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GST is payable on the 'transaction value' (section 15 of CGST Act). 'Transaction value' is the price actually paid or payable for the said supply of goods and/or services between un-related parties and where 'price is the sole consideration'. Typica ...
The Union Government has shortlisted 167 transformative ideas for implementation in the first 100 days of the Modi led government’s second tenure - that is by October 15. Finance Ministry will be taking measured steps for turning India into a $5 ...
The Government of Rajasthan presented its Budget for the financial year 2019-20. Calling it “a people’s budget,” chief minister Ashok Gehlot said it was prepared after discussion with “all the sections of the society” and claimed that the ...
Today, Finance Minister Nirmala Sitharaman presented the Union Budget 2019 in the Parliament. She announced no change in personal income tax slabs but levied cess on  petrol & diesel, levied additional surcharge on super rich. She also s ...
Recently, An Independent director of a large public sector company received a message from GST authorities that there was a mismatch in GST Return filed by the company. After that the director immediately contacted the company management, which in ...
To strengthen anti-profiteering measures in the country, the National Anti-profiteering Authority (NAA) has proposed a Standard Operating Procedure (SOP) for Central and State GST officers to keep an eye on top 20 suppliers in their jurisdictions, ...
Chaired by the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman, the GST council held its 35th meeting yesterday.
There were in total 12 agenda items up for discussion during the meeting.
The key decisions taken ar ...
There have been constant murmurs about the inclusion of Oil products under the GST regime. The speculations further escalated when Punjab’s Chief Minister, Captain Amarinder Singh wrote to the PM, urging him to bring Oil products under the ...
In the past, we have talked about the importance of the National Anti-Profiteering Authority (NAA) in safeguarding the end user’s interests. The government too is well aware of the role played by NAA in dealing with complaints of profite ...
The GST council, in its 31st meeting had decided to introduce a new GST return system to replace the existing one. However, in order to facilitate an easy changeover to the new system, roadmap for the transition plan has been released by the gover ...
If you are in Pune and are tempted to park your vehicle in the ‘No Parking’ zone, then think again, because soon, the fine for parking in the non-designated zones will get costlier by 18%, courtesy, GST.
Cases of parki ...
The Export Promotion Capital Goods (EPCG) Scheme allows exporters to import a certain amount of capital goods for upgrading technology related to exports at Zero duty.
However, some of the services that were allowed in t ...
The powers of the tax authorities to arrest evaders and defaulters help in establishing confidence among the tax payers and ensuring a smooth implementation of the law. THE CGST Act empowers the commissioner, for offenses specified, to order t ...
Elections are over and the incumbent government has come back to power with a thumping majority. The beauty of Indian democracy is in the fact that keeping political rivalry aside, leaders are willing to aim for the nation’s growt ...
Many times, political leaders make promises during the heat of electoral battle and then forget about them once the elections have been won.
However, the Modi Government 2.0, seems to be delivering on its promises from th ...
Discounts, which is a general business practice, have become a bit of distress for a few.
In our blog dated 22nd May, we discussed the unfair trade practise followed by some sellers when it comes to charging GST on the di ...
The current system of generating E-way bills for transporting goods valuing more than ₹ 50,000 has proved effective in implementing a real-time authentication mechanism for manufacturer and traders.
In a move to have more che ...
As already mentioned in our blog dated 23rd May, chances are that with the new Finance Minister taking charge this week,the GST council is expected to meet in June to discuss, among other things, the possibility of bringing Natural Gas & ...
India’s ruling party, the BJP, promised in its election manifesto to ease GST related processes if voted back to power.
Now, with the country trusting the government with a thumping majority, businesses are looking forward to the ...
With the incumbent government all set to come back to power, the industry is expecting stabilization and reformsin the current GST regime. Recently, there have been numerous reforms aimed at bringing clarity and uniformity in the ta ...
Everyone loves discounts, don’t we all? But do we bother with checking the small * mark saying ‘Conditions Apply’? We often don’t and hidden in these so-called conditions are sometimes the words “Taxes Extra”.
...
Come June this year, we can expect the GST council to consider a proposal on setting up a national bench of the Appellate Authority for Advance Ruling (AAAR).
Under the GST regime in the country, each state is required to set ...
There have been numerous cases where the goods were detained by the department for defects in E Way bills. One of such cases (C/SCA/7189/2019) was adjudicated by the Hon’ble Gujarat High Court and is summarized below:

Facts - The ...
In our Blog on 9th May, we discussed how the CBIC, through its FAQ clarified the option given to builders of under construction projects to opt for GST @ 5% or 1 % for affordable homes without ITC or 12% with ITC. This option was to be exe ...
The data available with the Society of Indian Automobile Manufacturers (Siam) have painted a grim picture for the automobile sector in the country. As Compared with April 2018 which recorded a sale of 2,380,294 units, April 2019 figures show a de ...
10th May 2019 will mark a significant event in the country’s housing and construction sector post introduction of the GST regime. Lauded as a welcome relief for buyers, the GST council had, in February earlier this year, reduced ...
It’s been almost two years since the GST regime was introduced and yet the Solar Power industry is in dark about the tax rate. The GST council, in it’s 31st Meeting held in December 2018 recommended that, in case of contracts of supply for solar p ...
Gone are the days when "Campus Placements" were a luxury to Engineers and MBAs. Looking at the future prospects,The Institute of Chartered Accountants of India (ICAI) laid the foundation and began its campus placement process in the ye ...
Someone said “See the world. It's more fantastic than any dream made or paid for in factories. Ask for no guarantees, ask for no security.”, but like really!! With the coming trends of vacation everyone in some or the other way indeed needs a leis ...