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 : ECGC payouts in INR do not qualify as export proceeds under GST and FEMA laws. Exporters must secure AD bank write-offs to avoid r...
Goods and Services Tax : The issue was whether unregistered individuals could exercise appellate rights. The Court held that procedural hurdles like absenc...
Goods and Services Tax : The issue was denial of ITC transfer due to different State registrations of entities. The Court ruled that no such restriction ex...
Goods and Services Tax : The issue was delays and inconsistencies in GST fund settlement under the earlier framework. The new rules introduce a fully autom...
Goods and Services Tax : The issue was taxation of intermediary services as domestic supply. The law now treats such services as exports, allowing zero-rat...
Goods and Services Tax : CBI arrested GST officials for demanding a bribe to facilitate registration approval. The case highlights strict enforcement again...
Goods and Services Tax : The CBI arrested a CGST Assistant Commissioner for demanding a bribe to halt GST proceedings. The officer was caught red-handed ac...
Goods and Services Tax : The Government reduced GST on paper sacks and bags from 18% to 5% following GST Council recommendations. The move addresses farmer...
CA, CS, CMA : ICAI has recommended mandatory verification of the Certificate of Practice for Chartered Accountants appearing before GSTAT to ens...
Goods and Services Tax : The Government introduced reforms such as e-invoicing and auto-population of data in GST returns. These measures improve accuracy,...
Goods and Services Tax : The Court held that GSTIN cannot be cancelled solely based on supplier irregularities without examining the taxpayer’s transacti...
Corporate Law : The Court held that input tax credit claimed on invoices from non-existent dealers justified penalty under VAT law. It reaffirmed ...
Goods and Services Tax : The Court set aside a show cause notice that combined several financial years into one proceeding. It held that each assessment ye...
Goods and Services Tax : The Court held that each financial year creates a separate cause of action, making a consolidated notice legally unsustainable. It...
Goods and Services Tax : The ruling found that issuing a single notice for multiple tax years violates statutory requirements. The Court quashed the notice...
Goods and Services Tax : GSTN has enabled editing of the pre-deposit percentage in APL-01 filings. The change allows taxpayers flexibility, while verificat...
Goods and Services Tax : Taxpayers faced issues filing appeals where adjudication orders showed zero demand. GSTN clarified that such system limitations re...
Goods and Services Tax : Both domestic and import revenues contributed to GST growth, alongside increased refunds. The figures highlight improved tax admin...
Goods and Services Tax : The government introduced new rules replacing the 2017 framework to streamline IGST settlement between Centre and States. The rule...
Goods and Services Tax : Maharashtra Government has extended the time limit to file appeals before the Appellate Tribunal for orders communicated before Ap...
As per the GST law, the supply will determine the levy of tax. The definition of supply is most important in the law of GST. Also, there has been a debate on the levy of tax on goods and services. Currently, VAT is levied on goods and Service Tax is levied on services. But many goods and services are inseparable, and then there is a debate about who will levy tax and also there are litigations on this.
Works contract has been a mystery for almost half a century and yet it fancies every avid leaner of Indirect tax. It is a composite contract involving both transfer of property and provision of labour. We shall examine the implications of Goods and Services Tax Law (GST law) on Works contract in this paper.
Mr. Subodh, a businessman dealing in manufacturing of plastic bottles, was sitting in his chamber, his head bowed low over a booklet called ‘FAQ on Goods and Service Tax’ and looking thoroughly disappointed and twirling his moustache impatiently. The more he read, the more confused he seemed to get. Unable to take it anymore, he […]
Meaning and Relevance: Time of supply of goods determines time, when the tax (GST) will be levied. GST is levied on supply (i.e. for ex: when the goods are sold, transferred to branch, etc). Now, let us take example of sale of goods. In a sale transaction various events are involved i.e. invoice issuance, payment […]
Goods and Services tax (popularly known as GST) would soon be the new system of indirect taxation in India that will subsume all the other indirect taxes that has been levied and collected in India so far. From the viewpoint of a taxpayer, registration under GST would be the key factor. The aim of this […]
Presently we pay Excise Duty on goods produced and removed from factory. So the liability arise at the time of removal. Service Tax is charged on rendering services at the time of Receipt of Payment, raising of Invoice / Completion of Services, whichever is earliest. VAT & CST on sale of goods, transfer of property.
This article will provide you information with respect to following questions for transitional CENVAT credit under GST 1) Who may transfer CENVAT credit under GST? 2) How CENVAT Credit shall be transferred under GST? 3) What are the eligible Duties and Taxes for transferring under GST?
Every supplier shall be liable to be registered under GST in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds Rs 9 lakhs. However, if supplier is engaged in business from North Eastern States including Sikkim then this threshold will be Rs. 4 lakhs.
GST which is a tax on goods & services, is expected to be rolled out from April 01, 2017. It subsumes 17 different Indirect Taxes, both at Central and State level. Basic Custom Duty on import of goods shall continue. However, there will be a levy of IGST in lieu of extant Countervailing Duty (CVD) and Special Additional Duty of Customs (SAD).
GST is pegged to be one of the biggest game changers for Indian economy, making India one unified common market. The April 1, 2017, rollout deadline for the new indirect tax regime looks tough but not impossible and both the states and Centre are ready in terms of preparedness. It will subsume all the taxes currently under the indirect tax basket, such as Central Excise Duty, Service Tax, VAT, CST, Entry Tax, and Luxury Tax and so on.
