In terms of Sr. No. 1 of paragraph 1 of Notification No. 13/2017- Central Tax (Rate) dated 28.06.2017, Central Government had earlier notified the applicability of reverse charge on GTA by providing that Supply of Services by a goods transport agency (GTA) in respect of transportation of goods by ro..
GST Council had earlier decided to defer the filing of return in FORM GSTR-3 and had recommended the filing of return in FORM GSTR-3B. Accordingly, the Central Government vide notification No. 21/2017-Central Tax dated 08.08.2017 had notified the last date for filing of return in FORM GSTR-3B for th..
Transportation of goods by road are done by transporter or courier agency. Here, we are discussing transporter. Transporter can be of two types:
a. Goods Transport Agency (GTA) - like VRL Logistic or TCI XPS
b. Transport (i.e. Vehicle) Owners
The real difference between GTA and Transp..
Prior to introduction of GST, Reverse Charge Mechanism was common for Service Sector as several of the services were in Reverse Charge. Thus Service Sector is well comfortable with the Reverse Charge provisions. However the goods sector is in dilemma as with GST set to be roll-out from the mid-night..
There will be a change in Valuation Mechanism relating to valuation of unquoted equity shares for the purposes of section 56 and section 50CA of the Income-tax Act, 1961 as per Draft rules issued by CBDT.
Earlier if Jewellery, artistic work, shares, securities, and immovable property are held as ..
Currently, a person may have different registrations under different indirect tax statutes like Excise Duty, Service Tax and State VAT/Sales Tax. Provisions relating to registration, returns, credits, payment, refund, invoicing, assessments etc. vary under all these different statutes. Further in ca..
The Honorable President of India has already given his assent to four supporting legislations on GST i.e. CGST, IGST, UTGST and Compensation Cess after getting it passed by both the houses of parliament paving the way of rollout of GST from 1st July 2017.
The GST Council on its 13th Meeting held ..
Several significant milestones towards the smooth role out of GST have already been achieved by the government. Four Major bills relating to GST have already been passed by Lok Sabha. All major rules for implementation of GST have also been issued in public domain.
In order to give a big relief t..
Government is not leaving any stone unturned to get the GST implemented from 1st July, 2017. Now with the Introduction of GST Bill in Parliament, it now appears certain that India will be headed for a GST rollout from 1ST July, 2017.
Government earlier on June put in public domain the Model GST L..
With the Introduction of Negative List Regime in the year 2012, all services becomes taxable except the services which are covered in Negative List or which are exempted by government through issue of any exemption notification.
Earlier to Finance Act, 2016, Following services of Educational Inst..