Government of India has finally decided to abolish service tax and replace it with Goods and Service Tax (GST). GST Rate on Services in India is finalized by the GST Council and on 18th-19th May 2017 in 14th Meeting of GST Council, GST rates on services has been fixed with GST implementation date has been… Read More »
GST Council Meeting held on 18th May, 2017 has finalised the GST Tax Rate and GST rate has been finalised in 7 slabs of 0%, .25%, 3%, 5%, 12%, 18% and 28% and cess on different products like Cars, Tabacco etc. In the next GST Council held on 3rd June 2017 rates of few more… Read More »
भारत सरकार ने 1 जुलाई 2017 के रूप में जीएसटी इम्प्लेमेनेशन की तारीख तय की है और सरकार ने मौजूदा रजिस्टर्ड वैट डीलरों को उसके पहले जीएसटी में स्थानांतरित करने का लक्ष्य शुरू किया है। वैट से जीएसटी के प्रवास के लिए पहला कदम 31 मार्च 2017 को खत्म हो गया है और प्रवासन का दूसरा… Read More »
CENTRAL BOARD OF EXCISE AND CUSTOMS (CBEC)/Ministry of Finance has tweeted that all the VAT dealers of Different states who have done Primary Enrollment under GST (GOODS & SERVICES TAX) website using email id, mobile verification and Login id & Password issued by state government VAT Authority or Service Tax Dept or Central Excise Dept… Read More »
It has been long pending issue to streamline all the different types of indirect taxes and implement a single taxation system. The main expectation from this system is to abolish all indirect taxes and only GST will be levied. Thus, GST will replace all indirect taxes levied on goods and services by the Indian Central… Read More »
Current Indirect Taxes:- The present structure of indirect taxes is very complex in India. There are so many types of taxes that are levied by the Central and State Governments on Goods and Services. People pay ‘entertainment tax’ for watching a movie. People pay value added tax on purchasing goods and services. And there are… Read More »
The table below summarizes the changes in Customs, Central Excise and Service Tax rate structures and law and procedures. Sl. No. Changes Existing Proposed I Promoting Agriculture and food processing 1. Krishi Kalyan Cess proposed to be levied on all taxable services to finance and promote initiatives to improve agriculture, w.e.f. 01-06-16. – 0.5% 2.… Read More »
What is Indirect Tax? As the name suggests, Indirect tax is not directly levied on the taxpayers. In other words, the burden of such tax is transferable to someone else. This tax is often levied on goods and services which results in their higher prices. A few examples of such tax include service tax, central… Read More »
Union Cabinet approves formation of GST Council: The Union Cabinet has approved the process, formation and functioning of the Goods and Services Tax (GST) Council as per the Article 279A of the Constitution. Decision regarding the fixation of the rate of tax under the GST regime was taken by the Union Cabinet meeting chaired by… Read More »
The Union Government has set the ambitious target to roll out of the Goods and Services Tax from 1st April, 2017. It was announced by Union Finance Minister Arun Jaitley after unveiling a detailed road map for GST implementation. This announcement was made after Rajya Sabha had passed The Constitution (122nd Amendment) (GST) Bill, 2014.… Read More »