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 […]

Read More →

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 […]

Read More →

Migration or Transition to GST is a process of existing tax payers’ transition into GST regime from the existing indirect taxation regime. Among many, two most important aspects of transition are Input Tax Credit and GST Registration:   Carry forward of complete and eligible Input tax credits paid on goods, input services and capital goods. […]

Read More →

The term ‘Time of Supply’ signifies the point of time when liability to pay any tax arises. It will be altogether a new concept for existing dealers of goods i.e. paying VAT on their sales. In the present sales tax law, the time of supply is sale of goods i.e. directly linked to taxable event. […]

Read More →

The finance ministry today asked telecom companies to rejig costs and lower prices to pass on the benefits of tax rate reduction under GST to customers from July. Under the Goods and Services Tax regime, which will come into being from July 1, telecom services will attract an 18 per cent levy. Service providers can […]

Read More →