Posted Date : 14-Dec-2015 , 12:42:52 pm | Posted By Raman Singla

As time runs out for the passage of the Goods and Services Tax Bill in the ongoing winter session of Parliament, Union Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi told on Sunday: “We hope Parliament works from Monday so that the stalled work begins.” ...

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Category : GST | Comments : 0 | Hits : 389

Posted Date : 09-Dec-2015 , 11:47:53 am | Posted By Raman Singla

We all know that GST is the most radical tax reform in the country since Independence. About nine years in the making, the GST will subsume most of the taxes and levies, radically changing the way tax is collected in India. GST is expected to come into force by next year i.e. 2016. The posi...

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Posted Date : 21-Oct-2015 , 07:54:57 pm | Posted By CA Bimal Jain

Dear Professional Colleagues,   Draft GST Report on Returns under GST on public domain   In order to engage with the stakeholders and invite comments from the public at large, the Ministry of Finance on October 6, 2015, placed the following Draft Business Processes of GST on public dom...

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Posted Date : 15-Aug-2015 , 12:58:00 pm | Posted By Sayam Rastogi

VARIOUS TAXES SUBSUMED UNDER GST The following are the central government taxes that would be subsumed under GST: Central Excise Duty Additional Excise Duties Excise duty under the Medicinal and Toiletries Preparation Act Service Tax Additional Customs Duty Special Additional Cust...

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Posted Date : 09-Aug-2015 , 11:17:30 am | Posted By Sayam Rastogi

GST will be levied on buyers of goods and services, or where the service is consumed. This means big consumer states such as Uttar Pradesh, West Bengal and Kerala will get a high share of the taxes. The following are the salient features of the proposed pan-India Goods and Services Tax regime tha...

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Posted Date : 03-Aug-2015 , 02:03:57 pm | Posted By Chitresh

The Constitution (122nd Amendment) Bill, 2014 was introduced in Lok Sabha on December 19, 2014 and was passed by it on May 6, 2015. The Bill was referred to a Select Committee of Rajya Sabha for examination which submitted its Report on July 22, 2015. The Report contained various recommendations&nbs...

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Posted Date : 25-Jul-2015 , 10:58:18 am | Posted By CA Bimal Jain

Dear Professional Colleague,   Highlights of Report on the GST Bill by Select Panel of Rajya Sabha   With the first day’s proceeding of the Monsoon session of the Parliament getting distressed, the Select Panel of the Rajya Sabha had submitted its Report on the much awaited Constitut...

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Posted Date : 22-Jul-2015 , 07:16:39 pm | Posted By Chitresh

GST Knowledge Series#1 : Understanding the Mechanics of Goods & Service Tax   The Goods and Services Tax (GST) is a comprehensive value added tax (VAT) on the supply of goods or services. It is levied and collected on value addition at each stage on sale or purchase of goods or supply ...

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Posted Date : 22-Jul-2015 , 06:29:13 pm | Posted By Chitresh

GST Knowledge Series# 2 Goods & Service Tax – Key Features   In continuance of our earlier series titled GST Knowledge Series# 1, Understanding the Mechanics of Goods & Service Tax, we have discussed the basic DNA of Goods & Service Tax popularly known as GST. These features a...

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Posted Date : 29-Jun-2015 , 10:19:11 am | Posted By Soniya

Presently Indian Economy has various taxes on Goods and services such as VAT, Service Tax, Excise, Entertainment Tax; Luxury Tax Etc so with coming of GST there shall be single Taxation System. GST is an integrated scheme of taxation that does not discriminate between goods and services. GST ch...

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Posted Date : 17-May-2015 , 11:42:39 am | Posted By Shivashish Karnani

Brief Intro: Introduction of Goods and Services Tax (GST) will indeed be an important perfection and the next logical step towards a widespread indirect tax reforms in India. As per, First Discussion Paper released by the Empowered Committee of the State Finance Ministers on 10.11.2009, it...

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Posted Date : 09-May-2015 , 11:16:15 am | Posted By CA Kapil Goel

The Goods and Service Tax (GST) is a tax likely to be implemented in India, from 1st April 2016. GST is proposed to be a comprehensive indirect tax to be levied on manufacture, sale and consumption of goods as well as services at the national level. It will substitute all&nb...

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Posted Date : 01-May-2015 , 02:04:43 pm | Posted By Keshav Kumar KC

Good and Service Tax Good and Service Tax (GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. It is the biggest tax reform in India to integrate state economy and boost overall growth. Government has been making all efforts to ensure tha...

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Posted Date : 22-Feb-2015 , 09:32:23 am | Posted By CA Vinod Kumar

Input Credit mechanism under proposed GST regime-The milestone to achieve     BACKGROUND:   Before I begin this article it is worthwhile to discuss the background behind this since as of today no professional as well dealer is sure about the consequences of proposed GST legislatio...

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Posted Date : 02-Jan-2015 , 05:10:44 pm | Posted By CA Vinod Kumar

ATTEMPT TO DECODE THE 122ND CONSTITUTIONAL AMENDMENT BILL (GOODS AND SERVICE TAX) BACKGROUND   Before going into the depth of Constitution of India and its amendments we have to first understand why it needs to be amended to bring the GST Law. The GST Law is seen as one of the biggest tax ref...

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Posted Date : 30-Aug-2014 , 03:45:06 pm | Posted By Aaditya Deshwal

The government is trying to find a middle ground to break the Goods and Services Tax (GST) deadlock. A viable compensation structure for likely revenue loss to states has become a major stumbling block. The finance ministry is now proposing a new law for addressing the states concerns which will hav...

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Posted Date : 28-Dec-2013 , 10:57:26 am | Posted By Dulichand Kushwaha

The intent behind this write-up is to discuss the intricacies of several seemingly inconsistent judgements which have made the matter of availing trade discount a discounting issue in itself.   Though the VAT provisions are similar at large across the states, there are var...

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Posted Date : 25-Oct-2011 , 07:33:14 pm | Posted By Pallav Singhania

HANGING PHASE OF INDIRECT TAXES - CHALLENGES AND OPPORTUNITIES   In the era of the major reform and development taking place in our country, India, the tax reforms is and has been the key to have the change of track in the economic growth of the country. The various stake holders fo...

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Posted Date : 25-Oct-2011 , 10:55:24 am | Posted By Pallav Singhania

The central and state governments moved closer to ushering in a nationwide goods and services tax on April 1, 2011, that will simplify the manner in which corporates, small enterprises and traders will be levied taxes on goods and services.   The reform would eliminate multiple indir...

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Posted Date : 25-Aug-2011 , 07:13:16 am | Posted By Anjali Arora

  Over the last few months, there has been a national debate on corruption and different ways of tackling it. Fortunately, this time, there seems to be a sense of purpose in the discussions rather than a thought around 'learning to live with it'. Amid the flurry of act...

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