On the recommendation of GST Council, the government, exercising its power under Section 148 of the Central Goods And Service Tax Act, 2017, changed the entire taxation system of GST for Real Estate Developers. An attempt is made to understand and explain the newly inserted provisions which can be read by clicking the given link DECODING IMPACT OF NEW GST PROVISIONS
The Authority for Advance Rulings for Uttarakhand after considering Notification No. 08/2017- IGST (Ratee) and Notification No. 10/2017-Integrated Tax (Rate) ruled that even if the importer has paid IGST on CIF Value of Imported goods, he is still required to pay IGST on Ocean Freight. In Notification No. 08/2017 applicable IGST rate on services have been Notified and at Sr.
One of the Cardinal Principles of Trade is that you do not Export Taxes. Therefore, all the Economies generally levy no Tax on Export of Goods and Services and rather extend some incentive to compensate for the taxes suffered by inputs and input services. Special Economic Zones are considered as Territories beyond Customs Frontiers and therefore supplies to units located
APPLICABILITY OF GST ON PACKAGED GROCERY ITEMS With the introduction of GST, a tax of 5% was imposed on majority of Grocery Products like Wheat Flour, Gram Flour, Rice and Pulses etc., when sold in packaged form under a registered brand name. Therefore, a number of persons owning well established brands surrendered registration in respect of such brand names. But,
Sale of Used Cars – GST Implication. One thing about GST is certain and that is confusion. One of such confusions is about GST implications on sale of Old and used Cars. Business houses purchase Motor Cars for use of its staff on payment of GST at appropriate rate. Input Tax Credit of GST paid on Motor Cars is not