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Finally, the GST Bill has been approved by the Rajya Sabha and now it will go to the lower house for some rectification in the amendment. After receiving majority upvotes (203 votes) in the house, it is likely to be implemented by the 3rd quarter of 2017. There have been lot of questions regarding the GST among the general public. So, Here we are presenting some common FAQs that will explain every single stage of GST and its benefit.
GST : Goods And Service Tax (One Nation one Tax), A much awaited tax reform bill is now passed in Rajya Sabha and now we all are waiting for the applicability of new act so that different tax law in different state will be removed and only one tax will be applicable all over the nation.
India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
The Budget 2016 has introduced a new cess named as Krishi Kalyan Cess, which is applicable from June 1, 2016 at the rate of 0.5% on all the taxable services. With the imposition of this cess, the new effective Service Tax would henceforth be 15%. With the addition of KKC, all DTH, credit and debit […]
These types of taxes paid on Consumption by the consumer but they do not pay directly to the government (unlike income tax). For example, We pay VAT and other taxes on purchasing a product.
SAG Infotech has increased the price of its products, including Genius, Gen IT, TDS, Balance Sheet, Gen XBRL, and Gen CompLaw. As per the sources, the company has taken this decision because the products are developed with more features. Therefore, this is a golden chance for you to buy this software with advanced tools. Genius […]
The manufacturer of wagons and other equipment of railways presented their combative grievance to the finance ministry about the inevitable burden of taxes on vendors and Railways because of not passing the input tax credit (ITC) benefits.
Maharashtra Authority for Advance Ruling has recently ruled out the provision for the input tax credit under the gold schemes which are a sales target oriented form of business practice by the companies.
The recent decisions made by the GST council related to levying 1% CESS in Kerala owing to disaster relief and removal of the input tax credit from the real estate sector are somewhat unsatisfactory.
