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.

The Finance Act, 2017 inserted Section 92CE in the Income-tax Act, 1961 with effect from 1st April, 2018 to provide for secondary adjustment

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

Government is now proceeding towards a new change in direct tax which will enable a jurisdiction-free income tax assessment system.

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%.

The council revised rates on 66 items such as pickles, sauces, fruit preserves, insulin, cashew nuts, insulin, school bags, colouring books etc.

Under the Goods and Services Tax (GST), traders, manufacturers and restaurants or Dhabas, who are doing business up to Rs 75 lakh per annum, can avoid flat GSTs by making flat GST of 1 to 5 percent and offering long-range returns and books. In the 16th meeting of the GST Council on Sunday, the scope of composition scheme has been increased from 50 lakh to 75 lakh rupees for such businessmen.

The indirect tax structure on cement has always been a subject matter of discussion amongst industry members, Government officials and tax experts.

GST Council had last month fitted over 1,200 goods and 500 services in the tax brackets of 5, 12, 18 and 28%.