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Free supplies of goods and services have been frequently used by the businesses to promote their products in the market. The situation arises when the receiver/ buyer tries to obtain good quality material at a bargained price in the market.
The GST council has lowered the tax rates on vehicles purchased and leased to a record 65 percent of the applicable GST rates even including compensation cess.
GST, with the hope of billions to provide a better way to transact in a business and to eliminate the cascading effects under the previous tax system, it is the biggest tax reform in India ever. Although the system is very new to all and the taxpayers are not well-versed with the new indirect tax nomenclatures, we can expect that by the time it will go flawlessly.
After the implementation of GST, it was significant to the under various provision regarding the ITC availability in the matter of sale and purchase of capital goods under the goods and services tax regime.
The e-way bill is on the rest for now but soon it can be another barrier for small and medium enterprises after the recognized GST implementation.
We have already discussed the GST Impact over Handicraft industries that, how adversely it impacted the handmade products. Now, this article is about GST impact on carpet industry.
On Tuesday, 10th October Sudhir Mungantiwar, Finance Minister of Maharashtra declared that all states have agreed to include petroleum and diesel products under the newly implemented indirect taxation system i.e. GST.
The sub-section (2) of section 146 of the Customs Act,1962 (52 of 1962) defines Custom house agents as the persons registered, provisionally or else, to be employed by the licensee to help him in his work as an agent. There are so many confusion regarding the Custom House Agents provisions under GST Regime, so here is the article to solve all the doubts pertaining the same.
Out of 65 lakh taxpayers, it is now evident that only 40 lakh taxpayers have filed returns under GSTR 1 for the month of July.
