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GST notification is a source for all the latest updates and notifications regarding Central, Integrated, Union Territory and their respective taxes applicable. The following latest notifications with accordance with proper laws, rules, and rates is a must for every trading and business unit and will keep the tradition in a proper managerial way. Goods and […]
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.
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).
