July 1, 2018 marks the first anniversary of the launch of the most anticipated tax reform in India. Often termed as 'India's new tryst with destiny', the Goods and services tax ("GST") was introduced amid varied expectations and apprehensions. While tax compliance seems to have streamlined mostly for large entities, however most medium and small entities are yet to survive the challenges posed by the new taxation regime.
Jaitley said the rate structure can be determined only after deciding whether compensation to states is to be funded out of the rate structure or some special cess or any other source.
The Finance Ministry on Wednesday notified the continuation of pre-GST rates of Rebate of State Levies (RoSL) on the export of garments and textile made-up articles for the transition period of three months after the implementation of the new tax
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Every person who is liable to pay tax in accordance with the provisions and fails to pay such tax shall pay interest on default amount. Further, a taxable person who makes an undue or excess claim of input tax credit shall pay interest on such undue or excess claims.
The Goods and Services Network(GSTN) has signed a Memorandum of Understanding (MoU) with Directorate General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and Import Export code data, a move that is expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and reduce human interface.
BEIJING: IMF yesterday, said structural betterments that include GST and the other land reform zones will be the prominent factors to amplify the economic
Central Board of Indirect Taxes & Customs (CBIC) has issued Notification No. 01/2019- Central Tax (Rate) dated 29th January, 2019, to rescind Notification No. 8/2017- Central Tax (Rate) dated 28th June, 2017, last amended vide notification No.22/2018-Central Tax (Rate), dated the 6th August, 2018 which defers the payment of central tax on reverse charge basis by the registered person for intra-state supplies received from unregistered person.
Central Board of Indirect Taxes & Customs (CBIC) has issued a Notification No. 07/ 2019 - Central Tax dated 31st January, 2019 to further extend the time limit for furnishing the return in FORM GSTR-7 by a registered person required to deduct tax at source (TDS) under the provisions of section 51 of the CGST Act, 2017 for the months of October, 2018 to December, 2018 from 31st day of January, 2019 to 28th day of February, 2019.
Please find attached Notification No. 09/2019- Central Tax dated 20th February,2019 issued by Central Board of Indirect Taxes & Customs (CBIC) extending the due date for filing GST returns in form GSTR-3B for all states except the state of Jammu & Kashmir for the month of January, 2019 from 20th February, 2019 to 22nd day of February, 2019.
Central Board of Indirect Taxes & Customs (CBIC) has issued a Notification No. 07/ 2019 - Central Tax dated 31st January, 2019 and 08/ 2019 - Central Tax dated 8th January, 2019 to extend the due date for furnishing the return in FORM GSTR-7 by a registered person required to deduct tax at source (TDS) under the provisions of Section 51 of the CGST Act, 2017 for the months of October, 2018 to January, 2019 till 28th day of February, 2019.
He stated that "I think Council has already taken decision with regard to time schedule, with regard to e-way bill itself. That will help in enhancing collection,"
The national e-way bill scheme, announced on 16th of January on the trial basis, is expected to assist the businesses as well as the transporters to get a hang of the new technique that becomes obligatory.
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