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In response a petition filed by builders and developers, the Bombay High Court has decided that goods and services tax (GST) would be leviable on the one-time premium of a long-term lease of 30 years or more, as it is treated as a ‘supply’ under the GST law.
In a dramatic yet appealing suggestion made by the Institute of Chartered Accountants of India (ICAI) to the finance minister, the total came out to be 121 suggestions.
The Authority for Advance Rulings (AAR) has recently notified that GST cannot be levied on payments sent by a foreign company to its liaison offices in the country for reimbursement of various expenses.
When GST was introduced last year, many skeptics seemed surprised by its complex framework. However, a year later, the GST has undergone a cosmetic makeover of some sort.
This is a good news for all the ICAI final year students as now they can get ICAI GST training and get a job before completing the CA degree.
The impact of goods and services tax on the daily household is positive according to the reports and research did in the one year of this crucial time period i.e. the implementation of GST.
In the recently concluded National Conclave on Mines and Minerals Ms Aruna Sharma, Union Steel Secretary, stressed on rationalizing royalty and auction money before they can be subsumed as ITC under GST.
In order to make it easier for taxpayers to create e-way bills on the common portal, the government has added a new facility on the GSTN which will automatically calculate and show the distance between two PIN codes (of the supplier and the receiver) at the time of creating an e-way bill under GST.
In a statement released today, the RBI said that states have been unable to achieve their gross fiscal targets owing to issues like higher salary expenses, limited revenue after GST implementation and loan waivers being offered to the farmers.
