ICAI Suggestions on GST Act : July 2017 1. Definition of term Aggregate Turnover Section 2(6) of CGST Act provides that “aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of goods or services or both and inter-State supplies of a person having the same PAN, to be computed on all… Read More »
GST Council Recommends Increase in Maximum Ceiling of Cess Leviable on Motor Vehicles Falling Under Headings 8702 and 8703 to 25% Instead of Present 15% The GST Council considered the issue of cess leviable on motor vehicles in its 20th meeting held on the 5th of August 2017 and recommended that Central Government may move… Read More »
GST Payment Process Detailed Analysis Make GST Challan Make GST Payment Track GST Payment Status GST Challan : All That you needs to Know – Process and Form Related Topic on GST Topic Click Link GST Acts Central GST Act and States GST Acts GST Rules GST Rules GST Forms GST Forms GST Rates GST… Read More »
GST Margin Scheme Normally GST is charged on the transaction value of the goods. However, in respect of second hand goods, a person dealing is such goods may be allowed to pay tax on the margin i.e. the difference between the value at which the goods are supplied and the price at which the goods… Read More »
The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till 20 August, GST Network Chairman Navin Kumar said on Thursday. Businesses can start filing their first GST returns and pay taxes for July on the portal of GST Network —… Read More »
Sandesh, with or without chocolate, will be taxed at 5 per cent, the government clarified on Thursday along with the goods and services tax (GST) rates for other items, including rakhis, idli-dosa batter and kulfi. However, ambiguity persisted over whether the tax rate for plastic furniture would be 28 per cent as furniture or 18 per cent… Read More »
Constitution of Sectoral Groups on GST The Goods and Services Tax (GST) Council in its 14th meeting held on 18-19 May, 2017 approved the constitution of eighteen sectoral groups to ensure smooth roll-out of GST. The Council has received reports from sixteen out of the eighteen sectoral groups. The GST Law Committee comprising of officers… Read More »
Sale of Products after Introduction of GST On account of implementation of GST there may be instances where the retail sale price printed on pre-packaged commodity is required to be changed. The Department has therefore issued an order according to which, manufacturers/packers/importers of pre-packaged commodities are to declare the revised retail sale price (MRP), by… Read More »
Post GST reduction of incidence of Tax on Coal Consumers In pre GST regime there was Excise Duty on Coal @ 6% , Stowing Excise Duty @ Rs. 10 per tonne of coal production, VAT@ 5% (on intra-state sale), Central Sales Tax @ 2% (on inter-state sale, on submission of Form C) . Post implementation of GST all the above… Read More »
CGST – INDIA’s GST REFORM HAILED BY BRICS COUNTRIES IN MEETING OF REVENUE HEADS IN CHINA PRESS RELEASE, DATED 28-7-2017 India’s GST reform hailed by BRICS countries in meeting of Revenue Heads in China. In the meeting of the BRICS Heads of Revenue and Tax Experts held at Hangzhou, China from the 25th to 27th of… Read More »