at each stage is permitted to set-off, through a tax credit mechanism, the GST paid on the purchase of goods and services as available for set-off on the GST to be paid on the supply of goods and services.
It gives me great pleasure to be here on this occasion when the Empowered Committee under the dynamic leadership of Dr. Asim Dasgupta is releasing its First Discussion Paper on the proposed Goods and Services Tax (GST). At the outset, let me whole-heartedly congratulate all of you for giving shape and form to an idea whose time, I believe, has truly come.
An acute shortage of trained tax professionals coupled with a changing and complex tax landscape has led to a sharp rise in the pay packets of such experts with the average salary more than doubling in the past year alone, according to senior executives from tax and legal firms. While an entry level tax professional today commands not less than Rs 10 lakh per annum in some of the country’s top firms, the salary range for a middle-level professional is between Rs 25 lakh and Rs 35 lakh; while for a partner it ranges upward of Rs 75 lakh.
The Finance Minister, Mr Pranab Mukherjee, on Friday hinted at some slippage to the scheduled Goods and Services Tax (GST) system rollout by April 1, 2010. Introduction of the GST, billed as a flagship tax reform measure of the UPA Government, is considered crucial for attracting increased doses of domestic and foreign investments.
The automation drive by the country’s excise and service tax department took another step forward Wednesday with the access to online registration and filing of returns made available in the national capital and surrounding regions. ‘The main objective of the automation drive is to provide an electronic interface with the department that aims to reduce costs, the paperwork, visits to our offices,’ said Sreela Ghosh, chief commissioner of excise and service tax in the capital.
The Madhya Pradesh government is gearing up to take on Centre over the goods and service tax (GST) issue. If things do not happen its way, the state is likely to challenge the Centre on the issue in the Supreme Court.
The Empowered Committee of State Finance Ministers has endorsed in principle the levy of GST on imports and mandated a Joint Working Group to prepare a report in four weeks on the structural changes necessary to be adopted for this purpose.
It is likely that the extant central and state levies of indirect taxes on the domestic production and sale of goods and on provision of services may be replaced by the levy of central and state Goods and Services Taxes from 1 April 2010.
States have finally reached a consensus on having two basic rates under the Goods and Services Tax, slated to be rolled out on April 1, 2010. There will be one standard rate of taxation and another low rate of taxation for essential commodities.
