Education, healthcare and pilgrimages will continue to be out of service tax net even under the GST regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services. Besides making a strong case to the GST Council for not touching services that are out of … Continue reading “Education, healthcare to be out of GST”

The council finalized five sets of rules relating to registration, refunds, returns, payment and invoice debit and credit.

Government has extended the deadline to migrate existing registration to 30th April 2017 for all existing registrations to be migrated across state and centre.

29 March 2017 must be recorded as one of the most significant days in the history of federalism in India.

With the Lok Sabha passing four bills related to goods and services tax (GST) on 29 March, the stage is set for the rollout of GST.

Allaying apprehension of spike in prices of goods and commodities after the roll out of the GST. FM says tax rates will be kept at the current levels so as not to have any inflationary impact.

GST would be payable if there is a supply of free goods or services to an employee exceeding the stipulated sum, if an employee avails of a company asset for personal use

GST provides that any lease or letting out of the building, including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.

The four Bills that would operationalise the rolling out of the Goods and Services Tax (GST) were tabled in the Lok Sabha on Monday amid opposition protests that the Bills were not listed in the day’s agenda before hand.

NDA government is poised to introduce the last batch of GST legislations this week in Lok Sabha, probably as early as Monday.

The Central Board of Excise and Customs (CBEC) will be reorganised for the implementation of the Goods and Services Tax (GST) regime and will be renamed the Central Board of Indirect Taxes and Customs (CBIC).

Ten working groups have been set up to address issues related to banking, financial services and insurance sector, telecommunication, MSME and government services.

Petroleum products would, however, continue to be taxed as per the current taxation regime until the GST Council agrees on applying GST to these products. However, GST will apply on petroleum only after all the states, through the GST Council, is agreed on it and till then states will continue to tax petroleum products.

Farmers’ body FAIFA asked Finance Minister Arun Jaitley to protect interests of Indian tobacco farmers while formulating GST laws.

Some of the service contracts are set to be renegotiated under the goods and services tax (GST) framework.