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Goods and Services Tax - On 07-03-2019 government introduced a new GST Composition scheme by Notification No. 02/2019 of CGST (rate) 2017 with a new rate for the service sector. This notification is effective from 1.4.2019....
Read MoreGoods and Services Tax - Article discusses changes in 1. GST Provisions related to Threshold Limit for Registration in case of goods , Services and Both Goods & Services 2. Changes in GST Composition Scheme 3. Supply with or without consideration – treated as supply under GST, Changes in TCS Provisions and 4. Proposed New GST Return Formats....
Read MoreGoods and Services Tax - We had COMPOSITION scheme for GOODS manufacturer or trader – at 1% . Also we already had COMPOSITION scheme for RESTAURANT SERVICE supplier – at 5%. Now we have , COMPOSITION SCHEME FOR SERVICE PROVIDER OR GOODS + SERVICE PROVIDER – at 6% for First 50 lacs w.e.f. 01-04-2019. Notification No. 2/2019-Centra...
Read MoreGoods and Services Tax - In view of notification No. 2/2019 – Central Tax (Rate) dated 07/03/2019, the Central Government, on the recommendations of the Council, has notified Composition Scheme for Service provider which can be opted from 01/04/2019. Previously, service providers are kept out of ambit of composition scheme u/s 10(1) of CGST Act. A. Description ...
Read MoreGoods and Services Tax - Composition Scheme for Services under GST Effective from 1st April,2019 – Notification No. 2/2019-Central Tax (Rate) dated 7th March, 2019 1) Description of supply First supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year, by a […]...
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. 14/2019 – Central Tax [G.S.R. 196(E)] - (07/03/2019) - Notification No. 14/2019 – Central Tax- Seeks to supersede notification No. 08/2017 – Central Tax dated 27.06.2017 in order to extend the limit of threshold of aggregate turnover for availing Composition Scheme u/s 10 of the CGST Act, 2017 to Rs. 1.5 crores. Threshold Limit Composition Schem...
Read MoreOrder No. 01/2019-Central Tax [S.O. 635(E)] - (01/02/2019) - It is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account – (i) for determining the eligibility for composition scheme under second...
Read MoreOrder No. 01/2019-Union Territory Tax (S.O. 636(E).) - (01/02/2019) - This Order may be called the Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2019. For the removal of difficulties, it is hereby clarified that the value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented...
Read MoreNotification No. 05/2019 – Central Tax [G.S.R. 65(E)] - (29/01/2019) - Seeks to amend notification No. 8/2017-Central Tax dated 27.06.2017 so as to align the rates for Composition Scheme with CGST Rules, 2017 vide Notification No. 05/2019 – Central Tax dated 29th January, 2019. Government of India Ministry of Finance (Department of Revenue) [Central Board of Indirect...
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....
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Notification No. 14/2019 – Central Tax [G.S.R. 196(E)] - (07/03/2019) -
