Category Archives: GST

Who killed GST?

Who killed GST? It is becoming increasingly clear that what was expected to be a game-changing reform by ushering in the goods and services tax (GST) may end up being closer to a name-changing exercise. This statement is likely to be perceived by some as an exaggeration, but just consider the facts. The proposed GST… Read More »

Category: GST

Time of Supply Under Model GST Law

Time of Supply Under Model GST Law First let us understand the major difference between current system of tax and under GST Law. Presently we pay Excise Duty on goods produced and removed from factory. So the liability arise at the time of removal Service Tax is charged on rendering services at the time of Receipt… Read More »

Tamil Nadu Chamber of Commerce opposes cess on GST

The Tamil Nadu Chamber of Commerce and Industry senior president S. Rethinavelu has strongly opposed the idea of levying cess on select goods. The GST council meeting, which was held last week, had proposed to levy cess on ultra luxury goods like big cars and a few tobacco items. This, the Centre, had pointed at… Read More »

Electronic Commerce under GST of India

Electronic Commerce under GST of India Electronic Commerce Operator The first and foremost thing that needs to be understood is, who the target of this tax net is. The purpose fulfills with the definition of ‘Electronic Commerce Operator’ as envisaged in the Model GST Law itself. The prescribed definition of E – Commerce Operator is… Read More »

How to Amend ,Cancel or Revoke GST Registration (India)

Amend ,Cancel or Revoke GST Registration Amend GST registration details Apply for cancellation of GST Registration Revoke GST registration if it is cancelled Amending GST Registration :- Any change in details furnished at the time of registration must be submitted within 15 days from the date of such changes in Form GST REG 11. Specific changes in Form… Read More »

GST can be paid by debit or credit cards, says official

GST can be paid by debit, credit cards, says official Indore, Oct 23 (IANS) Under the proposed Goods and Services Tax (GST) regime, individuals and entities can pay taxes online using debit or credit cards, the government said on Sunday. “With regard to payments, the best thing that will happen is all payments will have… Read More »

Glimpses of GST -Book

Glimpses of GST (Incorporating Draft GST Rules and Forms) Glimpses of GST is a Handbook covering provisions under Model GST Law. It is not a commentary but a complete guide for the Tax professionals, Departmental officers, Industry professionals and as well as the beginners who are looking forward to know more about GST. The provisions… Read More »

GST Return -Types

GST Return Under GST, there are following forms for filing of returns by tax payers. All these forms are required to be e-filed. The details of each form are listed below along with details of applicability and periodicity. Sr.No Form Who to File ? What to file? When to File ? 1 GSTR-1 Registered taxable… Read More »

GST roll out stuck again

After raising high expectations, Finance Minister Arun Jaitley-headed GST Council has hit a speed breaker which is rather annoying. This does not augur well for the economy that needs as big bang a reform as the Goods and Services Tax, sooner than later. Given the diversity of economic development, divergence of opinion among states is… Read More »

Category: GST

Impact of GST on Mergers

GST Will Lead to Mergers, Rise of World Class Cos, Says Mobius In an exclusive interview with ET Now’s Tanvir Gill, Mark Mobius, executive chairman, Templeton EM, says GST is unlikely to be fully implemented before end of next year. Edited excerpts: The GST council has proposed a structure of levying cess on ultra-luxury and… Read More »

CAG ready for GST challenges

CAG gearing up for audit changes in view of GST rollout As the government goes full throttle to roll out Goods and Services Tax (GST) from April 1, the CAG today said it is ready for the new challenges and will take steps to enhance effectiveness of revenue audit. Comptroller and Auditor General (CAG) Shashi… Read More »

GST impact on Food Sector

GST impact on Food Sector Imposing GST on food could have more impact on the poor. But exception of food from GST regime will shrink the tax base. Easy and Faster Availability of Food items ;After implemntion of GST because of the removal of octroi and entry tax which will significantly reduce the time and hassle… Read More »

Clear refunds, drawback before GST roll-out

CBEC on Wednesday asked its officials to chalk out action plan for clearing pending refunds and drawback payment for smooth transaction to GST — the new indirect taxation regime that is to be rolled out from April. In a communication to top officials, Chairman of Central Board of Excise and Customs Najib Shah said preparations… Read More »

Category: GST

GST Impact on Aviation Sector

GST Impact on Aviation Sector Increase in Prices of Air Tickets Currently, air travel attracts service tax at an abated rate of 6% for economy travel and 9% for non-economy travel.  A Proposed GST rate of 18% may lead to a 9% to 12% increase in the cost of air travel for passengers, thus hampering… Read More »

Shifting the GST goalpost

The outcomes of the latest meeting of the Council tasked with steering the Goods and Services Tax regime are worrying. For one, it leaves the Centre hard-pressed to meet its intended deadline for the new indirect tax regime, April 1, 2017. Finance Minister Arun Jaitley had set a November 22 target to resolve all operational… Read More »

Category: GST

compromised GST

The Goods and Services Tax (GST) was expected to provide for moderate rates of tax, with only a couple of tax slabs — so designed to improve compliance, avoid classification disputes and keep matters simple. It was also intended to provide for comprehensive coverage and, therefore, an efficiency dividend in terms of better tax collection.… Read More »

Category: GST

India Industries to lobby against imposition of GST cess

India Inc may prefer a higher rate at the top end of the goods and services tax (GST) bracket, rather than have a cess that is non-creditable by nature, with a cascading effect on the indirect tax system. “Industry is not going to welcome the idea of a cess. In fact, industry may prefer a… Read More »

200 applications for GST Suvidha Providers

200 Applications on GSTN Table Goods and Services Tax Network (GSTN), the agency in charge of building the technological infrastructure for the implementation of GST, has received over 200 applications from IT and fintech companies who seek to become GST Suvidha Providers, but there are very few startups among them. The GST Suvidha Provider (GSP)… Read More »

Decision on GST rates to be taken next month-GST Council meeting :

GST: Centre, states put off decision on rate to next month “We have converged towards a consensus, announcement will be made after next GST Council meeting. Two standard rates of 12 per cent and 18 per cent under discussion,” said Jaitley. Union Finance Minister Arun Jaitley on Wednesday said the rate structure for Goods and Services… Read More »

GST- Time of Supply -Guide wtih Examples

Time of Supply under GST of India Time of Supply under Model GST Law (MGL)  Section 12 of Model GST Law  deals with Supply of Goods section 13 of Model GST Law  & 14 deals with Supply of Services.   A solds goods to B for Rs.100000/-. Various events of sale transactions are as under:… Read More »

Large taxpayer units to be shut down under GST

After the Planning Commission, yet another UPA government relic is set to fall. Large Taxpayers Units (LTUs) scheme, a dream project of the UPA government, is set to be abolished with the introduction of Goods and Service Tax (GST) regime. CBEC documents on structural changes under GST,  show that the much-hyped single window tax facilitator… Read More »

Category: GST

GST Council discusses four-tier rate structure

Centre, states agree on compensation formula; cess on cards for ultra-luxury items The GST Council on Tuesday discussed a four-tier rate structure suggested by the Centre and agreed on compensation to loss-incurring states for the first five years of the new tax regime. The Opposition might voice differences with the proposal. The council was apprised of… Read More »

Category: GST

Centre proposes 26% peak rate for GST

The Centre is likely to propose a four-tier tax structure under the goods and services tax (GST), with a peak slab of 26 per cent. Almost 20-25 per cent of all taxable goods, including those consumed by the middle class, could come under the peak rate. The idea is to arrive at a common ground… Read More »

Category: GST

3-Day GST Council Meet Begins Today, Decision On Tax Rates Likely

The central government’s efforts to implement the Goods and Services Tax or GST law from April 1 next year is about to enter a critical phase. Starting today, the three-day meeting of the GST Council will take a decision on the tax bands and iron out issues like compensation formula for the new indirect tax… Read More »

Category: GST

GST Council seen debating on two standard rates for goods, services

The Goods and Services Tax regime is likely to have two standard rates — one for goods and the other for services. A discussion to this effect is expected at the third meeting of the GST Council, which begins on Tuesday. According to the proposal under consideration, the rate structure under GST would mirror that… Read More »

Category: GST

Vision of Pandit Upadhyaya will reflect in next Budget:

First, we will implement a nationwide goods and services tax (GST) from April 1. That will be a milestone in the history of economic reform. Linked to that, the Budget will be preponed. The tradition of presenting it on the last day of February will be broken. The Budget will be dedicated to upliftment of… Read More »

Category: GST

Commercial Taxes Dept. to lose assessing authority of one lakh firms

The perceived loss of revenue to the State with the rolling out of the Goods and Sales Tax (GST) from next fiscal has set off alarm bells in the Commercial Taxes Department here. The main cause for their anxiety has been removal of the State’s purview to assess businesses offering services and having a turnover… Read More »

Category: GST

No job losses under GST: FinMin to CBEC

No job losses under GST: FinMin to CBEC The finance ministry has assured Central Board of Excise and Customs (CBEC) officers that there will be no reduction of manpower under the new goods and services tax (GST) regimeand the HR policy will be drafted after taking their views on board. In a meeting with the… Read More »

Category: GST

GST Registration Process under Model GST Law of India

Registration Process under Model GST Law of India Liability  for GST Registration as per Chapter VI of Model GST Law: (I) Section 19 – GST Registration ♠ Person is liable to register under this Act as per Schedule III ( Read : Taxable Persons under GST (India) : Complete Guide . Registration has to be done in… Read More »

Constitution 101st Amendment Act 2016 -GST

Constitution 101st Amendment Act 2016 Constitution 101st Amendment Act 2016 was notified . Relevant provisions are :- Article 246A after Constitution 101st Amendment Act 2016 Article 248 after Constitution 101st Amendment Act 2016 Article 249 after Constitution 101st Amendment Act 2016 Article 250 after Constitution 101st Amendment Act 2016 Article 268 after Constitution 101st Amendment… Read More »

Infographics on Taxable event under GST (India)

Taxable event under GST (India) Read for Complete Analysis Taxable Event in GST (India) Free Education Guide on Goods & Service Tax (GST) SR No Topic -GST Resources 1 Model GST Law Model GST Law 2 GST Overview Goods and Services Tax (GST): An Overview Integrated Goods & Service Tax (IGST) Act Overview Meaning and Scope… Read More »

GST- All tax exemptions will move to refund mechanism

Government works on ironing out benefits refund mechanism for exporters Oct 15, 2016, NEW DELHI: A new plan is in the works to help exporters shift smoothly to a refunds-based mechanism when the goods and services tax (GST) kicks in. At present, exporters get tax sops upfront. India’s exports sector is facing pressure due to… Read More »

Category: GST

GST may trigger consolidation in warehousing space

GST may trigger consolidation in warehousing space The goods and services tax (GST) regime could usher in consolidation in the Indian warehousing space, property consultants and analysts said. With the government pushing for an April 2017 rollout of the single tax structure, many manufacturers who had built or leased warehouses in nearly every state to… Read More »

Category: GST

CAIT backs penalty waiver in first 3 years of GST rollout

Traders body CAIT on Friday proposed that the government should waive penalties on compliance errors during the first three years of rollout of the goods and services tax (GST) regime. Observing that it would be difficult for anyone to evade taxes under the new framework, CAIT said even the instances of under-invoicing will gradually wane… Read More »

Category: GST

GST rate on polluting items may be higher: FM Arun Jaitley

He said large commitment from the developed countries to provide funding for climate change financing is not sufficient to meet the sustainable development goals and that the multilateral agencies also need to chip in. “Even now there is a debate as to nature of the USD 100 billion (that the developed world has committed for… Read More »

Category: GST

Integrated GST (India) -IGST: Analysis

Levy and Collection of Tax Under IGST Key Points about Integrated GST /IGST Chapter III of the Model IGST Law (THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016 provides for levy and collection of tax (IGST) Section 4 is the charging section for levy of IGST {  corresponding to section 6 of CST Act, 1956 }… Read More »

UP VAT : Update PAN till 31.10.2016 or cancellation of TIN

Uttar Pradesh Goods & Service Tax (UP GST) : For migration to GSTN: PAN Card to be updated by 31.10.16 by all assesse else TIN Shall be cancelled. Circular No. 1617038 dated 07.10.2016 has been issued for PAN – TIN – GSTN. UP GST: As GST would be applicable from 1st April 2016, data of current… Read More »

Effect of GST on Employment Contracts

Model GST Law may redefine employer-employee relationship Unlike in current scenario where provision of service by employee is excluded from definition of service, under the Model GST Law, employee service has not been excluded from the ambit of supply of service. October 14, 2016 There is a growing sense of optimism on GST as India… Read More »