Goods and Services Tax - The GST Council in its 32nd meeting held on 10th Jan 2019 considered the demands raised by the MSME (including the small traders) to increase the threshold limit for registration and to ease the compliance burden under GST. Key highlights of the meeting are as follows: Two higher exemption threshold limit from registration and payment [&h...
Read MoreGoods and Services Tax - GST Council in the 32nd meeting held on 10th January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions but same would be given effect to through Gazette notifications/ circulars which shall have the force of law.-...
Read MoreGoods and Services Tax - Amendments in Composition Scheme under GST and inclusion of Supplier of Service under the Scheme. With a first meeting in a new calendar year of 2019 GST council has come up with a relaxing exhale for MSME units and small traders by introducing some essential changes to the policy and procedure under the GST Act. […]...
Read MoreGoods and Services Tax - A. FAQs on Search Taxpayers Opted In/Out of GST Composition Scheme Q.1 Can I find if my dealer/ supplier is under the Composition scheme or not? Ans: You can use GSTIN to search the details of a taxpayer who have opted in for the composition scheme or opted out from the composition scheme. Note: Only […]...
Read MoreGoods and Services Tax - Introduction: What is MSME? In accordance with the provision of Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two classes...
Read MoreGoods and Services Tax - i. All stand-alone restaurants irrespective of air conditioned or otherwise, will attract 5% without ITC. Food parcels (or takeaways) will also attract 5% GST without ITC. ii. Restaurants in hotel premises having room tariff of less than Rs 7500 per unit per day will attract GST of 5% without ITC....
Read MoreGoods and Services Tax - Annual turnover eligibility for composition scheme will be increased to Rs 2 crore from the present limit of Rupees 1 crore under the law. Thereafter, eligibility for composition will be increased to Rs. 1.5 Crore per annum....
Read MoreGoods and Services Tax - Taxpayers who were provisionally migrated by virtue of being registered under the existing laws, but who are no longer required to be registered under GST, the period of applying for cancellation of registration is being extended up to 30th September, 2017. ...
Read MoreGoods and Services Tax - GST Council, in its meeting held on 11th June, 2017, has recommended increase in the aforesaid turnover limit for Composition Levy for CGST and SGST purposes from Rs. 50 lakh to Rs.75 lakh in respect of all eligible registered persons, referred to in the aforesaid subsection. ...
Read MoreGoods and Services Tax - Validity of composition levy- (1) The option exercised by a registered person to pay tax under section 10 shall remain valid so long as he satisfies all the conditions mentioned in the said section and these rules....
Read MoreBridge & Roof Company (I) Ltd. Vs. CCE (CESTAT Delhi) - While hearing the case of Bridge & Roof Company Limited vs. CCE, Delhi bench of the Customs Excise & Service Tax Appellate Tribunal held that the benefit of the composition scheme cannot be denied to an assessee who has entered into contracts prior to 1.07.2007. ...
Read MoreNotification No.1/2018- Union Territory Tax [G.S.R. 03(E)] - (01/01/2018) - Union Territory Tax seeks to further amend notification No. 2/2017 - Union Territory Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers....
Read MoreNotification No. 1/2018-Central Tax [G.S.R. 02(E).] - (01/01/2018) - Central Tax seeks to further amend notification No. 8/2017 - Central Tax so as to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers....
Read MoreNotification No. 1/2018–State Tax - (01/01/2018) - Noti.No.01/2018-(ST)- Amd. to Noti. No.8/2017-(ST) to prescribe effective rate of tax under composition scheme for manufacturers and other suppliers...
Read MoreOrder No. 01/2017-Union Territory Tax - (13/10/2017) - Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2017- it is further clarified that in computing his aggregate turnover in order to determine his eligibility for composition scheme, value of supply of any exempt services including services by way of extending deposits, loans ...
Read MoreNotification No. 46/2017-Central Tax [G.S.R. 1287(E).] - (13/10/2017) - G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 10 of the Central Goods and Services Tax Act, 2017 (12 of 2017) the Central Government, on the recommendations of the Council...
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