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.
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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.
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.
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.
According to Amitabh Kant, CEO of NITI Aayog, top renowned oil companies such as Reliance Industries want petroleum products must be brought under the Goods and Services Tax (GST) Regime.
In the 22nd meeting of GST Council which was held on 6th October 2017, the council decided to withdraw Gems & Jewellery industry from the scope of prevention of Money Laundering Act (PMLA).
According to the official sources, it is not possible for the government to provide tax and duty exemptions on Apple products under the new taxation system.
Find all the latest updates on GST council meetings held after the implementation of goods and services tax. The latest 31st GST council decides about GST new return filing system, GSTR forms revisions, GoM meeting along with GST slab rate reduction.
It is now in the hands of GST council and all the Group of Minister (GoM) to decide the further sequence of tax refunds of Integrated goods and services tax.