Government reduces GST on work contracts for affordable homes The government has reduced GST rate on work contracts for affordable housing to 12% from 18% fixed earlier. But it is unlikely to have any impact on prices of affordable housing for buyers, industry experts said as GST rate for buyers to purchase a finished house… Read More »
Banks importing gold and precious metals will have to pay 3 per cent tax under goods and services tax (GST), which can be claimed as input tax credit, the government has said. Clarifying issues on GST on gems and jewellery through frequently asked questions (FAQs), the Central Board of Excise and Customs (CBEC) said banks… Read More »
The GST Network (GSTN), the entity responsible for the information technology backbone of the goods and services tax (GST), opened its system on Monday for invoice uploading. It is not mandatory to start the uploading but “it’s live”, said Prakash Kumar, chief executive officer (CEO) of GSTN. This was earlier permitted but only for a… Read More »
The Comptroller and Auditor General (CAG) has finalised an “End-to-End IT solution” to audit the Goods and Services Tax (GST). The proposal envisages a pilot programme on the GST audit which will be ready by October this year and, after two beta versions, a final stage of near real-time peer review, and a digital audit… Read More »
The Union government has moved a proposal to make a budgetary provision for refunding its share of area-based exemptions on indirect taxes given to certain states in the past. In last week’s meeting of thee goods and services tax (GST) Council, it was decided that ‘all entities exempted under payment of indirect tax under any… 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 »
The Goods and Services Tax (GST) Council approved draft rules for the proposed levy and agreed to a refund mechanism for central and state tax holidays that will continue under the new regime, marking further progress toward rolling out India’s biggest indirect tax reform by April 1 next year. The GST Council will now meet… Read More »
Auto firms seek GST relief for e-vehicles Manufacturers of electric vehicles have written to the government seeking exemption for their products from goods and services tax, as they fear the new tax system will nullify the benefits that they are now getting. The industry is concerned that even if electric vehicles are brought into the… Read More »
GST Impact on telecommunication / Mobile operators Place of Supply – Under the GST Law, certain guidelines are provided to determine place of supply for the telecom companies/sector as detailed below;. Item Place of Supply Prepaid mobile Vouchers Location where the pre-payment is received or the voucher is sold. Mobile Recharge made through internet… Read More »
Finance Minister Arun Jaitley on Tuesday reiterated the government is confident of meeting the April 2017 target to implement the Goods and Services Tax as state finance ministers cooperate to make the single tax reform a reality soon. “(I) haven’t seen finance ministers of state dividing themselves on party lines. If that trend goes on,… Read More »