Job Work under GST

Introduction Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal manufacturer can send inputs or … Continue reading Job Work under GST

Service Tax Return for the period of 1st Apr’17 to 3oth Jun’17 to be submitted by 15th August’17

Service tax return rules have been changed for the period of 1st April 2017 to 30th June 2017. Followings are the changes : Service tax return for the period of three months (1st April to 30th June) to be submitted by 15th August 2017. Return for this period can be revised within 45 days from … Continue reading Service Tax Return for the period of 1st Apr’17 to 3oth Jun’17 to be submitted by 15th August’17

Cabinet Secretary reviews preparedness for smooth roll-out of GST with effect from 1st July, 2017

The Cabinet Secretary Shri P.K.Sinha today took a detailed review of the preparedness for the roll-out of Goods and Services Tax (GST) from 1st July 2017. In a Review Meeting attended by the Secretaries of 30 Ministries/Departments of the Central Government connected with GST, and video conferencing with CMDs/CEOs of about 167 Central Public Sector … Continue reading Cabinet Secretary reviews preparedness for smooth roll-out of GST with effect from 1st July, 2017

Reduced Liability of Tax on complex, building, flat etc. under GST

The CBEC and States have received several complaints that in view of the works contract service tax rate under GST at 12% in respect of under construction flats, complex etc, the people who have booked flats and made part payment are being asked to make entire payment before 1st July 2017 or to face higher … Continue reading Reduced Liability of Tax on complex, building, flat etc. under GST

GST registration for businesses to reopen on June 25

If you have not been able to register on the GST Network within the deadline ending tomorrow, do not panic! There’s one more chance coming your way as the registration for existing excise, service tax and VAT payers will reopen on June 25. There are about 80 lakh excise, service tax and VAT assessees at … Continue reading GST registration for businesses to reopen on June 25

Benefits of GST

Citizens: (i) Simpler tax system (ii) Reduction in prices of goods and services due to elimination of cascading (iii) Uniform prices throughout the country (iv) Transparency in taxation system (v) Increase in employment opportunities Trade/Industry: (i) Reduction in multiplicity of taxes (ii) Mitigation of cascading/double taxation (iii) More efficient neutralization of taxes especially for exports … Continue reading Benefits of GST