1. GST applicable on ‘supply’ In GST regime, all ‘supply’ such as sale, transfer, barter, lease, import of services etc of goods and/ or services made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied by State). As GST will be applicable on ‘supply’ the erstwhile taxable events… Read More »
GST System Architecture Principles GST system is a Government program built as a critical national IT infrastructure and needs to sustain openness in the long run and a program of this scale has never been attempted before. GST system shall be built on the following core principles: 2.1 Platform Approach GST system will be built… Read More »
1.1 Introduction to GST System The Goods and Services Tax (GST), which will replace the State VAT, Central Excise, Service Tax and a few other indirect taxes, will be a broad-based, single, comprehensive tax levied on goods and services. It will be levied at every stage of the production distribution chain by giving the benefit… Read More »
Conclusion of two GST Council Meetings The Government of India is committed to implement GST by 1st April 2017. The Central Government is consistently making progress towards implementation of biggest tax reform in India. On 12th September 2016, the Union Cabinet have approved setting up of the GST Council and its secretariat with its office… Read More »
Instruction F.No. 401/26/2014-Cus.-III(Pt.) Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs, New Delhi North Block, New Delhi Dated 30th September, 2016 To, All Principal Chief Commissioners/Chief Commissioners of Customs/Customs (Preventive), All Principal Chief Commissioners/Chief Commissioners of Customs & Central Excise, All Principal Commissioners/Commissioners of Customs/Customs (Preventive), All Principal Commissioners/Commissioners… Read More »
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi 29th September, 2016 S.O. 3078(E). — In exercise of the powers conferred by sub-section (2) of section 145 of the Income-tax Act, 1961(43 of… Read More »
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 29th September, 2016 INCOME-TAX S.O. 3080(E).— In exercise of the powers conferred by section 44AB, read with section 295 of the Income-tax Act,… Read More »
Due Date of ITR filing is extended for ALL ASSESSEES – CBDT F.No.225/195/2016/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, ITA.II Division New Delhi, the 30th of September, 2016 Order under Section 119 of the Income-tax Act, 1961 dated 9th September, 2016 In continuation of order… Read More »
Aconsensus reached between the Centre and states on administering 1.1 million service tax assessees in the first GST Council meeting was short- lived as it broke down on Friday. The high- powered body broadly resolved the issue of area- based exemptions and approved rules for registration and refunds under the proposed regime. The other thorny… Read More »
GST Composition Scheme Section 8 of Model GST law deals with GST Composition Scheme { Read GST Composition Scheme Analysis after CGST Act 2017 ] Key Points about GST Composition Scheme (a) GST Composition Scheme is based on recommendations of the GST Council (b) GST Composition Scheme is subject to prescribed conditions… Read More »