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IGST is levied on the interstate supply of goods and services as well as Indian imports and exports. Exports are zero-rated under the IGST Act.
For starters, Advance Ruling under GST is written decisions/clarifications issued by tax authorities against requests from individuals or businesses on specific doubts over proposed or already undertaken supply of goods/services.
In a ruling made recently, the Maharashtra Appellate Authority for Advance Ruling for Goods and Services Tax (AAAR-GST) has decided that Input Tax Credit (ITC) is not available to CMS Info Systems on purchase of motor vehicles for the sole purpose of carrying cash to be used by cash management companies and supplied as scrap thereafter.
The NAA or National Anti-Profiteering Authority was set up with the sole purpose of ensuring benefits from GST rate reductions reaches the common taxpayer
A recent order from the Karnataka Authority of Advance Rulings says that services rendered within a company by one office to another which is located in a different state will attract GST.
The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
2017 GST notifications are mandatory for all the relevant and current happening within the goods and services tax regime.
The upcoming 29th GST council meeting is going to take place on 4 August and the ongoing discussion is to put the proposals related to old tax matters in the meeting.
Firms and Businesses with an annual turnover of less than Rs 20 lakh could be exempt from GST Compliance. In a major development, small traders may now need not be registered under GST to supply goods to e-commerce giants like Amazon and Flipkart.
