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 : Reverse Charge Mechanism (RCM) in GST is a system where the recipient of goods or services is liable to pay the tax instead of th...
Goods and Services Tax : The Finance (No 2) Act 2024 been notified on 16th August 2024. The Finance Act sections 114 to 157 Page 114 to 157 (Page 67 to 6...
Goods and Services Tax : Overview of GST tax liability, self-assessment, and the distinction between scrutiny under Section 61 and actions under Sections 7...
Goods and Services Tax : Karnataka HC ruled that under Section 75(4) of CGST Act, a hearing opportunity must be granted before passing an adverse order. Ba...
Goods and Services Tax : Understand GST provisions for invoices and credit notes in the sale of under-construction flats/shops, including time limits, e-in...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Goods and Services Tax : Join our webinars on GST Tribunals preparation. Learn to grow your IDT practice and prepare for GSTAT with expert guidance. Regist...
Goods and Services Tax : A Superintendent in Nadiad is sentenced to 5 years for bribery. CBI also investigates two GST officers in Hyderabad for demanding ...
Income Tax : Explore the financial impact of tax exemptions for BCCI and IPL, government actions, and proposed reforms from the latest Rajya Sa...
Income Tax : Explore the latest updates on tax benefits for skill development institutions in India, including GST exemptions and income tax re...
Goods and Services Tax : Allahabad HC rules that GST authorities can survey business premises for verifying transactions when goods are intercepted without...
Goods and Services Tax : Madras High Court judgment on Hajee S M Ahamed and Company vs Deputy State Tax Officer, remanding ₹25,000 GST demand and ₹1.36...
Goods and Services Tax : Calcutta HC reinstates GST appeal for Rahul Bansal, ruling technical glitches can't negate statutory rights to challenge orders un...
Goods and Services Tax : Kerala High Court grants a petitioner the opportunity to challenge GST assessment orders uploaded post-registration cancellation, ...
Goods and Services Tax : Calcutta High Court grants a final opportunity to a business owner to comply with WBGST Sec. 28(1) after non-compliance led to the...
Goods and Services Tax : Maharashtra GST Circular No. 21T of 2024 updates guidelines for recovering outstanding dues after first appeal until the Appellate...
Goods and Services Tax : Instruction No. 03/2024-GST outlines procedures for CGST audits, emphasizing uniformity and reducing litigation through adherence ...
Goods and Services Tax : Kerala SGST department issues a circular clarifying the method of penalty calculation under the IGST Act, 2017 for tax demands mad...
Goods and Services Tax : CBIC's latest updates include a Customs cooperation deal with New Zealand, a new Hindi magazine, and significant seizures of smugg...
Goods and Services Tax : CBIC issues guidelines for a second All-India drive to detect and eliminate fake GST registrations, safeguarding government revenu...
E Commerce is one of the fastest growing sectors in world. The same can be defined as action of commercial nature using Internet as a medium. The coding by Programmer throughout world makes it continuously expanding and dynamic in nature. The term was unknown a decade back by most of the people in India, there has been sudden rise in this with new start-ups.
As we all are aware that we are passing through the regime where entire indirect system is switching over to the GST which is governed by four Acts i.e. IGST, CGST, SGST & UGST. All the four acts will work in their respective spheres as per their applicability. It is very important to discuss that […]
Under the GST law, the levy of tax is as follows: (a) In the hands of the supplier – on the supply of goods and / or services (referred to as tax under forward charge mechanism); (b) In the hands of the recipient – on receipt of goods and / or services (referred to as tax under reverse charge mechanism)
A new concept of supplying the goods together has been introduced in GST regime which will cover supplies made together irrespective of the fact whether they are related or not. Though the concept of bundled services was there under Service Tax Law which is similar to composite supply but the concept of mixed supply is totally […]
Right after the GST rates for goods, another meeting held on May 19, 2017 at Srinagar, Jammu & Kashmir, headed by Finance Minister Arun Jaitley, approved the GST rates for services. The rates for services were finalised the four- slab structure i.e. 5%, 12%, 18%, 28%. A larger number of fast- food joints, which are […]
GST Council in its 14th meeting on 18th & 19th of May 2017 held in Srinagar, suggested the list of goods & services on which tax should be levied under Reverse Charge Mechanism (RCM). In all 12 services has been suggested by the Council to be notified by the government as services on which Reverse Charge Mechanism shall apply. Not only services but RCM is applicable on supply of goods also. In this article we will cover all the provisions related to RCM under GST. For the first time, we have drafted the article in form of question and answers. We have tried to cover all the aspects of RCM in these questions, so now let us start with our question answer session.
The fitment of rates of services were discussed on 19th May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The information will be subject to further vetting after which the list may undergo some changes. The decisions of the GST Council are being communicated for general information and will be given effect to through gazette notifications which shall have force of law.
The GST Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% for services including telecom, insurance, hotels and restaurants. The information has been uploaded immediately after the GST Council’s decision and it will be subject to further vetting during which the list may undergo some changes. It is stated that the decisions of the GST Council are being communicated for general information and will be given effect through gazette notifications which shall have force of law.
The anti-profiteering provisions are there in GST Acts to help the government to ensure that the common masses enjoy the benefits of the reduction in rates by way of reduced prices.
Goods exempted from the GST regime Goods like fresh meat, fish chicken, eggs, milk, butter milk, curd, natural honey, fresh fruits and vegetables, flour, besan, bread, prasad, salt, bindi. Sindoor, stamps, judicial papers, printed books, newspapers, bangles, handloom, etc.
