After the implementation of the goods and services tax (GST) from July 1, many services can be expensive. Just a few days before the GST was implemented, hotels, credit card companies, banks and insurance companies have started to alert the customers.

The e-way bill’s provision under GST, will promote the extra paperwork and processes so it is contrary to the spirit of the tax reform.

The Ministry of Electronics & Information Technology has launched a dedicated webpage for facilitating taxpayers with regard to addressing issues related to IT services.

Any business entity that fails to pass on benefits of lower taxes under (GST) to consumers faces penalties under the new antiprofiteering rules.

The government today went live with GST Council’s website which contains all the fine details about the new tax regime.

The Government has endangered to cancel the registration of entities that do not pass on gains from GST to consumers. The cancellation of registration is in addition to the Power to levy penalty that was suggested under the Law. The Government has repeatedly threatened to invoke Anti-Profiteering provisions to ensure that gains of GST by … Continue reading “GST: Firms Face Ban for Not Sending Out GST Benefits to Consumers.”

The traders who do not give customers less tax benefits under the Goods and Services Tax (GST) will have to face penalties and their licenses can be canceled. Under the new anti-profit rules issued on Tuesday, the five-member National Anti-Profit Authority has been empowered to compel the reduced price of low tax.

CBEC specifies the persons exempted from obtaining registration under GST.

CBEC vide notification no. 1/2017 -Central Tax dated 19th June 2017 notifies certain sections to be effected w.e.f. 22nd day of June, 2017

Since still a substantial percent of taxpayers still remaining to be migrated under GST, the government has decided to reopen the GST migration.

Millions of traders migrating to GST from current tax regime like excise and VAT are currently undergoing both adventure and stress. The biggest concern is the old goods lying in the store and warehouse, on which the input tax of the taxes paid is to be taken in the new tax regime.

The largest Indirect Tax Reform in the country will be applicable from July 1st. The GST Council, the top unit for Goods and Services Tax, stamped the deadline already fixed.

If you are paying the installer for installments for your flat then you may have to pay 12% GST after July 1. Right now you pay 4.5% service tax, but after GST it will be 12 percent. In the same way if you buy a house in a project after July 1, which has been completed or is close to it, you still have to pay 12 percent GST.

Many retail companies have made huge cuts in the price for the stock. Goods and Services Tax (GST) will be implemented in a few weeks. Because of this, retail companies have started this year off and season sales a month ago. Sportswear brand Puma is offering 10% extra discount on its stores with 40% flat discounts.

Since the introduction of Goods and Services Tax from next month, the price of essential medicines may increase up to 2.29 percent. The government has fixed a 12 percent GST rate at the cost of most essential medicines. The current rate of tax on these drugs is about 9%.