GST Council meetings in September and the possible GST reforms: Prime Minister Narendra Modi on Monday chaired a high-level meeting, which included top Union ministers, secretaries and economists, to deliberate on the roadmap for next-generation reforms, one of the key announcements he had made in his August 15 address Goverment moves ahead with the two-slab …
Main Highlights from the 53rd Goods and Services Tax Council Meeting Changes in Goods and Services Tax Rates of Goods: Aircraft Parts and Tools: 5% IGST on imports of parts, components, testing equipment, tools, and toolkits for aircraft. Solar Cookers: 12% GST on all solar cookers. RAMA Programme Imports: IGST exemption on research equipment/buoys under …
Pre-packaged goods & labelled edible goods liable for the GST @ 5 percentage w.e.f. 18/07/2022 The edible goods taxable to pay GST @ 12 percentage or 5 percentage in case these goods are pre-packaged & labelled means that all the goods are placed in package, whether theses are sealed or not, However its must carrying …
Corporate and Professional Updates on 7th May 2019 Direct Tax Updates: The finance ministry on Monday said there was growth of 19 per cent in income-tax returns (ITRs) electronically filed for the assessment year 2018-19 (AY19), compared to those in 2017-18 (AY18).The ministry said a total of 66.8 million returns were e-filed in FY19, which included …
Corporate and Professional Updates on 15th Jan. 2019 Indirect Updates: The GST council Has Announced allowing the composition schemes to file one annual return with a simple explanation, while earlier they have to file the return quarterly is a relief for many small and medium-sized enterprises. The payment of taxes still needs to be …
GST ROLL-OUT – COMPLETE TRANSFORMATION OF THE INDIRECT TAXATION LANDSCAPE: Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be …