Powerd By SAG INFOTECH
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Central Tax 1. Amending CGST Rules notification 10/2017-CT dt 28.06.2017 2. Assigning jurisdiction and power to officers of various directorates 3. Seeks to prescribe rate of interest under CGST Act, 2017 4. Seeks to notify the number of HSN digits required on tax invoice 5. Seeks to amend Notification no 6/2017-Central Tax dt 19.06.2017 6. […]
After the spending, three days of Goods and Services (GST) Regime in India Cabinet Secretary PK Sinha on Monday conducted a review meeting to evaluate the stock after the implementation of new indirect taxation regime. The Cabinet Secretary has asked from all ministers and departments to give their views about the new regime.
The government has issued notification for the implementation of Central Goods and Service Tax (CGST) regime from 1st July and clarified that the new indirect taxation regime is absolutely correct.
The government has tried all sorts of implementation and improvement strategies with the goods and services tax and now the government along with the finance ministry installed a mini War-room within the premises of finance ministry department.
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.
The registrations are again up for the taxpayer’s community who had missed the previous timelines but this time with a more tight area for the process. The GST network is open for the assesses to register within the GST with less than a week away from the ultimate roll out.
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.
Recently, the government have made some relaxed rules and regulations for the home-buyers and has also asked the builders community to take care of the newly incorporated laws. But recently it was surfaced through sources that the builders are not doing what the government has asked them to do, in fact they are making an exact opposite action of it.
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.
