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The government will be sourcing revenue from all around the corners in order to make a multi diverse revenue collection structure. This time new rules are pointing that any revenue or earning exceeding INR 20 lakh annually threshold accounting from renting and commercial leasing purpose will be attracting the GST from now onwards.
After the rolling out of GST Regime in India, some of the industries benefited with the new regime whereas some are in trouble. The manufacturing sector is one of the most important sectors in the country, retailers and dealers are facing problems to purchase goods. Initially, they are focusing to clear their available or old stock.
SAG Infotech Blog is a source for all the latest GST notifications for the FY 2025-26 regarding Central, Integrated, Union Territory, Compensation cess and their respective applicable taxes. Following the latest GST notifications, following proper laws, rules, and rates is necessary for every trading and business unit. It will keep the tradition in a proper […]
While addressing speech in the launch event President Pranab Mukherjee said that, GST is a disruptive change, initially the country will have to face some teething troubles that will solve promptly, so that the economic growth of the country will not get affected.
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.
Few days before the launching of GST Regime the government on Wednesday disclosed that the taxpayers are required to submit only one return in a month similar to the taxpayers do earlier.
Finance Minister Arun Jaitley said on Tuesday, small business industries have been provided sufficient time to get ready for the new GST Regime from 1st July.
