IMPACT OF GST ON AUTOMOBILE DEALERS This sector basically comprises of Manufacturers, Automobile Dealers & Retailers. Presently, all of them are paying various indirect taxes such as:
Reversal of credit on exempted services before 30th June Mechanism of availing Cenvat credit in case of manufacturers or service providers having both taxable and non-taxable activities has been subject to litigation. Lot of developments have happened in Rule 6 of Cenvat credit Rules 2004 in specifying the mechanism for availing the credits.
Anti-Profiteering clause in GST law GST bills have been passed by Lok Sabha as well as Rajya Sabha. It is very likely that the law would get implemented from 1st July 2017 unless there is strong resistance from trade and others on account of time required for preparation. Mainly due to changes required in information […]
TYPES OF ‘SUPPLY’ UNDER ‘GST’ REGIME Section 66B of the Finance Act, 1994 provides that there shall be levied a tax at the rate of fourteen per cent. on the value of all services, other than those services specified in the negative list, provided or agreed to be provided in the taxable territory by one […]
RATE OF GOODS AND SERVICES TAX The provisions of service tax provide a uniform rate of tax to be levied from the service recipients except in cases of abatement. The provisions of excise law and VAT provide for various rate of tax according to the classification made by the respective Government.
70% of all goods and some consumer durables to become cheaper under proposed GST regime A number of goods such as cosmetics, shaving creams, shampoo, toothpaste,soap, plastics, paints and some consumer durables could become cheaper under the proposed goods and services tax (GST) regime as most items are likely to be subject to the rate […]