GST council has decided composition levy for small and marginal supplier as discussed below:Under GST transition, Any revision in contract for supply of Goods or service after appointed which was originally executed before appointed date will be carried as per transition rule. This rule also cover for revision in price of goods or service or return of goods which was originally supplied before GST applicability
Dear All,
As you are aware the nation is moving toward the GST regime where government intend to keep other cess at minimal, to that effect central government has issue press release on Cesses that will be abolished on implementation of GST, which are listed in below release. (more…)
The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir.
The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge (more…)
The fitment of rates of services were discussed on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28% as listed below. The information is being uploaded immediately after the GST Council’s decision (more…)
As you must be aware requirement of way bill is going to come in new way under GST.
GST council is planning to implement waybill requirement under more structured manner to ensure goods movement tracking..
Below are the important point under GST E-way bill (more…)
We saw GST valuation general rules in previous article now we will wee special valuation rule for Pure agent.
1. Value of supply of goods or services where the consideration is not wholly in money:
As Goods and service tax is set to be launched on july 1st, It is important to note that who are required to get registration under GST before the appointment date i.e.1st July 2017.
Below are list of person category who are required to get themselves registered under GST regime. (more…)
Introduction of GST would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax and allowing set-off of prior-stage taxes, it would mitigate the ill effects of cascading and pave the way Read more…
India is a federal country where both the Center and the States have been assigned the powers to levy and collect taxes through appropriate legislation.Dual GST gives the same legal and systematic approach for the country to collect the tax. (more…)
GST Bills will deal with Central GST on supplies (Goods and services), Integrated GST for regulating transaction between two states, GST rules for union territory and rules for compensation that will issued by Central to respective states for loss of revenue due to implementation of GST.
Individual Tax slab rate for FY 2016-17 and FY 2017-18 with illustration After introduction of Budget 2017, it has given Individual tax payers some significant relief for financial year 2017-18. We have presented below the scenario how the tax slabs for Individual taxation will change from finaicial year 2016-17 to Read more…