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 : 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 : 16 अगस्त से 15 अक्टूबर 2024 तक सीबीआईसी द्वारा जीएसटी फ�...
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 : 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 : Rajasthan HC dismisses petition challenging 18% GST on samosa and kachori, directs Sodhani Sweets to approach the Appellate Author...
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...
# Income up to Rs 1.6 lakh – nil Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent Income above Rs 8 lakh – 30 per cent. # Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.
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Fiscal prudence: Corrective measures to repair India’s balance sheet seem imminent. The fiscal position stands stressed with a 16-year high deficit of 6.8% of GDP. With Central Statistical Organisation advance estimates hinting at a GDP growth of 7.2% for 2009-10, the government is bound to withdraw some of the stimulus doled out previously.
The Empowered Committee of State Finance Ministers unveiled the First Discussion paper on Goods and Service Tax in India on 10th November 2009. This discussion paper provides us with broad contours of dual GST to be implemented in India.
The term ‘input service’ (under Cenvat Credit Rules, 2004) has gone through its share of litigations and interpretations, with the trade knocking the doors of judiciary for much needed relief and justice. It is in the interest of the department and India Inc to bring in suitable amendments in the definition of input service, which could put an end to the litigations on this count.
As is now well known, the Empowered Committee of State Finance Minister (EC) had, in November 2009, issued a First Discussion Paper (Paper) on the dual Goods and Service Tax (GST). This paper had set out the EC’s views on the nature of the dual GST, its coverage, the manner of its applicability, its coverage and on several other design aspects of the GST as well, including on treatment of inter-state supplies of goods and services.
The long-awaited reform of India’s indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be levied on all companies and traders with annual turnover of Rs 10 lakh and above, this would provide a tax base of 40-45 lakh assessees and ensure that neither the Centre nor states suffer any revenue loss.
In June 2000, an expert group headed by NIPFP director M Govinda Rao observed that the ‘selective approach to taxation of services is undesirable for this violates neutrality in taxation, leads to inadequate coverage in addition to raising several avoidable procedural and legal complications’. The group recommended that the Centre should move towards a ‘general and comprehensive extension of the tax to cover all services with a small and clearly defined exemption list’.
GST shall have two components: one levied by the Centre (Central GST), and the other levied by the States [State GST].
The tax code comes in the economic background of over 400 million people being below the poverty line; with many areas disturbed due to underdevelopment; sustained policies of inclusive growth having reduced the poverty ratio but not absolute numbers; and a huge lack of infrastructure.
