Next one week GST will be ruling the trends on news, views, and analysis. A noise similar to the one that was heard during the days of demonetization can be felt once again with a positive tone, as the nation approaches the morning of “ONE TAX”. All kinds of adjectives from biggest to greatest and
Central Tax Notifications: Notification No. & Date of Issue Subject 13/2017-Central Tax,dt. 28-06-2017 Seeks to prescribe rate of interest under CGST Act, 2017 12/2017-Central Tax,dt. 28-06-2017 Seeks to notify the number of HSN digits required on tax invoice 11/2017-Central Tax,dt. 28-06-2017 Seeks to amend Notification no 6/2017-Central Tax dt 19.06.2017 10/2017-Central Tax,dt. 28-06-2017 Seeks to
A number of related changes have also been made for the swift roll-out of the GST reform. The government is making all efforts to make GST implementation hustle free and smooth. As one of the measures in the same sequence, a number of cesses that were earlier prevalent earlier have been abolished by the government.
The rumors and myths regarding the extension of GST implementation schedule do not hold good at this stage as the government is all set to roll out the new indirect tax regime from 1-July-2017. The 17th GST Council Meeting that concluded on 18-June-2017 came out with a number of major decisions. A welcome decision taken
Starting from roots – History History always plays an important role in shaping the present. At the time of implementation of VAT in India, there was a situation where the industries parked gains accrued to them on account of implementation of VAT and maintained a high price of goods. A system that was implemented with
Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed. Every person who makes a taxable supply of goods or services or both and whose aggregate turnover exceeds the threshold limit of Rs. 20
Every coin has two sides and so is with GST. There are both positives and negatives of the new GST system that will turn around the indirect tax system in India. India is a latecomer in the league of GST system as the Goods and Service Tax is already prevalent in 150 countries across the
Introduction: An important query related to the transitional provisions under GST is regarding the treatment of VAT and CENVAT credit, in respect of stock held on 30 June 2017. The treatment will depend on the nature of registration of the organization under the present laws. Transitional Provisions for Input Tax Credit (ITC): Every registered person
Introduction: Registration is the first step that enables a business to work under GST. Chapter VI of the CGST Act, 2017 and the rules made thereunder provide all about registration under the GST regime. There are about 80 lakh excise, service tax and VAT assessees at present, that are to be migrated to GST and
