The finance ministry has cleared the composition scheme dealers are not required to fill out some details in the form as there is no provision of reverse charge mechanism as of now.
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The finance ministry has cleared the composition scheme dealers are not required to fill out some details in the form as there is no provision of reverse charge mechanism as of now.
As mentioned earlier GST would be the Goods and Simple Tax, the definition is going completely against for the apparel exports industry.
The GoM with chairperson Bihar Deputy Chief Minister Sushil Modi scheduled a meeting with the industry representatives and experts to solve out the remaining issues over return simplification under GST.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
The recent action of Supreme Court in regard sending notices to Ultratech Cement Ltd. for credit reversal is an indication of gazing on another manufacturer.
There is a good news for the construction equipment industry as the sector is all set to grow higher in this year due to slashed GST rates on them. It is expected that the industry may sell over one million units globally this year, as mentioned by the significant player in the industry, JCB.
It is expected that the goods and services tax can touch a skyhigh of 95000 crores of revenue collection this March 2018 when the return will be filed by April 20.
The goods and services tax will be soon in the textbooks of ICSE board class X mathematics books. The Council For Indian School Certificate Examinations (CISCE) stated that the older tax regime i.e. value added tax (VAT) now serves no purpose to the education.
The ambitious goods and services tax may try to reach the prospect of salaries of employees as the implication of GST on the canteen food have given a hint on the changes hovering over the salary structure of the employees.