Category: TAX

  Tax invoice shall be issued by a registered taxable person in respect of the supplies of goods or services or both to the recipient person . The recipient person may be a registered taxable person or unregistered taxable person . In case of goods the tax invoice shall be issued –       … Continue reading Tax Invoice In GST Regime

My article on "Concept of Cess in GST Regime" is published in the second fortnightly issue of March, 2017 of VAT LAW JOURNAL. The Cess in GST aims at generating a corpus of Rs. 50,000 crores for meeting the compensatory liability of the States and shall be applicable for five years from the date of … Continue reading Concept Of Cess In GST

  Finance Minister Sri Arun Jaitly tabled four GST Bills namely CGST Bill , IGST Bill , UTGST Bill and  Compensation Bill as Money Bills  on the floor of Lok Sabha on 29th March, 2017 and after discussion the Lok Sabha has passed all these bills to pave way for introduction of GST regime in … Continue reading LOK SABHA PASSES GST BILLS :

Filing of returns is going to be extremely important aspect of the GST regime . The furnishing of details of outward supplies and inward supplies to the paired registered taxable persons is an innovative step to minimize the undue litigation as also to ensure the proper declaration of supplies by the suppliers as well as … Continue reading My Article on Submission of Returns In GST Regime

Decks have been cleared by the GST Council on 16th March to introduce GST from Ist July, 2017 by clearing all the requisite bills relating to this innovative fiscal taxation system . The Council had earlier approved the CGST Bill , IGST Bill and Compensation Bill and now on 16th March it has approved SGST … Continue reading Introduction of GST Imminent From Ist July, 2017

GST Council in its meeting on Saturday i.e. 18th Feb. 2017 at Udaipur has sorted out all the issues relating to CGST Bill , SGST Bill and IGST Bill and the final drafts of these bills shall  be approved by the Council in its forthcoming meeting scheduled for 4th and 5th March . The Finance … Continue reading GST Council Sorts Out All Issues Relating To GST Bills :

  Registration of taxable persons is the core issue of any fiscal taxation system and as such the Goods And Services Tax regime is not going to be any exception to it . The Government of India has already uploaded the rules relating to "Registration of Taxable Persons " in the public domain and the … Continue reading My Article on Registration In GST Regime :

A four –tier tax structure of 5 , 12 , 18 and 28 percent with lower rates for essential items and highest rate for luxury and de-merits goods that will also attract cess , was decided by the GST Council  in its meeting on 3rd Nov. 2016 . With a view to keeping inflation under … Continue reading GST Regime To Have 4-tier Rate Of Tax

The Finance Minister Sri Arun Jaitly , after the First Meeting Of GST Council has announced today that In the GST regime the Threshold Limit shall be Rs. 20 Lakhs . It means that the persons with annual turnover of supplies of goods or services or both of less than Rs. 20 Lakhs shall be … Continue reading Threshold Limit In GST Regime To Be Rs. 20 Lakhs

In a major breakthrough, the Centre and states on Monday, 16th January, 2017 reached a consensus on sharing powers for control over tax payers under GST but the new indirect tax regime will now be rolled out from July 1 instead of previously planned April 1. The consensus was reached after the Centre agreed to … Continue reading GST To Be Introduced On 1st July, 2017