Central Government hereby specifies that the provision of section 269ST shall not apply to the following, namely: (a) receipt by a business correspondent on behalf of a banking company or co-operative bank, in accordance with the guidelines issued by the Reserve Bank of India;
It’s been more than a decade now since we have been listening the buzz about Goods and Services Tax (GST), but now we have seen implementation of GST turning into reality as the Govt. has launched GST on 01/07/2017.
The purpose of this guidance note is to bring clarity about the impact of GST,which would come into force with effect from 01.07.2017, for importers and exporters.
Finally, within few hours, the biggest tax reform, since independence i.e. GST after crossing all the setbacks, COMING INTO PICTURE. In a short span of time, GST became the talk of the nation. The waves of GST are all around the corner.
Right before the roll out of GST, let’s have a quick recap of the list of rate of services, approved by the GST Council in its 14th Meeting with related amendments, so far covering the Services under Reverse Charge and Services Exempted under GST.
Section 22 of CGST deals with the persons who are required to be registered under GST. It says, Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees:
Indeed, rolling out of GST from July 1, 2017 is unstoppable. But to provide relief to the taxpayers, GST Council in its latest meeting, extended the time period for filing of return i.e. FORM GSTR-1 & FORM GSTR-2 for the first two months after the roll out of GST.
As of today, all the States and Union Territories (having assemblies), except the State of Jammu & Kashmir, have approved the State Goods and Services Tax (SGST) Act. The State of Kerala issued an Ordinance today approving State GST Act while the State of West Bengal had issued an Ordinance in this regard on 15th June, 2017.
On 19th June 2017 CBEC released Six Central Tax notifications , two Integrated Tax notifications paving the way for implementation of GST with effect from 01st July 2017. In Addition to that it also released with Format GST Rules related to Advance Ruling , Anti Profiteering, Appeals and Revision, Assessment and Audit and E-way. Details […]
With the GST set to be rolled out on 1st Jul y 2017, the final phase of preparation for its implementation is in full swing. Customs too has a major stake in the early implementation of GST as IGST would begin to be levied on the imports from the very first day, the credit of which shall be available to the importers.
