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CBEC asks telcos to pass benefit under GST to Customers
CBEC PRESS RELEASEGST on Telecom ServicesTelecommunication services presently attract service tax of 14% along with Swachh Bharat Cess (SBC) of 0.5% and Krishi Kalyan Cess (KKC) of 0.5%. While service...
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Sugar, Tea and Coffee to cost less in GST Regime
Proposed GST Tax rates would be lesser than the prevailing taxes in case of Sugar, Tea and Coffee (other than instant coffee) and Milk Powder; Present incidence of taxes on sugar is 8% while proposed...
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Addendum to GST Rate Schedule For Goods
ADDENDUM TO THE GST RATE SCHEDULE FOR GOODS[As per discussions in the GST Council Meeting held on 18th May, 2017]I. The following amendments / additions are required to be made to the aforesaid docume...
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Entertainment Services under GST
Tax Incidence on Entertainment Services under GSTLower Tax Incidence on Entertainment Services under Goods and Services (GST) Tax Service providers shall be eligible for full Input Tax Credits (ITC) o...
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GST on Important Commodities
Note on Tax on Important Commodities under GSTGoods and Services Tax (GST) will lead to lower tax burden in several commodities including packaged cement, Medicaments, Smart phones, and medical device...
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Final GST Composition Rules and Format of Forms
Composition Rules and Formats As approved by GST Council on 18th May, 2017Chapter –‑COMPOSITION RULES1. Intimation for composition levy(1) Any person who has been granted registration on a provisional...
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Final GST Valuation Rules (Determination of Value of Supply)
Valuation Rules As approved by GST Council on 18th May, 2017 Chapter ___Determination of Value of Supply1. Value of supply of goods or services where the consideration is not wholly in moneyWhere the...
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Final GST Input Tax Credit (ITC) Rules and Format of Forms
Input Tax Credit Rules As approved by GST Council on 18th May, 2017CHAPTER—‑Input Tax Credit1. Documentary requirements and conditions for claiming input tax credit(1) The input tax credit shall be av...
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Final GST Invoice, Debit & Credit Note Rules
Invoice, Debit & Credit Notes – Rules As approved by GST Council on 18th May, 2017Chapter-TAX INVOICE, CREDIT AND DEBIT NOTES1. Tax invoiceSubject to rule 7, a tax invoice referred to in section 31 sh...
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Final GST Payment of Tax Rules and Format of Forms
GST Payment of Tax Rules As approved by GST Council on 18th May, 2017Chapter- -‑PAYMENT OF TAX1. Electronic Liability Register(1) The electronic liability register specified under sub-section (7) of s...
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Final GST Refund Rules and Format of Forms
GST Refund Rules As approved by GST Council on 18th May, 2017Chapter REFUND1. Application for refund of tax, interest, penalty, fees or any other amount(1) Any person, except the persons covered by no...
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Final GST Registration Rules and Format of Forms
CHAPTER–‑REGISTRATION1. Application for registration(1) Every person (other than a non-resident taxable person, a person required to deduct tax at source under section 51, a person required to collect...
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GST Rate Schedule for Goods as finalised on 18.05.2017
The 14th Goods and Services Tax (GST) Council Meeting, chaired by the Union Minister of Finance Shri Arun Jaitley, was held at Srinagar, Jammu and Kashmir yesterday. The fitment of rates of goods were...
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GST Compensation Cess Rates for different supplies
[As per discussions in the GST Council Meeting held on 18th May, 2017]The fitment of rates of goods were discussed today during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Coun...
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MEIS Scheme being re-designed to make exports GST compliant
Merchandise Exports from India Scheme being re-designed to make exports GST- compliant; working capital needs under new tax regime being deliberated upon NEW DELHI, 17 May 2017: The Merchandise Export...
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Allow exporters to pay GST on transactions through e-currency: FIEO
FIEO Press Release on GSTIn the background of the forthcoming GST being introduced soon in the country, Shri Ganesh Kumar Gupta, President, Federation of Indian Export Organisations(FIEO) accompanied...
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Review of IT-Preparedness for the roll-out of GST
Detailed review of IT-Preparedness for the roll-out of GSTPress Information BureauGovernment of IndiaMinistry of Finance11-May-2017 16:17 ISTRevenue Secretary Dr. Hasmukh Adhia holds detailed review o...
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MVAT: Ease of doing Business Initiative by Dept. of Sales Tax
MAHARASHTRA SALES TAX DEPARTMENT (MSTD) GOVERNMENT OF MAHARASHTRA EASE OF DOING BUSINESS INITIATIVE BY DEPARTMENT OF SALES TAXA) Starting a Business: 1) e-Registration: i) Registration process and pay...
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Draft Punjab Goods and Services Tax Act, 2017
THE PUNJAB GOODS AND SERVICES TAX BILL, 2017A BILL to make a provision for levy and collection of tax on intra-State supply of goods or services or both by the State of Punjab and the matters connecte...
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Law on NPAs to define way forward in tackling mounting bad loans
Ordinance on NPAs to define the way forward in tackling mounting bad loans: RBI official Alarming NPA levels hampering factoring biz growthThough both the Reserve Bank of India (RBI) and the Governmen...