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GST rates revision which is subjected to apply to the textile industry to rectify the tax anomaly dated 1st Jan and this helps in securing the money used as working of businesses and lessens the compliance load and solves the ITC concerning issues the textiles ministry. GST officials decided to amend the tax anomaly known […]
Land deals are exempted from goods and services tax (GST) as ruled by the Authority for Advance Rulings (AAR), Telangana except for the works contracts within the agreement of the buyer and seller. The work contract comes under the service contractor which might indeed consist of the supply of goods in the implementation of the […]
The Central Board of Indirect Taxes and Customs mentioned the rise in GST rate from 5 to 12 per cent on Fabrics, Apparel, and Footwear initiated from January 2022. The major thing under the urged rise is to rectify the issues of the inverted duty framework as being seen through the small textile value chain […]
Maharashtra bench of GST authority for the advance rulings (AAR) ruled that the recovery of the amount for the top-up of medical insurance and the parental insurance premium via employees does not come beneath the supply and thus it is not entitled to GST. The AAR ruled that Tata Power seeking the ruling is not […]
There are various businesses that furnish discounts, reduced costs, or extended payment cycles to clients in between the covid-19 pandemic who urge the government to define the impact of goods and services tax (GST) upon the amounts. As per the tax experts, the companies who provide the credit notes under GST or credit memorandums that […]
The industry bodies look to start consultations within the government towards the Union Budget 2022-23, GST rationalization, and diminish the load of the laws, especially the topmost expectations of the MSMEs. The finance ministry asked for the recommendation on the taxation from the industry and trade bodies as a parent to the budget for 2022-23. […]
At the present time, there are 2 tax slabs – 5% for bills below Rs 999 and 12% towards the bills apart from that. GST official has specified that the GST price amendment from the date Jan 2022 so as to improvise the inverted duty plan towards the Footwear and textile sector. GST is subjected […]
Towards having the clarifications and concessions for the problem of double GST payment in redevelopment projects various real estate developers meet with the government, a kind of factor that leads to the rise in the cost during the time when the margins are existing beneath the pressure. The financial aspects of the redevelopment project is […]
The government is considering easing GST rules for the re-export of leased planes, in what would offer a major boost to airline financials hit hard by the covid-induced turbulence. The ministry of civil aviation and the finance ministry are studying a plan to ensure that carriers do not face any hardship from customs authorities from […]
