The new GST regime will comprise of the following taxes – Central Goods and Services Tax (CGST) – This tax will be levied on intra-state (within same state) supply of goods and services State Goods and Services Tax (SGST)- This tax will also be levied on intra-state (within same state) supply of goods and services Union Territory Goods and Services Tax (UTGST) – This tax will be levied on the supply of goods and services within the same Union Territory Integrated Goods and Services Tax (IGST) – This tax will be levied on inter-state (among different … Click here to continue…..
GST is payable by any person making taxable supplies of goods/ services and whose turnover [on a pan-India basis of all offices having the same Permanent Account Number (PAN)] exceeds INR 20 lakhs. However, where a person who is registered under GST receives goods or services from an unregistered vendor, the registered recipient will be required to pay GST on the goods or services procured. Additionally, on certain goods and services specified by the Government, tax is to be paid by the recipient, under reverse charge instead of the supplier.
Goods and Services Tax Act (GST), pegged as a major tax reform post-independence, has already been introduced by the Government of India and is likely to be implemented from 1 July 2017. This will subsume most of the indirect taxes (such as VAT, excise, service tax etc.) levied by the Centre and State governments. GST is applicable on all goods and services except for supply of alcohol, petrol, electricity, etc. The new tax regime aims to bring efficiency in the procurement process and create a ‘single market’ to enable free flow of goods and services across the country with minimum … Click here to continue…..
CBEC to be renamed as Central Board of Indirect Taxes(CBIT) after GST rolls out. GST SECTIONS- AN ONSHOT OVERVIEW Section-1 Short Title, extent and commencement Section-2 Definitions Section-3 Meaning and Scope of Supply Section-4 C lasses of officers under Central Goods and Services Tax Act Section-4 Classes of officers under State Goods and Services Tax Act Section-5 Appointment of officers under Central Goods and Services Tax Act Section -6 Powers of officers Section-7 Levy and Collection of Central / State Goods and Services Tax Section-8 Composition Levy Section-9 Taxable Person Section-10 Power to grant Exemption Section-11 Remission of Tax on … Click here to continue…..
NEW EXEMPTIONS IN SERVICE TAX Services by authorized persons / sub-brokers Vide Notification No. 03/2014-ST dated 03.02.2014, a retrospective exemption from service tax payable on the services provided by an authorized person or sub-broker to the member of a recognized association or a registered association has been granted, in relation to a forward contract where such service tax was not being levied during the period from 10th September, 2004 to 30th June, 2012 in accordance with the generally prevalent practice during the said period. Services in relation to rice W.e.f. 17.02.2014, vide Notification No. 4/2014-ST benefits available to agricultural produce … Click here to continue…..