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The goods and services tax (GST) is a value-added tax charged on most goods and services sold for domestic consumption, introduced by the Constitution Act in 2016.
GST Council has from always been an Institution known not just for ensuring the better implementation of GST in the country but also had stood strong on the anti-evasion measures.
Is GST actually stimulating or discouraging cashless economy? The same can be understood with this case study of a restaurant in Mumbai. This restaurant is a dinner point for well-breads family and a choice of high-class society.
The Goods and Services Tax Appellate Tribunal (GSTAT) has been introduced by the council to address the issues relating to the complicated regime
Recently, the Indian government has introduced some changes in the credit utilization mechanism under GST wherein the companies initially have to settle down the tax liability by availing IGST credits even before the utilization of central GST (CGST) and state GST (SGST) credits.
It has been observed that many of the businesses are using Central Goods and Services Tax Act (CGST) in a wrong manner by providing fake/ wrong receipts to the customers.
The Jammu & Kashmir Chamber of Commerce and Industry (JCCI) conducted a meeting on 13 February 2019 wherein the president Rakesh Gupta called the commissioner commercial taxes PK Bhat in the office to discuss the issues relating to GST returns.
In the recent 34th GST council meeting there were a lot of changes brought into the real estate sector regarding the rate cut over under construction properties. However, the finance minister has assured that the next meeting agenda would be cement rate reduction.
Contradicting the arguments of the country’s top two-wheeler manufacturers, the Managing Director, Mahindra & Mahindra, Pawan Goenka while talking to Moneycontrol, urged through his statement that the current GST rates should not be reduced as it is in sync with the earlier charged tax rate of excise and VAT and thus does not require any change.
