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 : 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 : Get the latest updates on GST portal advisories issued in July-August 2024, including changes in registration, refund processes, a...
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...
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 : Rajasthan HC ruled that appeals should be considered on merits, even if filed late, quashing a CGST order dismissing an appeal as ...
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...
Request For Proposal (RFP) for Appointment of Consultant for Implementation of Goods and Service Tax (GST) and Advisory Services Relating to Periodical Compliances in CENTRAL BANK OF INDIA
All the Tax Practitioners (Chartered Accountants or otherwise) can understand the importance of composition scheme better (especially those who deal with the smaller business clients).
On 6th April 2017 Rajyasabha has passed four GST bills viz. Central GST Bill 2017, Integrated Goods and Service Tax Bill 2017, the Union Territory Service Tax Bill 2017 and the Goods and Service Tax (Compensation to States) Bill 2017.
After 29th March, 2017, 6th April, 2017 became a historic day in the journey of GST when Rajya Sabha easily passed the GST Bills after a day long debate. It is important to note that despite an eight hour long debate, Rajya Sabha did not recommend any change in the GST Bills.
On Thursday i.e. April 6, 2017, the Rajya Sabha has passed four supplementary GST legislations without amendments by a voice vote as all parties were on board. The four Bills are as under:
GST Council – Decisions ◊ Threshold limit for exemption to be Rs. 20 lac (Rs. 10 lac for special category States) ◊ Compounding threshold limit to be Rs. 50 lac –not available to inter-State suppliers, service providers (except restaurant service) & specified category of manufacturers ◊ Government may convert existing Area based exemption schemes into reimbursement based scheme ◊ Four tax rates namely 5%, 12%, 18% and 28%
In my view this Bill is a very well thought out Bill. I would like to know that what would be the impact of this Bill on our GDP. The inflation would also fluctuate with the implementation of this Bill. My another concern is regarding the effect of GST on FDI after its implementation.
Finally, the wait is over, after an eight hour debate in Rajya Sabha(upper house of parliament), all four supplementary Bills were passed without any modification, which empowers the Government to roll out the GST in July 1, 2017 and make the nation a unified tax zone.
The term GST stands for Goods and Services Tax, and would be a comprehensive indirect tax levy in India on manufacture, sale and consumption of goods as well as services at the national level. Its main objectives are to cover most of the indirect tax levies into a single tax
India moves an inch closer to the dream of a unified tax reform, by welcoming a new chapter in Indian Economics- Goods and Service Tax. GST is a single tax on the supply of goods and services, right from the manufacture to the consumer.
