Reduction/exemption of tax rates under GST for small businesses

The Government has received representations from small businesses relating to exemption from GST, reduction in applicable rates of GST, and product and area wise exemptions. The GST rates on supply of goods and services have been notified based on the recommendations of the GST Council. The tax rates on goods have been fixed taking into … Continue reading Reduction/exemption of tax rates under GST for small businesses

TDS to be applicable on service amount excluding GST

The Central Board of Direct Tax has clarified that if GST amount is mentioned separately in contract or invoices tax shall be deducted at source on service amount excluding GST. Illustration : Company A Pay office rent to Company B. Company B raise a invoice to Company A. Rent = 1,00,000/- GST @18% = 18,000/- … Continue reading TDS to be applicable on service amount excluding GST

Organized traders and unorganized sellers in Textile Sector have not been affected by the GST

In reply to a Starred Question in Rajya Sabha on 18th July 2017, the Union Minister for Finance, Defence and Corporate Affairs, Shri Arun Jaitley said that the organized traders and unorganized sellers in Textile Sector have not been affected by the Goods and Services Tax (GST). Shri Jaitley said that the GST rate structure for … Continue reading Organized traders and unorganized sellers in Textile Sector have not been affected by the GST