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 : State directives needed to stop police from illegally checking invoices/e-way bills, hindering trade. Only GST officials have this...
Goods and Services Tax : Karnataka HC grants Cultgear Pvt Ltd refund, pending GST tribunal formation, with a bank guarantee. Liberty to appeal extended til...
Goods and Services Tax : Explore the GST implications for accommodation services post recommendations from the 53rd GST Council meeting. Learn about amendm...
Goods and Services Tax : Explore detailed updates on appeal filing rules, electronic acknowledgements, corporate guarantees, and more from the 53rd GST Cou...
Goods and Services Tax : जीएसटी की 53वीं काउंसिल मीटिंग के बाद जारी अधिसूचन...
Goods and Services Tax : Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC co...
Goods and Services Tax : CBI arrests CGST Superintendent and Inspector in Solan, HP, for demanding and accepting Rs.8000 bribe, leading to searches and ong...
Goods and Services Tax : CBI arrests Superintendent of Central GST & Central Excise in Berhampur for accepting Rs. 15,000 bribe from complainant regarding ...
Goods and Services Tax : Explore the impact of the 53rd GST Council Meeting recommendations, including waivers on interest and penalties under Section 73, ...
Goods and Services Tax : Read about the CBI apprehending a CGST Inspector in Rajkot for accepting a bribe of Rs 2.50 lakh. Detailed analysis of the case an...
Goods and Services Tax : Karnataka HC remands R.S Marketing's case, granting a fresh hearing on ITC discrepancies between GSTR-3B and GSTR-2A due to non-co...
Goods and Services Tax : Read the full text of the judgment by Delhi High Court on retrospective cancellation of GST registration for non-existence at prin...
Goods and Services Tax : Read the detailed analysis of Ravi Chitra Vs Assistant Commissioner (ST) at Madras High Court. Case involves GST liability due to ...
Goods and Services Tax : Read the detailed judgment of Madras High Court criticizing the GST Department's handling of e-invoice and e-way bills in M. R. V....
Goods and Services Tax : Read the full judgment of P. Saravanan Vs State Tax Officer where Madras High Court defers GST adjudication on mining lease paymen...
Goods and Services Tax : Explore the integrated services of NIC-IRP e-invoice-1 and e-invoice-2 portals, launching on July 18th, 2024. Learn about seamless...
Goods and Services Tax : GST rates on solar cookers, fire water sprinklers, parts of poultry-keeping machinery, pre-packaged agricultural produce and suppl...
Goods and Services Tax : Latest GST clarifications on services including Indian Railways, RERA, digital payments, insurance schemes, and accommodation serv...
Goods and Services Tax : Explore CBIC achievements, updates, and recent cases in the July 2024 newsletter from the Ministry of Finance, Department of Reven...
Goods and Services Tax : Learn how exporters can claim refund of additional IGST paid due to price increases post-export. Details on application process an...
With the Left losing power in West Bengal, the Empowered Group of State Finance Ministers, which is currently engaged in building a consensus on the GST, will have to find a replacement for Asim Dasgupta who has been heading the body since its inception. As West Bengal Finance Minister, Mr. Dasgupta was involved with the Empowered Group for more than a decade. Earlier, he was the convenor of the VAT panel and played a key role in implementing the new tax regime.
A Ficci Committee recently said it will suggest ideas to the aviation industry on how the proposed Goods & Services Tax (GST) would affect them, along with other recommendations to give the sector a boost. The Ficci Civil Aviation Committee has also set for itself a wide-ranging agenda to give the civil aviation industry a fillip and make air travel safer, secure, cheaper and hassle-free.
Ministry of Finance has initiated a public debate on the issue of a negative list for taxation of services as announced by the Finance Minister, Shri Pranab Mukherjee in his Budget 2011. The text of the speech is as below-Many experts have argued that it will be desirable to tax services based on a small negative list, so that many untapped sectors are brought into the tax net. Such an approach will be very conducive for a nationwide GST. I propose to initiate an informed public debate on the subject to help us finalise the approach to GST.
Finance Ministry will soon come out with a discussion paper on service tax to increase its contribution to the overall tax kitty and align it with the proposed Goods and Services Tax (GST). “The Finance Ministry is working on a discussion paper on taxation of services to get opinion and feedback before moving to GST,” a source told PTI.
Constitution (One Hundred and Fifteenth Amendment), Bill, 2011 (GST Bill) as introduced in the Parliament on 22 March 2011, deals with key transaction taxes in India. The proposed GST Bill, inter alia seeks to introduce articles effecting the introduction of the Goods and Services Tax (GST) and the introduction of the GST Council. As per the existing structure of indirect taxation, the Parliament has the power to make laws on the manufacture of goods and the provision of services (Union List) while the State Legislatures have the power to make laws on the sale and purchase of goods within their respective states (State List). The Parliament has retained the exclusivity to make laws pertaining to sale of goods in the course of inter-state trade or commerce.
Perhaps, for the first time in Indian history, we have a situation that the Union Budget is presented and passed by both the houses of the Parliament in less than a month. Not only this, that too in the current financial year itself. Thanks to virtually no debate in the house even on crucial proposals impacting economy and growth of nation and thanks to the democratic country we are. Simply because there are elections in few states in May / June, we had to cut short the economic agenda of Parliament and made budget a not so important event.
Though the Goods and Services Tax (GST) bill has been tabled in the Lok Sabha, the Gujarat government today said in the state Assembly that it was not ready to implement it. Minister of State for Industries, Saurabh Patel, told the House that state government was not prepared to implement GST as it would take away state’s autonomy in taxation and inflict revenue-loss of over Rs 3,000 crore.
The finance minister retained most of his other proposals, providing only marginal relief to industries such as automobiles, garments, personal computers and printers. On direct taxes, the biggest concession was in the norms for a concessional 15% tax on dividends received from overseas subsidiaries. As against the minimum 50% India holding in such subsidiaries to be eligible for the tax sop, the finance minister has suggested a lower threshold of 26%, benefiting several firms with overseas joint ventures.
The government today introduced a Constitution Amendment Bill in the Lok Sabha with a view to create a common market for goods and services and replace the existing indirect taxation regime with a uniform Goods and Services Tax (GST) system.
The government today hoped rollout of Direct Tax Code by April 2012 but things are not on track in case of Goods and Services Tax (GST). “DTC will be rolled out in April 2012 but for GST I think the date seems ‘optimistic’ under the present circumstances,” Revenue Secretary Sunil Mitra said.
