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The Government has notified that under the GST regime, the banks will have to pay a 3 percent tax, in the form of IGST, on the imports of gold and precious metals, which will be available to be claimed as input tax credit.
The Narendra Modi government is ready to issue an ordinance over the coming weeks for increasing cess from 15 percent to 25 percent on luxury cars and Sports Utility Vehicles (SUVs).
In the next coming weeks, the recently introduced Goods and Services Tax Regime (GST) will have to face the most critical test. The date of filing first returns had been extended by the Government in order to provide some more time to taxpayers as well as get their processes in place.
GSTR 2 is a tax return form that is used for filing the details of inward supplies of goods or services for taxation purpose. The form will be filled online on the GST portal after registration
The GST Council may reduce tax rates on job work to those who are making fabric to the garment and put it under 5 percent slab rate structure in the GST framework. The meeting will be conducted tomorrow and may be the industry have to register online for goods worth above Rs 50,000 before getting transported.
The GSTR 3B form is a return form declared by the Indian government for the return filing only for initial 6 months of GST implementation. The GSTR 3B form will be filled up for the month of July to December 2017 in the place of normal return forms – GSTR 1, 2 and 3
Ministry of Information and Broadcasting Board has informed to all television broadcasters to run advertisements of GST Awareness Campaign ‘MANTHAN’ so that more and more people aware about the recently introduced Goods and Services Tax Regime.
The Goods and Services Tax Council could take up at its next meeting tax assessment issues raised by sectoral bodies alongside a survey of the execution of the new GST tax regime, a top GST council official has said.
Central Board of Excise and Customs (CBEC) has declared first-month revenue data after the implementation of the Goods and Services Tax Regime.
