-
FAQs on Payment of Tax under Goods & Service Tax
Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) a...
-
FAQs on Valuation in Goods and Service Tax (GST)
Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the...
-
FAQs on Time of Supply under Goods and Service Tax (GST)
Q 1. What is time of supply? Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The MGL provides separate tim...
-
GST- FAQS on Meaning and Scope of Supply
Q 1. What is the taxable event under GST? Ans. The taxable event under GST shall be the supply of goods and / or services made for consideration in the course or furtherance of business. The taxable e...
-
GST- FAQs on Registration under Goods and Service Tax
Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: • Legally recognized as supplier of g...
-
GST: FAQ on Levy of and Exemption from Tax
Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both parliame...
-
FAQs on Overview of Goods and Services Tax (GST)
Article explains What is Goods and Service Tax (GST), concept of destination based tax on consumption, taxes are proposed to be subsumed under GST with principals adopted for the same, Items kept our...
-
No Excise from 16.09.2016 on goods other than Petroleum & Tobacco Products
On September 16, 2016, The Government vides its Notification dated 16/09/2016 had brought in effect all the sections of Constitutional (One Hundred and First Amendment) Act, 2016 to effect, which will...
-
GST Constitutional (One Hundred & First Amendment) Act, 2016 notified
The GST Constitutional (122nd Amendment) Bill’ 2014 became the GST Constitutional (101st Amendment) Act’ 2016 when the president assented the provisions of bill on 8th Sept’ 2016. GST Constitutional (...
-
Govt notifies GST Council Provisions wef Sep 12, 2016
Government notifies September 12, 2016 as appointed date for GST Council Provisions The Central Government vide Notification S.O. 2915(E).- [F. No. 31011/09/2015-SO (ST)] dated September 10, 2016, has...
-
GST Bill gets President’s assent – Now becomes a law
08.09.2016– The Government’s plan to roll out Goods and Services Tax (“GST”) from April 1, 2017, has moved an inched closer to the reality with the Hon’ble President Shri. Pranab Mukherjee signing the...
-
GST Bill gets President’s assent – Now becomes a law
The Government’s plan to roll out Goods and Services Tax (“GST”) from April 1, 2017, has moved an inched closer to the reality with the Hon’ble President Shri. Pranab Mukherjee signing the Government’...
-
Statewise Status of Ratification of GST Bill
In this Article we have presented date wise status of Passing of GST bill by States and also the List of States which are expected to pass the bill in next 8-10 days. Till now 20 States have ratified...
-
GST to bring down tax on medical devices by 12%: Ananth Kumar
Press Information Bureau Government of India Ministry of Chemicals and Fertilizers 02-September-2016 13:47 IST Promotion and Regulation should go hand in hand for medical devices sector to provide aff...
-
GST Threshold limit to be Rs. 25 lakhs
Dr. Hasmukh Adhia, Revenue Secretary, Government of India spells-out the future road-map for the GST roll-out w.e.f. 1st April, 2017 in a detailed interview with freelance journalist Ms. Manisha Dubey...
-
Statewise Status of Ratification of GST Bill
In this Article we have included date wise status of Passing of GST bill by States and also the List of States which are expected to pass the bill in next 8-10 days. Till now 11 States have ratified t...
-
New Due Dates for Filing of MVAT & CST Returns in Maharashtra
Introduction: Much awaited Circular for Introduction of New Automation Process for Filing of MVAT and CST Returns has been issued under no. 22T of 2016 dated 26.08.2016. Finally, the Maharashtra Sales...
-
Statewise Status of Ratification of GST Bill
An empowered committee was set up by the Atal Bihari Vajpayee government in 2000 to streamline the GST model to be adopted and to develop the required backend infrastructure that would be needed for i...
-
Constitutional Amendments on GST
The GST Bill –The Constitution (One Hundred and Twenty-second Amendment) Bill, 2014 has been discussed and passed by Rajya Sabha on 3rd August, 2016 after a 7 hours long debate by members of Rajya Sab...
-
Liability to Excise/Service Tax on sale of Scrap – A discussion Paper
Background: Not all manufacturers are fully equipped to manufacture and supply a particular product. Therefore,they send the semi-processed material or their raw materials to a job worker for carrying...