On 38th GST Council Meeting , Central government going to form Group of ministers (GOM) which is going to be chaired by Union Finance Minister Nirmala Sitharaman and members from Bihar , Delhi , Punducherry , Tamil Nadu , Punjab , Odisa and Chattisgarh. This …
There was an ongoing matter of lurch of input tax in case of export of services , where there was a fundamental dilemma regarding the Business Process Outsourcing (BPO) services and ITeS as intermediary services and not export of services. The Central Board of Indirect Taxes …
There has been several changes since the introduction of GST 2017. The aim of introduction of GST is to make things simpler and to identify leakage. But a regular taxpayer faces many issues while implementing GST in his system and as this is new , there …
Constitution Amendment bill has guaranteed compensation for 5 years for loss of revenue, post implementation of GST in 2017. Ministers from multiple states met Union Finance minister, Nirmala Sitharaman to discuss this matter. States are facing deficit. They have many responsibilities. They can not close hospitals, …
Rate of GST on food services by restaurants had been slashed to 5% in 2017. No ITC (Input Tax Credit) to be taken on raw material and other expenses. It means No set off against sales. National Anti-profiteering authority (NAA) had found Hardcastle Restaurant, franchise of …
Goods and Service tax collection (GST) gave a rise of 6% to Rs 1.03 lakh crore in November whereas, the collections were Rs 97,637 crore in November last year and Rs 95,380 crore in October this year. Since the rollout of GST in July 2017, this …
The work flow can be divided into two parts : Part A Interaction between business/supplier and IRP ( Invoice Registration Portal) Part B Interaction between IRP and GST System and buyer. This interaction can be well explained with the diagram below : Now at first, we …
The ministry of finance is planning to introduce a lottery system under GST. The objective behind this is to avoid tax leakage and boost up compliance. The lottery scheme plan is to hold daily and monthly lotteries for customers who take a copy of the bill …
GST Council decided to introduce e-invoicing on voluntary basis. The scheme is introduced in a phased manner. The reporting of only Business to Business (B2B) transactions will be done. The standard of the scheme has been finalised with consultation with Trade / industry body and ICAI …
Due Dates Compliance Calendar December 2019 – GST Due Date Form Particulars 10-12-2019 GSTR-8 To be filed by the e-commerce operators required to deduct TDS under GST for the month of Nov 2019. 10-12-2019 GSTR-7 To be filed by the person who is required to deduct …
