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 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...
Goods and Services Tax : In the recent times, GST Department by exercising the powers bestowed on them by way of Section 65 of the CGST Act 2017, has been ...
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 ...
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...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
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 : Sri Avantika Contractors (I) Limited. Vs Appellate Authority for Advance Ruling (GST) and others. (Telangana High Court) Telangana...
Corporate Law : Bombay HC upholds priority of Janaseva Sahakari Bank's secured interest over Sales Tax Dept’s claims, setting aside the mutation...
Goods and Services Tax : Madras HC sets aside dismissal of GST appeal for delay, remands case to the appellate authority for fresh consideration despite th...
Goods and Services Tax : Delhi HC grants interim protection to a petitioner alleging misuse of GST credentials for ITC claims, pending further investigatio...
Goods and Services Tax : Bombay High Court held that amount payable has been quantified before 30th June 2019 and hence eligible to avail benefit under Sab...
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...
Any hurry in implementing the GST, without giving proper time to the trade and industry, would result in lot of litigation and chaos. Some of the issues which are not yet settled in the Acts, draft rules are listed hereunder, which hamper the preparation at the end of taxable person and implementation of GST from 01.07.2017 would be difficult, without early resolution to these issues.
Construction, installation, etc contracts in respect of immovable property(i.e. building, complexes, civil structure, roads, bridges, etc) falls under the definition of Works Contract;
If the value of the supply of goods or services or both cannot be still be determined, the same shall be determined in such manner as may be prescribed.
Presently, several State Governments have provisions for payment of a Composition levy of VAT for specified small businesses which makes compliance of tax laws easier without having to maintain copious records, registers and returns.
The scope of the e-commerce definition as given in the Goods and Services dispensation has been left so wide that it could go well beyond Amazon or Flipkart marketplace platforms and may even cover the commodity exchanges,
Composition dealer shall not issue tax invoice but Issue Bill of Supply. Composition dealer shall not collect any tax from the recipient on supplies made by him. [Section (10)(4)]. Composition dealer shall not be entitled to any credit of input tax. [Section (10)(4)]
Section 7 (1) of CGST Act, 2017 – supply includes– (a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business;
Telangana Legislature on Sunday passed The Telangana State Goods And Services Tax Bill, 2017, a legislation aimed at broadening the tax base and resulting in better tax compliance due to robust IT infrastructure. With approval of draft GST bill on March 31 and and subsequent assent of the same by President, Centre asked states to […]
Like existing provision of law every taxable person shall self-assess the tax in the Goods and Service Tax regime also. The tax departments dont have direct control over supply of goods or services. The departments through audit conduct verification of accounts, returns and other records related to production, clearance or provision of service.
Krishna, Honorable President of India has given ascent to the GST and so it seems that GST will come into force from 1st July 2017 and the landmark is set for further steps. Presently VAT is applicable to all the business dealers and now GST will be levied, so please explain the difference between VAT and GST?
