Category - GST

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

The GST Council to chair its 17th Meeting on Sunday, 18th June, 2017

Press Information Bureau Government of India Ministry of Finance 15-June, 2017 13:26 IST The Union Finance Minister to chair the 17th Meeting of the GST Council on Sunday, 18th June, 2017 The Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley will chair the 17th Meeting of the GST Council scheduled to be… Read More

CBEC amends CENVAT Credit Rules to carry forward the unavailed credit of Service tax under GST Regime

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 12th June, 2017 No. 15/2017-Central Excise (N.T.)     G.S.R. 577(E).—In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the… Read More

Telecom Companies can avail remaining Cenvat Credit under GST regime

Press Release Subject:- Carry Forward of unavailed Cenvat Credit in respect of assignment of right to use any natural resource under GST--reg. Cenvat Credit Rules, 2004 provide that credit of Service Tax paid in a financial year, on the onetime charges payable in full upfront or in instalments, for the service of assignment of the… Read More

Highlights of the 16th GST Councils meeting held on 11 June 2017

Highlights of the GST Councils meeting held on 11 June 2017 The GST Council has approved the Accounts and Records Rule and Formats in its meeting held Yesterday. The Council also approved the GST Registration Rules in its meeting. Rates for certain Goods were revised from the rates decided in the last meeting- List of Revised rates of goods… Read More

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