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Ever since the goods and services tax was applied throughout the market, it was open for the first time after it on Monday. But still, the traders were in the confusion related to the GST.
The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now.
SAG Infotech Blog is a source for all the latest GST notifications for the year 2024 regarding Central, Integrated, Union Territory, Compensation cess and their respective taxes applicable. Following the latest GST notifications in accordance with proper laws, rules, and rates is a must for every trading and business unit and will keep the tradition […]
Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.
Only a few days are left for the actual implementation of Goods and Service Tax Regime (GST) and will be launching on midnight of 30th June across the country. Some analysts are indicating for caution.
The new compliance and rules of Goods and Service Tax (GST) regime will be restricting small vendors and restaurants from the selling online due to issues of TCS.
The central Government bodies of the country are currently working with exporters and importers to prepare them for the upcoming Goods and Service Tax (GST), which is going to be implemented from 1 July 2017 in India.
GST will be soon going to be implemented across the nation on the July 1st, while all the rules and regulations are decided by the GST council.
On Tuesday, The Central Board of Excise and Customs (CBEC) has taken one further step and create anti- profiteering body in new GST Regime. As per the Anti- Profiteering Rules declared on Tuesday if any business firm fails to pass the benefits of lower tax rates to consumers must have to face penalties and cancellation of licence in new GST Regime.
