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As the Government is preparing to roll-out the GST law by April 2017, the newly formed GST council has started considering some mechanisms in order to assure proper functioning of the GST regime. The govt is considering a price-monitoring mechanism under the goods and services tax (GST) to ensure that the benefits get applied effectively on any unwarranted price shocks. Meanwhile, the states are also showing their interest in the regulations carried away by the council over the GST.
The passage of the long-pending in both houses is no less than a milestone for a country like India. The govt expects that the GST law will bring the economy on track and the new tax reform will assure hassle free taxation system. The 122nd constitution amendment bill received President Pranab Mukherjee’s nod on Sept. 8 this month. Following this, the govt is striving to conquer the deadline of April 1, 2017. Recently, the GST council was formed over the decision taken by the union cabinet headed by Prime minister Narendra Modi.
India is getting a worldwide recognition in the name of teamwork that the GST showed across all the political parties working together to make this tax reform a success. As of now, there is a smooth flow of processing and implications regarding the GST and its structural framework to ensure hassle free operation when it will finally get rolled out in the nation’s taxation web. The Union cabinet has also formed the GST council that will take care of the further proceeding over the GST.
Tax is needed to be charged on the rent received from the Government social welfare college boys hostel, Telangana Authority for Advance Ruling (TAAR) ruled. It was noted that the petitioner is furnishing the renting of buildings to Greater Hyderabad Municipal Corporation (GHMC) and in municipalities and no direct relation is there between the services […]
Hon’ble Delhi High Court for the case of Delhi Metro Rail Corporation Limited vs. The Additional Commissioner, Central Goods and Services Tax Appeals and Others [W.P. (C) 6793/2023 dated September 18, 2023] ruled that the limitation duration of two years under Section 54(1) of the Central Goods and Service Tax Act, 2017 (“the CGST Act”) […]
In a recent ruling, the Delhi High Court has ordered the Goods and Services Authorities (GST) to release the cash seized by the authority under Section 67(2) of the Central Goods and Services Tax (CGST) Act, 2017 considering it black money. The court said the move was illegal and also ordered to provide a potential […]
The Allahabad High Court ruled and directed the GST Commissioner, ordering them to provide clear instructions to the Lucknow GST Commissionerate. These instructions state that attorneys who provide legal services listed on the service tax negative list should not receive any notices regarding the payment of service tax or GST. The directive was given during […]
The Delhi High Court decided to investigate if the GST department can perform indirectly what the insolvency law averts it from accomplishing directly. When the goods and services tax council refuses the GST input tax credit to the customers of the insolvent entity on the basis of the unpaid dues of the latter. The matter […]
A day prior to the central Finance minister Nirmala Sitharaman starting the customary pre-budget meets with the stakeholders, the confederation of Indian Industry (CII) asked for a reduction in the personal rates of the income tax for reviving the demand. The same can provide the advantage to nearly about 5.83 cr people who become part […]
