News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
GST to be levied at first point of transaction: law
PrintSale of goods and services and all online purchases will attract Goods and Services Tax (GST) at the first point of transaction with the likely rollout of uniform GST regime from April 2017.
The model GST law, approved by the state finance ministers on Tuesday, pegged threshold annual turnover for levy of the tax at INR 10 lakh. The limit will be INR 5 lakh in North East and Sikkim.
The model GST law, which has 162 clauses and four schedules, has also suggested a jail terms of up to five years and fine for violation of the provisions of the statute.
The law also provides for setting up of an Authority for Advance Ruling, Consumer Welfare Fund, a 'Composition Levy' for entities with turnover of INR 50 lakh and self assessment by a tax payer.
The GST, which will subsume excise, service tax and local levies, will be imposed at the first point of transaction in case of supply of goods, services or online sale.
This clears the air on applicability of GST in e-commerce in cases where goods are sold in one state but delivered in another state.
The e-commerce companies will be required to file a statement to the tax department providing details of all supplies made through the online platform.
Revenue Secretary Hasmukh Adhia said the Empowered Committee of State Finance Ministers at their meeting on Tuesday in Kolkata approved the model GST law.
"We request all stakeholders to give their suggestions/ comments to secretariat of Empowered Committee of FMs and or to finance ministry," Adhia tweeted.
The government is hoping to get the Constitution Amendment Bill passed by Parliament in the upcoming monsoon session. It plans to roll out GST from April 1, 2017 that will subsume excise, service tax and all local levies.
Virtually all states have supported the idea of GST except Tamil Nadu which has "some reservations", Finance Minister Arun Jaitley said after the meeting of Empowered Committee on the long awaited indirect tax reform. #casansaar (PTI)
The model GST law, approved by the state finance ministers on Tuesday, pegged threshold annual turnover for levy of the tax at INR 10 lakh. The limit will be INR 5 lakh in North East and Sikkim.
The model GST law, which has 162 clauses and four schedules, has also suggested a jail terms of up to five years and fine for violation of the provisions of the statute.
The law also provides for setting up of an Authority for Advance Ruling, Consumer Welfare Fund, a 'Composition Levy' for entities with turnover of INR 50 lakh and self assessment by a tax payer.
The GST, which will subsume excise, service tax and local levies, will be imposed at the first point of transaction in case of supply of goods, services or online sale.
This clears the air on applicability of GST in e-commerce in cases where goods are sold in one state but delivered in another state.
The e-commerce companies will be required to file a statement to the tax department providing details of all supplies made through the online platform.
Revenue Secretary Hasmukh Adhia said the Empowered Committee of State Finance Ministers at their meeting on Tuesday in Kolkata approved the model GST law.
"We request all stakeholders to give their suggestions/ comments to secretariat of Empowered Committee of FMs and or to finance ministry," Adhia tweeted.
The government is hoping to get the Constitution Amendment Bill passed by Parliament in the upcoming monsoon session. It plans to roll out GST from April 1, 2017 that will subsume excise, service tax and all local levies.
Virtually all states have supported the idea of GST except Tamil Nadu which has "some reservations", Finance Minister Arun Jaitley said after the meeting of Empowered Committee on the long awaited indirect tax reform. #casansaar (PTI)
Category : GST | Comments : 0 | Hits : 533
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Comments