FREQUENTLY ASKED QUESTIONS (FAQs) ON GOODS AND SERVICES TAX (GST)-3rd Edition: 15th December, 2018- (Note: Changes announced in GST Council meeting held on 22nd December, 2018 are being incorporated and the updated edition will be uploaded shortly)
The instances of misuse of social media by criminals and anti-national elements have brought new challenges to the Law Enforcement Agencies (LEA). These include inducement for recruitment of terrorists, circulation of obscene content, spread of disharmony, incitement of violence, public order, fake news etc.
F.No.173/14/2018-ITA-I Government of India Ministry of Finance Department of Revenue (CBDT) North Block, New Delhi, Dated 24-December, 2018 To, All Principal Chief Commissioners of Income-tax Madam/Sir Subject: – Determination of fair market value of unquoted equity shares of ‘Start Up’ companies under section 56(2)(viib) of the Income-tax Act, 1961 read with Rule 11UA(2) of Income-tax Rules,1962 […]
Due to overwhelming response and feedback from previous batches, TaxGuru, GST Professionals and Govt. of India (Ministry of M.S.M.E) announces its Jan’ 2019 Batch for Advanced Online GST Certification Course. Learn GST in a Practical way and become an Expert in this field.
31ST GST COUNCIL MEETING DECISIONS Change in GST Rate on Goods – Solar Power Plants to be Taxed at 8.9% – To provide some relief to Solar Industry, it has been decided that supply of Solar Power Systems/ Plants as a part of EPC Contract will be taxed as follows – Particulars Effective Rate 70% […]
Important changes proposed in GST Council’s 31st Meeting GST Council की 31st मिटींग आज 22/12/2018 को हुई जिसमें नीम्न प्रकार के GST में amendment करने का प्रस्ताव रखा गया है। इसके लिए जल्द ही notifications issue किए जायेंगे। 1. हर एक tax head के लिए single cash ledger ही रहेगा। इसके लिए GST Portal पर […]
Consumer Protection Bill 2018 passed in Lok Sabha on 20th December 2018 and will now go to Rajya Sabha for passage. 1. The Consumer Protection Act, 1986 was enacted to provide for better protection of the interests of consumers and for the purpose of making provision for establishment of consumer protection councils and other authorities […]
18% GST is applicable on wood logs including the wood in rough/log used for pulping. Turbo charger is classified under heading 8414 and attracts 18% GST and not 5% GST. Fabric even if embroidered or has stitching of lace and tikki etc., and even if sold in three piece fabric as ladies suit set, will be classifiable as fabric andwould attract 5% GST.
Reduction in GST rates/exemptions on services: GST rate on cinema tickets above Rs. 100 shall be reduced from 28% to 18% and on cinema tickets upto Rs. 100 from 18% to 12%. GST rate on third party insurance premium of goods carrying vehicles shall be reduced from 18% to 12%
1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. 2. A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. The modalities for the same shall be finalized shortly.
