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The clause for anti-profiteering has emerged quite a while ago when the finance ministry first announced that any company found blocking the tax benefits to the consumers will be penalized and also various other severe measures will be taken against them.
The official sources have mentioned that petroleum products and continuation of their VAT attraction will be soon decided by the GST council as cleared by the Maharashtra Minister Deepak Kesarkar to the legislative council.
Voluntary registration is self registration by the dealers in order to get listed within the GST framework. It is applicable for those who are not within the parameters of registration and are not required to register in the GST. Upcoming GST will be requiring registrations to be strict and complied with the rules and regulations and has also declared that the business units having a turnover less than 20 lakh (10 lakh for NE states) can get away with the GST registrations.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
GST composition scheme was implemented under the respective State VAT Laws with conditions applied on eligibility for the scheme accordingly. GST composition scheme assures greater compliance without the requirement of maintaining records. This system is missing in Service Tax laws. Latest Update 13th October 2022 09th July 2022 09th May 2022 GST Software Demo for […]
Goods and service tax in India is said to be very powerful taxation reform and will take over various indirect duties currently prevailing in the country. Just like that, Octroi, which is considered to be a major revenue source for the ports and city municipal earned by levying some imposition on the goods entering the city.
The GST council has been in a dilemma of putting various goods into the category suitable for them. The government is preparing to roll out the well-discussed goods and service tax in coming months and in between it has been stuck on the issue of categorization of products.
The GST will bring with itself a revenue loss of about Rs. 60 Thousand crores to the center for discarding all the other 16 types of cess and sur-charges from the list.
Goods and Services Tax is a significant step taken by the government of India to subsume all the additional indirect taxes which was previously levied such as VAT or sales tax, entertainment tax, entry tax, purchase tax, luxury tax, and octroi on the movement and purchase of goods and service
