An analysis of the tax rates decided by the all-powerful GST Council for over 1,200 goods and 500 services revealed that daily use items like soap and toothpaste will cost less while fresh fruits, vegetables, pulses, bread and fresh milk will continue to be exempt from any tax. Aerated drinks and consumer durables like TV, […]

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The GST bill has received the Presidential assent on Thursday 8th Sept, 2016 making it a law henceforth. Earlier in Aug 2016, Parliament had passed the Constitutional Amendment bill enabling the GST. After which it was presented to the states for ratification. The bill had to be ratified by more than half of the states […]

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The model GST Law released by the Ministry of Finance contains provisions relating to tax deducted at source. Though TDS provisions already exist in most of the state VAT Acts for payments in case of works contract, there is no such concept of TDS under service tax.   TDS provisions under GST are summarised below […]

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Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017, is going to require a collective effort of the all the stakeholders: central and state governments, Central Board of Excise and Custom (CBEC) and state tax departments, taxpayers along with their tax and software consultants, Reserve Bank of India (RBI) […]

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While ‘post Occupancy CertificateSale’ byitself is not covered under the ambit of GST, sale of under construction flat shall attract GST. Attention is drawn to Section 7(1) (d) read with Item 5(b) of Schedule II to the CGST Act, 2017/SGST Act, 2017 which deals with taxability of under construction flats   The above-mentioned item of […]

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Based on the category of registered person such as monthly return is to be filed by Regular, Foreign Non Residents, ISD and Casual Tax Payers whereas Compounding/Composite tax payers has to file quarterly returns: GST Returns Others Every registered person who is required to get his accounts audited shall furnish, electronically, the annual return (FORM […]

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Presently, the tax structure of India is very complex. Looking to the global developments and tax structure of developed countries, GST is the need of the hour. The need of GST can further be explained in the following points:-   There are various definitional issues related to manufacturing, sale, service, valuation etc. arises. These needs […]

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Apart from six different conceptual aspects of the proposed GST, discussed above, another important area is compliances. Compliances under GST is the area whereby any tax payer is under obligation to make payment of taxes an file different returns and statements . In GST regime normally a tax payer is required to file minimum three […]

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