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GST Taxation scheme will stir some of the names under its implication, such as Apex indirect tax body CBEC will be named as the Central Board of Indirect Tax (CBIT) as soon as the GST strikes on 1st April next year. Governed by the secretary-level officer, exemptions, and threshold which are implied by CBIT now will be set accordingly by GST council being chaired by Union Finance Minister and has state finance ministers as its members.
The automobile Industry is very hopeful with the GST regime as the government is very cautious particularly for this sector. The industry of automobiles is tremendously big which tackles the manufacturing of a very large chunk of cars and bikes every year.
No result found! Clear search 1. Overview of Goods and Services Tax (GST) 1. What is Goods and Services Tax(GST)? It is a destination-based tax on the consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous […]
CGST Act Click to more about CGST Act IGST Act Click to more about IGST Act UTGST Act Click to more about UTGST Act GST (Compensation to the States) Act Click to more about GST (Compensation to the States) Act
Revenue Secretary Hasmukh Adhia said on Thursday that the small businesses or traders with annual turnover of up to Rs 20-25 lakh will be exempted from Goods and Services Tax (GST), and the Centre and the states will agree on the same shortly.
The Invoice/bill is the document which is available in both soft and hard copy. It consists of the details of the supplier/ purchaser along with the name of the Sales/ purchaser, registration no. (VAT, Service Tax, UIN etc.). The bill also consists of the purchaser details complied of an Item name, Quantity, Tax rate, tax amount. The invoice is made in general format and there is no other format available.
It’s a document either online or in paper format in which details of supplier/ purchaser are incorporated like Name of the Sales/ purchaser, registration no. (VAT, Service Tax, UIN etc.)as well as in bill details of sales or purchases like Item name, Quantity, Tax rate, tax amount should be there. There is no specific format for invoices but there are some general formats.
New tax, New Opportunity!! After more than a decade waiting, finally GST is passed in the both houses of Parliament. Now there is an easy way for bringing a new tax reform in India. Currently we all professionals are talk about the indirect taxation improvement.
In order to engage with the stakeholders and invite comments from the public at large, it has been decided to make available the draft Business Processes of GST.
