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 : The article examines how denying ITC to genuine buyers due to supplier tax default creates constitutional and commercial concerns ...
Goods and Services Tax : This article discusses GST compliance for service providers eligible for the QRMP scheme up to ₹5 crore turnover. It clarifies w...
Goods and Services Tax : The article discusses how GST authorities are increasingly reversing ITC based on upstream NGTP allegations without proving fraud ...
Goods and Services Tax : The article explains common objections raised during GST departmental audits under Section 65, including ITC mismatches, GSTR reco...
Goods and Services Tax : The article explains how rigid GST compliance and fear of penalties are pushing small businesses back into cash transactions. It s...
Goods and Services Tax : Representation addressed to Union Finance Minister, GST Council and CBIC seeks legislative and administrative relief for bona fide...
Goods and Services Tax : Authorities uncovered fraudulent ITC claims based on fake invoices without actual supply of goods or services. The accused was arr...
Goods and Services Tax : The representation highlights ambiguity in whether the ₹2.5 crore ITC threshold should be annual or cumulative. It emphasizes th...
Goods and Services Tax : Authorities arrested the key accused for orchestrating fake ITC claims and fictitious export transactions. The case highlights str...
Goods and Services Tax : Authorities uncovered fraudulent ITC claims exceeding ₹8 crore without actual supply of goods. The ruling highlights that ITC is...
Goods and Services Tax : The Bombay High Court held that rejection of a manual GST appeal was unsustainable where DRC-07 was not available on the GST porta...
Goods and Services Tax : Gauhati High Court held that cancellation of GST registration without assigning reasons in FORM GST REG-19 was illegal and violate...
Excise Duty : CESTAT Delhi remanded the matter after finding that the Commissioner (Appeals) failed to consider the appellant’s affidavit and ...
Goods and Services Tax : Bombay High Court held that GST proceedings initiated against a company that had ceased to exist after amalgamation were void ab i...
Corporate Law : High Court directed authorities to examine claims relating to additional road work, carriage charges, GST differential, and deduct...
Goods and Services Tax : The GST Appellate Tribunal issued a detailed order constituting benches across India and classifying GST disputes into three categ...
Goods and Services Tax : The Principal Bench of GSTAT instructed scrutiny officers not to raise defects where appellants upload required soft copy document...
Goods and Services Tax : The Central Government amended Notification No. 14/2018-UT Tax by replacing officials listed against Serial No. 2. The notificatio...
Goods and Services Tax : The Central Government has authorized the GSTAT Principal Bench, New Delhi, to hear appeals under Section 101B of the CGST Act. Th...
Goods and Services Tax : The data highlights a sharp increase in GST collections driven by import-related IGST. It confirms strong revenue performance and ...
PPP model may have not done well but it shall succeed for effective urban interventions, says Shri Naidu Huge urban fiscal gap with annual per capita income of ULBs-Rs.1,430, expenditure-Rs.6,030 Minister of Urban Development Shri M.Venkaiah Naidu has favoured a share of GST(Goods and Services Tax) revenue for the municipalities across the country to ensure […]
♠ As the Central Government of India had indicated that GST could be implemented from 01.04.2016. State Government to take necessary steps to prepare Trade and Industry and department for smooth transition to Goods and Services Tax (GST) System. Relief under VAT: ♠Increase in registration limit from Rs.7.5 lakhs of annual turnover to Rs.10 lakhs. […]
Everyone including me is very optimistic about passage of GST Bill in both the houses of Parliament in this undergoing budget session of parliament which has started from 23 February 2015 with the President speech and will conclude on 08th May 2015.It is worth to mention the extracts of President speech
H’ble Finance Minister Shri Arun Jaitley (FM) in his Budget Speech exhibited his commitment to introduce GST from 1st April 2016 by mentioning about Goods and Service Tax (GST) multiple times in his Budget Speech 2015.
GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. GST is a part of proposed tax reforms in India having an extensive base that instigate the applicability of an efficient and harmonized consumption tax system. GST has been commonly accepted by world and more than 140 countries have acknowledged the same. Generally the GST ranges between 15%- 20% in most of the countries.
The Finance Minister Shri Arun Jaitley has said that the Corporate Tax Rate is proposed to be reduced from the current 30% to 25% over the next 4 years. In his Budget Speech in the Lok Sabha here today, Shri Jaitley said this is expected to lead to higher level of investment, higher growth and […]
On a optimistic note, introduction of common Goods and Services Tax (GST) could be a game changer. The economic situation is therefore upbeat, on a rise and forward looking so far as growth and reforms are concerned. So far as goods and services are concerned, there are many items on which excise duty has been increased from 6% to 12% including mobile handsets. On certain input and raw materials, duties have been rationalized or hiked.
Budget speeches since 2006 were used to declare a specific date for introduction of GST and the Trade and Industry is waiting for GST on the same promises as made in the Budget speeches of the Finance Ministers from year to year and now we are in year 2015 and still waiting for GST. Goods and Service tax was first referred in the Indian Budget by the Finance Minister in his budget speech in 2006:-
Before I begin this article it is worthwhile to discuss the background behind this since as of today no professional as well dealer is sure about the consequences of proposed GST legislation. There is General perception among professional and society that GST will remove cascading effect, make administration simple and system will become more transparent.
What is Goods and Service Tax (GST) GST is a destination based tax levied on supply of goods and services Proposed Dual GST in India is to be levied concurrently by states and central government on a common tax base It will be levied on all stages of the supply chain till the final sale […]
