Legal Update

Government has constituted Central Monitoring Committee to monitor the impact of GST

Government has constituted a Central Monitoring Committee headed by the Cabinet Secretary to monitor the impact of GST  The Government of India has setup a Central Monitoring Committee headed by the Cabinet Secretary. Three meetings of the Central Monitoring Committee have been held on 2nd July, 11th July and 18th July. The reports include the… Read More

Number of Registration of GSTN crosses 77.5 lakhs

Number of Registration of GSTN crosses 77.5 lakhs  Till 18th July 2017, the total number of GSTIN registrations is 77,55,416. No major problems have been reported post Goods and Services Tax (GST) from the field offices across the country Internet is not required for doing / conducting business. It would be required only for the… Read More

Government constitutes a GST Feedback and Action Room (FAR) w.e.f. 26-06-2017

Government constitutes a GST Feedback and Action Room (FAR) w.e.f. 26-06-2017 to review the information, calls, media inputs etc received from Ministries, State Governments, field formations, social media, news channels, emails etc  To reply the queries of the taxpayers and tax officials and to deal with issues related to the implementation of Goods and Services… Read More

Govt. exempts levy of compensation cess on supply of second hand goods

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 20th July, 2017 No. 04/2017-Compensation Cess (Rate) G.S.R. 938(E).—In exercise of the powers conferred by sub-section (1) of section 11 of the Goods and Services Tax (Compensation to States) Act, 2017 ( 15 of 2017), read with sub-section (1) of section 11 of the Central… Read More

CBDT clarifies TDS to be deducted on amount paid or payable excluding GST

The Central Board of Direct Taxes hereby clarifies that wherever in terms of the agreement or contract between the payer and the payee, the component of 'GST on services' comprised in the amount payable to a resident is indicated separately, tax shall be deducted at source under Chapter XV II-B of the Act on the… Read More

Cabinet approves Integrated Goods and Services Tax (Amendment) Bill, 2017

Cabinet approves Integrated Goods and Services Tax (Amendment) Bill, 2017  The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for the promulgation of the Integrated Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Integrated Goods and Services Tax… Read More

Cabinet approves Central Goods and Services Tax (Amendment) Bill, 2017

Cabinet approves Central Goods and Services Tax (Amendment) Bill, 2017  The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax… Read More

Finance Minister clarifies : Organized and unorganized sellers in Textile Sector not affected by GST

FM: Organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST).  In reply to a Starred Question in Rajya Sabha today, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been… Read More

GST : to migrate from a complicated and multi tax system to a simpler tax system

GST : to migrate from a complicated and multi tax system to a simpler tax system  The tax rates on goods and services have been fixed taking into consideration, inter alia, the total indirect tax incidence in pre- GST regime, including cascading of taxes. The GST rates so notified are lower than the pre-GST tax… Read More

GST rates on items of mass consumption are lower than the pre-GST tax incidence

GST rates so notified are lower than the pre-GST tax incidence on most of the items of mass consumption such as cereals, pulses, milk, tea, vegetable edible oils, sugar, toothpaste, hair oil, soap, footwear, Childrens' picture, drawing or colouring books, etc.  The GST rates on supply of goods and services have been notified based on… Read More

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