Search Result for : Central Goods And Services Tax Cgst

The Dollar Business Bureau The Government has issued a direction that the Central GST (CGST) rate on supply of certain goods, such as chena or paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals and pulses, that are not packed in containers and do not bear a registered brand name, will not be levied any CGST. Only those goods, that are packed in containers and bearing a registered brand name would attract 2.5% CGST rate.  But traders and the business community have raised several doubts  with regard to the meaning of registered brand name. In this context, the Notification No. 1/2017-Central Tax (Rate), dated 28th June, 2017 [which notifies the CGST rates of intra-state supply of goods] ...

Ranjeet Mahtani and Stella Joseph This week witnessed significant progress towards GST, with the GST Bills receiving Presidential assent and becoming enactments viz. the Central Goods and Services Tax Act, 2017 (“CGST Act”), the Integrated Goods and Services Tax Act, 2017 (ÏGST Act”), the Union Territory Goods and Services Tax Act, 2017 (ÜTGST Act”) and the Goods and Services Tax (Compensation to States) Act, 2017 (“the Compensation Act”). The provisions under these enactments shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. This is a crucial milestone in the journey towards GST, as now, there is certainty with regards to the exact shape and contour of the GST legislations, as and ...

 The Dollar Business Bureau The Union Government is leaving no stone unturned to make the Budget 2015 an absolute delight for the industry. Close to the expectations on the reversal of the inverted duty structure and implementation of the Goods and Services Tax (GST), the Finance Ministry is likely to fix a monetary threshold for furnishing of the Tax Residency Certificate (TRC) for ease of doing business in India. The TRC is usually furnished by small time overseas entities for availing tax benefits under bilateral treaties. Though all companies that pump in foreign direct investment (FDI) furnish TRC, according to tax authorities, the larger companies do not face much problem because they have adequate administrative machinery to deal with the ...

Compensation for States for loss of revenue due to GST for five years; narrow tax band allowed over GST for both States and the central government for fiscal autonomy The Dollar Business Bureau The World Bank estimates that the delay in movement of goods in India could be cut by around 25% with the implementation of GST   In a much needed boost to reforms, Indias Finance Minister Arun Jaitley introduced the Amendment Bill on Goods and Service Tax (GST) in the Parliaments Lok Sabha yesterday. If everything goes well, GST will replace several taxes in the transit of goods within India from April 2016. Jaitley introduced the Bill after it received the Cabinets approval last week following unrest among industry leaders that nothing ...