Even as the composite rate for the goods and services tax (GST) is yet to be finalised, policymakers here have come to an understanding that the proposed comprehensive indirect tax will have equal central and state components (C-GST and S-GST). However, states will have the flexibility to keep a slightly higher rate of S-GST for… Read More »
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON REFUND PROCESSES Empowered Committee of State Finance Ministers New Delhi- – August, 2015 Contents of the Report/Index 1.0 Introduction 2.0 Situations where refund would arise (A) Excess Payment of Tax due to mistake or inadvertence (B) Export (including deemed export) (C) Finalization of Provisional… Read More »
REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON GST REGISTRATION Empowered Committee of State Finance Ministers New Delhi July, 2015 1. Introduction 2. Assumptions 3. Structure of registration number 4. Procedure for obtaining Registration 5. Facilitation Centers and Tax Return Preparer Scheme 6. New Applicants 7.… Read More »
Highlights of Report of Rajya Sabha Panel on GST Bill Band for GST-rates The Bill empowered GST Council to make recommendations for the rates of goods and service tax including floor rates with bands. The Committee recommended that the word ‘band’ may be defined in GST laws as following: “Band”: Range of GST rates over… Read More »