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Supply of goods and services or both under GST Law is Taxable. If there is no supply than no GST levied on it.
The goods and services tax (GST) is a value-added tax charged on most goods and services sold for domestic consumption, introduced by the Constitution Act in 2016.
GST Council has from always been an Institution known not just for ensuring the better implementation of GST in the country but also had stood strong on the anti-evasion measures.
Recently, the Indian government has introduced some changes in the credit utilization mechanism under GST wherein the companies initially have to settle down the tax liability by availing IGST credits even before the utilization of central GST (CGST) and state GST (SGST) credits.
The Jammu & Kashmir Chamber of Commerce and Industry (JCCI) conducted a meeting on 13 February 2019 wherein the president Rakesh Gupta called the commissioner commercial taxes PK Bhat in the office to discuss the issues relating to GST returns.
After so many hurdles, GST came into effect in India on 1st July 2017 with five slab rates – 0%, 5%, 12%, 18%, and 28%.
In the recent 34th GST council meeting there were a lot of changes brought into the real estate sector regarding the rate cut over under construction properties. However, the finance minister has assured that the next meeting agenda would be cement rate reduction.
Once logging to the GST portal, the taxpayer is facilitated by TDS and TCS credit received which could be filed by all the taxpayers who are a success in making a specified limit of sales on the e-commerce platforms and not necessary but are indulged in any kind of works contract with Government departments.
A total of 2 new features have been added on the official website i.e., Goods and Services Tax Network ( GSTN ) which includes System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1.
