Category - GST

CBEC releases notifications on CGST and IGST to be enforceable on 22 June 2017

Central Tax Notifications The Central Government notifies Central Goods and service Tax Rules,2017 (Read Notification)   CBEC notifies modes of verification of any document to be furnished under Rule 26 of the Central Goods and Service Tax Rules, 2017 (read notification)   The Central Government to notify the specific persons who are only engaged in making supplies of… Read More

GST council release the Final Anti-profiteering Rules,2017

The GST council in its 17th meeting held on 18th June, 2017 approved the  Anti-Profiteering Rules,2017. The council may constitute a standing and screening committees in each state on Anti-profiteering  which will inspect if the supplier is passing the benefit of  reduction in rate of tax on goods or services to consumers under GST regime. The… Read More

CBDT notifies Rules for Computation of interest income pursuant to secondary adjustments

MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 15th June, 2017 G.S.R. 590(E).— In exercise of the powers conferred by sub-section (2) to section 92CE and section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes, hereby, makes the following rules further to… Read More

The GST Council in its 17th meeting recommends Composition Levy and GST rates on certain goods

RECOMMENDATIONS REGARDING THE COMPOSITION LEVY AND GST RATE ON CERTAIN GOODS [As per discussions in the 17 th GST Council Meeting held on 18 th June, 2017] I. The Turnover Limit for the Composition Levy: The GST Council, in its meeting held on 11th June, 2017, had recommended increase in the turnover limit for Composition… Read More

GST rates for services shall be applicable to supply of Lottery by State Governments

Decisions taken by the GST Council in the 17th meeting - 18 June 2017 I.  Decisions with respect to GST rates for Services It has been decided in respect of the service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services and… Read More

The GST Council releases Draft Rules on Electronic Way Bill

The GST Council  in its 17th Meeting has published the draft rules on Electronic Way Bill which were drafted in April under the GST Regime. This draft of e-way bill makes it necessary for movement of all goods valued over Rs. 50,000 to be registered with the Goods and Service Tax -Network (GSTN). The Government… Read More

GST council relaxes the return filing procedure for first 2 months of GST implementation

Press Information Bureau Government of India Ministry of Finance  18-June, 2017 18:21 IST Relaxation in return filing procedure for first two months of GST implementation With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime, it… Read More

Tax liabilities have been reduced on Complex, building, flats under GST Regime

Press Information Bureau Government of India  Ministry of Finance  15-June, 2017 17:05 IST   Reduced Liability of Tax on complex, building, flat etc. under GST The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc,… Read More

Returns to be furnished by Registered persons under GST Regime

Under GST, 27 different returns/Statement have been prescribed. Details of all the returns/Statement to be furnished by registered persons have been enlisted below: 1. Form GSTR-1 Details of outward supplies of taxable goods and/or services effected by 1 to 10th of Next Month. 2. Form GSTR-1A Details of outward supplies as added, corrected or deleted… Read More

Tag: GST

Tax Liabilities have reduced under GST regime in comparison to present Indirect Tax rates

Press Information Bureau Government of India  Ministry of Finance   15-June, 2017 17:04 IST Reduced Tax Liabilities under GST regime in comparison to present combined Indirect Tax rates The new indirect tax regime in the country is to come into effect from 01.07.2017, wherein fixation of GST rates on the supplies is joint responsibility of… Read More

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