Today, if you toss a coin in the middle of the market and ask anyone that whether GST is good or bad, a common man will yell his pain saying that, it’ll burn a deeper hole in his pocket. As the GST era begins, with lots of update for the professionals and businessmen, consumers have
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
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: The GST Council will consist of: the Union Finance Minister (as Chairman), the Union Minister of State in charge of Revenue or Finance, and the Minister in charge of Finance or Taxation or any other Minister, nominated by each state government. All decisions of the GST Council will be made by the three-fourth majority
