Being a destination based, transaction wise tax, Goods and Services Tax (GST) ropes in strict compliance procedures for all the taxpayers or people falling under the gamut. Since every transaction is being recorded and tracked between the source and destination, it is obligatory for the taxpayers to maintain and declare information with utmost accuracy.
To have a crystal clear movement of goods intra-state or inter-state, reduce corruption and efficient tax collection system, GST defines strict penalty rules and offenses guidelines which the taxpayers have to follow. Below listed are the offences and applicable penalties under GST Act:
- A supplier
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India could review the goods and services tax (GST) structure to further prune the number of items in the highest slab of 28% as it attempts to stave off a slump in demand. Some states have favored a reduction in tax rates, worried that the slowdown may get entrenched, and have communicated their concern to the Centre. The first GST council meeting to be chaired by Nirmala Sitharaman may meet on June 20, 2019 ahead of the budget presentation on July 5, 2019. Below mentioned are some specific points which will be focused in the meeting:
- Automobiles are placed
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Goods and services tax (“GST”) is an indirect tax for the entire country levied on the supply of goods and services. GST is India’s single unified tax which reflects an overall shift from taxing goods and services at the point of supply to where they’re consumed. India is also looking to boost tax revenue by moving the existing sales taxes to a new harmonised GST system. GST was touted as biggest taxation reform since independence.
The recent 32nd GST council meet announced new registration criteria for businesses, doubling the sales threshold for GST registration to INR 40 Lakh, allowance … Read more
The 25th GST Council Meeting was held at New Delhi on the 18th of January 2018. In addition to relaxation of GST rules and regulations, GST rates have also be reduced for various goods and services. Here are the outcomes of this meeting:
- GST council cut rates on 29 products and 53 services. These new rates will be implemented from 25th January 2018.
- Council members also discuss on E-way Bill. E-way bill system will go through a test from January 25 and will be implemented on a mandatory basis from Feb 1.
- No discussion on Petroleum & Real-estate
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Updated schedule of CGST rates on goods, as on 15.11.2017 For ease of reference only
The CGST rates on certain goods have undergone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time. A need has been felt to publish a consolidated rate schedule in a single document for ease of reference. Accordingly, this document has been prepared indicating updated CGST rates as on 15.11.2017. This document is only for ease of reference and relevant notifications will only have legal authority.
UPDATED CGST RATES SCHEDULES FOR GOODS AS ON 15.11.2017… Read more
In the 23rd GST Council Meeting, GST rate reduction for various goods and services was announced. A major highlight of the 23rd GST Council Meeting was the reduction of GST rates for various goods listed under the 28% slab. The GST rates changes will tremendously reduce the tax burden on the common man and boost the economy. In this article, we look at a summary of GST rate changes announced in the 23rd GST Council Meeting held on 10th November 2017.
Highlights of the 23rd GST Council Meeting
The goods and services on the 28% slab list were severely … Read more