Daily Archives: September 26, 2016

life insurers wants GST exemption

As the GST rollout plans gathers momentum, life insurers sought exemption from the new taxation regime on premium income, while general insurers have demanded differential rates for their products. Life insurers, who are set to write to the Prime Minister seeking exemption from the new tax regime, feel that their premium income has remained stagnant… Read More »

Congress Chief Ministers to press for 18% GST cap

Congress chief ministers and finance ministers are expected to press for an 18% Goods and Service Tax cap at the meeting of the three-day GST Council beginning October 17 and stress that a higher rate would burden the common man. The party leadership has written to the chief ministers and finance ministers, asking them to… Read More »

GST Presentation Released by CBEC

GST Presentation Released by CBEC  WHY GST : PERCEIVED BENEFITS  EXISTING INDIRECT TAX STRUCTURE  FEATURES OF CONSTITUTION AMENDMENT BILL  FEATURES OF PROPOSED GST MODEL  FEATURES OF DRAFT GST LAW  GSTN  ROLE OF CBEC  WAY FORWARD Download GST Presentation Released by CBEC

GST Draft Invoice formats Released by CBEC

Draft Invoice formats DRAFT FORMATS UNDER GOODS AND SERVICES TAX – INVOICE RULES, 20– Government of India/State Department of ………………… Form GST INV – 1 (See Rule ——–) Application for Electronic Reference Number of an Invoice Download Complete GST Draft Invoice formats Released by CBEC  

GST Draft Invoice Rules released by CBEC

 Draft Invoice Rules DRAFT GOODS AND SERVICES TAX – INVOICE RULES, 20– Chapter-__ TAX INVOICE, CREDIT AND DEBIT NOTES 1. Tax invoice (1) Subject to rule 5, a tax invoice referred to in section 23 shall be issued by the supplier containing the following details:- Download Complete GST Draft Invoice Rules released by CBEC  

GST Draft Payment Rules Released by CBEC

Draft Payment Rules DRAFT GOODS AND SERVICES TAX – PAYMENT RULES, 20— Chapter PAYMENT OF TAX 1. Electronic Tax Liability Register (1) The electronic tax liability register under sub-section (7) of section 35 shall be maintained in FORM GST PMT-1 on the Common Portal and all amounts payable by a taxable person shall be debited… Read More »

GST -Draft Registration formats released by CBEC

Draft Registration formats DRAFT GOODS AND SERVICES TAX RULES, 20– REGISTRATION FORMATS Table of Contents Form  GST REG-01 …………………………………………………………………………………………………..4 Form GST REG-02 …………………………………………………………………………………………………15 Download Complete GST Draft Registration formats

GST -Draft Registration Rules Released by CBEC

Draft Registration Rules DRAFT GOODS AND SERVICES TAX – REGISTRATION RULES, 20– Note: Corresponding changes in the Model GST Law are being carried out separately. Comments , if any may kindly be given by 28th September, 2016. Chapter-__ REGISTRATION 1. Application for registration (1) Every person, other than a non-resident taxable person, a person required… Read More »

Draft GST Rules and Forms Released by CBEC

Draft GST Rules and Forms With the enactment of 101st Constitution Amendment Act, the road to GST is clear. The Govt. had already unveiled draft model law on GST. Today, CBEC released draft rules and forms under GST on Registration, Invoice and Payment. Click here to read Draft Registration Rules Click here to read Draft… Read More »

Category: GST

GST- Settlement Commission -FAQs on GST by CBEC

Settlement Commission FAQs on GST released by CBC BUY Q 1. What are the basic objective of Settlement Commission? Ans. The basic objectives of setting up of the Settlement Commission are:- i. to provide an alternate channel for dispute resolution for the taxpayer; ii. to expedite payment of GST involved in disputes by avoiding costly… Read More »

GST Advance Ruling -FAQ’s on GST by CBEC

Advance Ruling FAQs on GST released by CBC BUY Q 1. What is the meaning of Advance Ruling? Ans. As per section 94 of Model CGST/SGST Law, ‘advance ruling’ means a written decision provided by the authority to an applicant on matters or on questions as enumerated in section 97 and appeals thereon (section 99).… Read More »