GST

Certain important issues referred by GST Council to various Committees / GoM             The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them: Extending the Composition scheme to small service providers. The rate of tax and threshold limit to be proposed - Law Committee and Fitment … [Read more...] about Certain important issues referred by GST Council to various Committees / GoM

Recommendations made during 31st Meeting of the GST Council The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. A scheme of single authority for … [Read more...] about Recommendations made during 31st Meeting of the GST Council

Implementation of GST Under the Ministry The implementation of GST in the country has been largely smooth barring a few teething problems. Further, it is informed that GST has been implemented in all sectors except on the supply of alcoholic liquor for human consumption, on the supply of petroleum crude, high speed diesel, motor spirit (commonly known as petrol), natural … [Read more...] about Implementation of GST Under the Ministry

Rs 83,346 crores collected under GST for the month of October 2017, received in November (upto 27th Nov 2017)  A sum of Rs 83,346 crores has been collected as Total Revenue Collection under GST for the month of October, received in November till 27th November 2017.  95.9lakh taxpayers have been registered under GST so far, of which 15.1 lakh are composition dealers who are … [Read more...] about Rs 83,346 crores collected under GST for the month of October 2017, received in November

Cabinet approves promulgation of the Goods and Services Tax (Compensation to States) Ordinance, 2017 The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its approval to the proposal of the Finance Ministry to promulgate an ordinance to suitably amend the Goods and Services Tax (Compensation to States) Act, 2017. The approval would allow to increase the … [Read more...] about Cabinet approves promulgation of the Goods and Services Tax (Compensation to States) Ordinance, 2017

Benefits of the reduced rates/tax rebate to the consumers post GST  The GST Council comprising the representatives of Central and State Government recommended the GST rates for goods and services, interalia taking into account the pre-GST indirect taxes incidence on goods and service. The GST rates on goods have since been notified. With the GST rates so notified the tax … [Read more...] about Benefits of the reduced rates/tax rebate to the consumers post GST

GST roll-out – Complete transformation of the Indirect Taxation Landscape; Some minute details of how it happened Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July, 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal … [Read more...] about GST roll-out – Complete transformation of the Indirect Taxation Landscape