Tag Archives: GST

Matching input tax credit under GST

Matching input tax credit under GST The goods and services tax (GST) in India differs from other indirect tax systems in two important aspects: (1) the levy of an integrated GST on an interstate supply of goods or services, or both; and (2) the requirement for matching the claim of input tax credit. Read a May 2017… Read More »

Revised Model GST Law Released by CBEC 25.11.2016

Download Revised Model GST Law Released by CBEC 25.11.2016 GST COUNCIL SECRETARIAT November, 2016     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)… Read More »

GST FAQ’s in Telugu

GST FAQ’s in Telugu State /India GST Material     GST Enrolment Plan State Wise : Announced by Indian Govt Steps to enrol on GST Common Portal (India) India How to login to GST Common Portal (India) FAQ on GSTN Migration (English) GST-Video Tutorial FAQ on Migration to GST Portal in Hindi  Video -GST Login and… 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 »

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 »

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 »

GST Network to launch registration portal

Existing taxpayers can enrol and submit their details to ensure seamless tax payment, returns and refunds on the website, to be opened in November New Delhi: Goods and Services Tax Network (GSTN), the company tasked with setting up the information technology backbone for the ambitious indirect tax reform, will open a website for the registration… Read More »

Composition Scheme under GST : Complete Analysis

Composition Scheme under GST Key Points about Composition Scheme under GST [ Read Composition Scheme under GST Analysis after CGST act 2017 ] Coverage : Section 8 of Model GST Law cover Composition Scheme. Eligibility :- Composition Scheme under GST can be availed by  Registered taxable person and Does not effects inter-State supply (i.e both, output &… Read More »

Registration requirements under GST

Registration requirements under GST Turnover for GST Registration of New taxable person :– Every supplier shall be liable to be registered under GST in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds Rs 20 lakhs. (as per GST Council decision). However, if supplier is engaged in business… Read More »

GST Rollout : India will be divided into 24 zones & 107 GST commissionerates

Govt plans overhaul of tax administration for smooth GST rollout The government has readied plans for a major change in India’s tax administration structure, including overhauling the Central Board of Excise and Customs (CBEC) to ensure a glitch-free roll out of a nation-wide goods and services tax (GST). The plan, reviewed by Moneycontrol, includes setting… Read More »

GST Return filing Process in India- Inforgraphic Presentation

GST Return filing Process in India GST Return filing Process GST Return Forms – 27 Forms GST Return : Who … What….When….to File GST Return Sr.No Form Who to File ? What to file? When to File ? 1 GSTR-1 Registered taxable supplier Outward supplies 10th of the month succeeding the tax period 2 GSTR-2… Read More »

GST Next Steps : Govt. Roadmap to GST

GOODS AND SERVICES TAX THE ROADMAP TO GST (Extracts from Presentation of Revenue Secretary’s of Govertment of India ) • Establishment of Legal Framework • Preparation of IT infrastructure • Change Management: • Training of Officials and Staff • Outreach and Consultation with trade and industry • Target date of GST Roll Out: 1st April 2017… Read More »

Report of Parliamentary Standing Committee on Finance on Constitution (115th )Amendment Bill 2011- GST

SEVENTY THIRD REPORT OF PARLIAMENTARY STANDING COMMITTEE ON FINANCE (2012-13) ON CONSTITUTION (ONE HUNDRED FIFTEENTH AMENDMENT) BILL, 2011 PRESS RELEASE, DATED 7-8-2013 COMPOSITION OF STANDING COMMITTEE ON FINANCE (2012-13) Shri Yashwant Sinha – Chairman MEMBERS LOK SABHA 2. Shri Suvendu Adhikari 3. Dr. Baliram 4. Shri Sudip Bandyoypadhyay* 5. Shri Udayanraje Bhonsle 6. Shri Nishikant… Read More »

Introduction of GST : Tax Reforms

TAX REFORMS:INTRODUCTION OF GOODS AND SERVICES TAX INFORMATION BULLETIN NO.LARRDIS(EF)2014/IB-11, DATED DECEMBER 2014 Introduction The Kelkar Task Force on the implementation of Fiscal Responsibility and Budget Management (FRBM) Act, 2003, had pointed out that the existing system of taxation on goods and services suffers from many problems and, therefore, suggested a comprehensive Goods and Services… Read More »

Proposed Taxes at Centre and State to be subsumed into GST

Which taxes at the Centre and State level are being subsumed into GST? At the Central level, the following taxes are being subsumed: Central Excise Duty, Additional Excise Duty, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs. At the State level, the following taxes are being subsumed:… Read More »

Benefits of GST in India

Benefits of GST Benefits of GST for business and industry o   Easy compliance: A robust and comprehensive IT system would be the foundation of the GST regime in India. Therefore, all tax payer services such as registrations, returns, payments, etc. would be available to the taxpayers online, which would make compliance easy and transparent. o   Uniformity… Read More »

FAQs on GST Released by Govt

Ministry of Finance 03-August, 2016 Frequently Asked Questions (FAQs) on Goods and Services Tax (GST) Following are the answers to the various frequently asked questions relating to GST: Question 1.What is GST? How does it work? Answer: GST is one indirect tax for the whole nation, which will make India one unified common market.  GST… Read More »

Govt agreed to accept Congress demands on GST

January 7, 2016 The government said on Thursday it agreed to accept demands set by the Congress party to back a landmark tax reform, raising hopes a political standoff that blocked the measure throughout last year might be resolved. Parliamentary Affairs Minister Venkaiah Naidu also said the government was willing to bring forward the next… Read More »

Tax rates under GST: Executive Summary

Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST submits its Report to the Finance Minister; On the Revenue Neutral Rate (RNR), the Committee recommends the same in the range between 15 percent and 15.5 percent (Centre and states combined) with a preference for the lower end of… Read More »

Roadmap for the implementation of GST

Roadmap for the implementation of GST in India (Extract from REPORT OF THE SELECT COMMITTEE ON THE CONSTITUTION ONE HUNDRED & TWENTY SECOND AMENDMENT) BILL 2014 PRESENTED TO THE RAJYA SABHA ON 22nd July, 2015 Objective of Introducing the GST In international arena GST is known for its end user consumption tax. The broad objectives of… Read More »

GST will have 8 forms for filing Tax Returns

The proposed GST (goods and services tax) regime is likely to provide for monthly filing of returns for business to business dealings through a set of eight forms for different categories of transactions. The joint committee on Business Process for GST in relation to GST Return has suggested filing of a periodic e-return for Central… Read More »


REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON REFUND PROCESSES Empowered Committee of State Finance Ministers New Delhi- – August, 2015 Contents of the Report/Index 1.0 Introduction 2.0 Situations where refund would arise (A) Excess Payment of Tax due to mistake or inadvertence (B) Export (including deemed export) (C) Finalization of Provisional… Read More »


REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON GST REGISTRATION Empowered Committee of State Finance Ministers New Delhi July, 2015 1.           Introduction 2.           Assumptions 3.           Structure of registration number 4.           Procedure for obtaining Registration 5.           Facilitation Centers and Tax Return Preparer Scheme 6.           New Applicants 7.… Read More »