GST - Page 1474

CENVAT Credit -Transitional Provision under GST

This article will provide you information with respect to following questions for transitional CENVAT credit under GST 1) Who may transfer CENVAT credit under GST? 2) How CENVAT Credit shall be transferred under GST? 3) What are the eligible Duties and Taxes for transferring under GST?...

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Liability to be registered under GST

Every supplier shall be liable to be registered under GST in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds Rs 9 lakhs. However, if supplier is engaged in business from North Eastern States including Sikkim then this threshold will be Rs. 4 lakhs....

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Impact of GST on Ongoing Tendering & Existing Purchase Orders in PSUs

GST which is a tax on goods & services, is expected to be rolled out from April 01, 2017. It subsumes 17 different Indirect Taxes, both at Central and State level. Basic Custom Duty on import of goods shall continue. However, there will be a levy of IGST in lieu of extant Countervailing Duty (CVD) and Special Additional Duty of Customs...

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Impact of GST on Income Tax Act 1961

GST is pegged to be one of the biggest game changers for Indian economy, making India one unified common market. The April 1, 2017, rollout deadline for the new indirect tax regime looks tough but not impossible and both the states and Centre are ready in terms of preparedness. It will subsume all the taxes currently under the indirect ...

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Flowchart on registration process under GST

GST has received a green signal and is soon be a part of almost all day to day transactions. The first step of compliance under GST regime would be REGISTRATION under the CGST and SGST Act. A person liable to be registered shall get himself registered under the SGST Act of the respective states in which he carries on his business and also...

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Input Tax Credit! A Boon or bane in GST? Let’s find out…

Apart from the US Presidential Elections& POK Issues, the only thing making headlines lately is Goods & Services Tax. Since the passing of Constitution Amendment Act, 101st; there have been lot of speculations in the market w.r.t. GST Law;how it will pan out,what the modalities are and most importantly how an Aam Aadmi willget impacted....

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Key Highlights of Draft GST Rules

CBEC has recently issued 5 set of Draft rules on Registration, Invoice, Payment, Refund, and Return. These 5 set of rules has been approved by GST Council on its 2nd meeting held on 30th September 2016. Key Highlights of these rules are as follows:...

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Check list for Input Service Distributor under GST

As per section 2(56) of GST Act, ISD means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the...

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Issues with Export of Service in GST

The definition has squarely covered each and every aspect which helps in establishing the fact of export of service. But the lacuna lies in the sub clause (e) which says the supplier of service and recipient of service are not merely establishments of a distinct person;...

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Impact of GST Over E-Commerce sector

India had an internet user base of about354 million as of June 2015 and is expected to cross 500 million in 2016.Despite being the second-largest user base in world, only behind China (650 million, 48% of population), the penetration of e-commerce is low compared to markets like the United States (266 million, 84%), or France (54 M, 81%),...

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August 2021