News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
Govt starts notifying provisions of GST acts, amends rules
PrintWith two days left for roll out of GST, the Finance Ministry has started notifying various provisions of law relating to interest calculation, input tax credit and valuation.
Provisions in the Central GST Act (CGST), Integrated GST (IGST) Act and Union Territory GST Act and rules under them are being notified.
These include those relating to tax invoice, credit and debit notes, accounts and records, returns, payment of tax, refund, assessment and audit, advance ruling.
Also appeals and revisions, transitional provisions, anti-Profiteering and e-way rules have been notified which shall come into effect from July 1.
As per the notification, interest at 18 per cent is to be paid for delayed payment of tax, 24 per cent in case of excess claim of input credit or undue/excess reduction in output liability. Besides, interest at the rate of 6 per cent would accrue in case refund is withheld.
With regard to IGST, provision prescribing refund of 50 per cent of IGST on supplies to defence run CSD canteen has been notified. Also notified is those provisions relating to supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed.
The Ministry has also notified the composition levy and has barred manufacturers of ice cream, pan masala and tobacco from paying tax under the scheme.
Under the composition scheme where the sales of businesses does not exceed Rs 75 lakh, manufacturers will have to pay 1 per cent of turnover as GST, traders 2.5 per cent and 0.5 per cent of turnover in state in case of other suppliers.
Besides, the Ministry has also notified 12 amendments to the CGST Rules.
Among other things, the amendments provide for cancellation of registration of a business for violation of anti-profiteering rules.
The Goods and Services Tax (GST) will be rolled out from July 1 and in the run up to the new indirect tax regime various provisions are being notified by the finance ministry. #casansaar (Source - PTI)
Provisions in the Central GST Act (CGST), Integrated GST (IGST) Act and Union Territory GST Act and rules under them are being notified.
These include those relating to tax invoice, credit and debit notes, accounts and records, returns, payment of tax, refund, assessment and audit, advance ruling.
Also appeals and revisions, transitional provisions, anti-Profiteering and e-way rules have been notified which shall come into effect from July 1.
As per the notification, interest at 18 per cent is to be paid for delayed payment of tax, 24 per cent in case of excess claim of input credit or undue/excess reduction in output liability. Besides, interest at the rate of 6 per cent would accrue in case refund is withheld.
With regard to IGST, provision prescribing refund of 50 per cent of IGST on supplies to defence run CSD canteen has been notified. Also notified is those provisions relating to supplies of goods in respect of which no refund of unutilised input tax credit shall be allowed.
The Ministry has also notified the composition levy and has barred manufacturers of ice cream, pan masala and tobacco from paying tax under the scheme.
Under the composition scheme where the sales of businesses does not exceed Rs 75 lakh, manufacturers will have to pay 1 per cent of turnover as GST, traders 2.5 per cent and 0.5 per cent of turnover in state in case of other suppliers.
Besides, the Ministry has also notified 12 amendments to the CGST Rules.
Among other things, the amendments provide for cancellation of registration of a business for violation of anti-profiteering rules.
The Goods and Services Tax (GST) will be rolled out from July 1 and in the run up to the new indirect tax regime various provisions are being notified by the finance ministry. #casansaar (Source - PTI)
Category : GST | Comments : 0 | Hits : 705
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