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Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.
Only a few days are left for the actual implementation of Goods and Service Tax Regime (GST) and will be launching on midnight of 30th June across the country. Some analysts are indicating for caution.
In the views of Ajit Ranade, the Chief Economist of Aditya Birla Group, GST must ideally have only two slab rates instead of multiple tax rates.
Goods and Service Tax (GST) is a new indirect tax scheme which is a consumption based tax. It will replace all the indirect taxes. It is biggest tax reform that will bring India in competition with other countries in respect to the indirect taxation platform.
Every business entity which is getting registered under Goods & Services Tax will be provided a unique identification number known as GSTIN or GST Identification Number. Presently, every dealer which is registered under the state VAT law occupies a personal TIN number which is assigned to him by the state tax department. Just like that, the service tax registration number is assigned to a specific service provider by the Central Board of Excise and Customs (CBEC).
People who are interested in collecting stamps and coins have sent a letter to the finance minister Arun Jaitley. They requested to Arun Jaitley that their hobbies should not be kept under the slab rate of 28 percent tax on Goods and Services Tax.
There are various rules and regulations which emerge while GST refund process. The GST refund will be needed to properly maintained under the GST as even a slight delay in the refund process will impact the working capital and cash flow of the manufacturers and exporters.
The former finance minister P Chidambaram has finally shared some views regarding the implementation date of Goods and service tax in India, as he said that October 1 will be the suitable date for the implementation of the new tax regime as the minister called it as a realistic deadline as of now due to the various factors prevailing in the market.
In order to avoid the risk of various taxation under the GST regime, diamond jewellers are seeking exemption from levies on diamond processing.
