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Reading Time: < 1 minuteGovernment of India Ministry of Finance 17-August-2017   On Clarification regarding availability of Transitional Credit for GST As per the rules, the GST for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed. Concerns have been raised
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Reading Time: 7 minutesInput Tax Credit Mechanism in GST Input tax credit or “ITC” is the key features of Goods and Services Tax. its an Uninterrupted and seamless chain, ITC mechanism is prepared to avoid cascading effects of taxes. cascading effects of taxes, means, ‘Tax on Tax’. in the earlier system of taxation, the Input credit of Central
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Reading Time: < 1 minuteSection 1 CGST Act- CHAPTER I – PRELIMINARY Section 1 – Short title, extent and commencement (1) This Act may be called the Central Goods and Services Tax Act, 2017. (2) It extends to the whole of India 1 except the State of Jammu and Kashmir. (3) It shall come into force on such date as
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Reading Time: 4 minutesE Commerce in GST E Commerce & E commerce Operator Meaning 1. What is E Commerce (Electronic Commerce ) Section 2(44) of CGST Act, 2017  defines E Commerce as supply of goods or services over the electronic network. In ordinary words , ” Purchasing and selling of Goods and services by Business and consumers through
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Reading Time: 3 minutesAs per Article 279A of the amended Constitution, the GST Council is a joint forum of the Centre and the States, and consists of the following members: – Union Finance Minister Chairperson The Union Minister of State, in-charge of Revenue, Min. of Finance Member The Minister In-charge of Finance or Taxation or any other Minister
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Reading Time: < 1 minuteCentral Government has clarified on Tuesday that GST will be implemented by the scheduled time which is 1st July .preparations for the same is going on at war front . Government has appealed to avoid the rumors of postponement of GST some days . as some part of industry is urging the government to postpone
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Reading Time: < 1 minuteThe GST would replace the following taxes: (i) taxes currently levied and collected by the Centre: a. Central Excise Duty b. Duties of Excise (Medicinal and Toilet Preparations) c. Additional Duties of Excise (Goods of Special Importance) d. Additional Duties of Excise (Textiles and Textile Products) e. Additional Duties of Customs (commonly known as CVD)
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Reading Time: 2 minutesThe concept of destination based tax on consumption Exactly the concept of “Destination Based Tax” on “Consumption” is that the tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply For Example, If Mr A in Punjab produces the goods and sells the
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Reading Time: < 1 minuteGoods and Services Tax GST is a far wide tax levied on “Supply of Goods and Services” across India. GST (Goods and Services Tax) is a Destination based Consumption tax, and the taxable event is Supply as against the present Taxable Events of Sale, manufacture or provision of service. It is proposed to be levied at all stages right from
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