All the economies in the world tries to maximize their foreign exchange earnings. For this purpose they tax only those goods and services which are provided in their taxable territory. And export of goods and services is not only kept exempt from tax, rather various export incentive schemes are launched to earn more and more foreign exchange. Export of goods
Fresh Nuts like Almond, Walnut, Hazelnut etc. are exempt from GST Levy, while dried nuts attract GST @ 5% or 12%. Clarifications were sought regarding the distinction between fresh & dried dry-fruits. The issue was discussed in 45th GST Council Meeting held on 17th September 2017 and its recommendations are circulated by CBIC Ciruclar No. 163 / 19 /2021 -GST.
Ministry of Finance Recommendations of GST council related to law &procedure Posted On: 20 SEP 2019 10:08PM by PIB Delhi The 37thGST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides
Ministry of Finance GST Rate on Services as Recommended by The GST Council in Its 37th Meeting Posted On: 20 SEP 2019 10:04PM by PIB Delhi The 37thGST Council met in Goa today under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman . The meeting was also attended by Union Minister of State for Finance & Corporate
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
Impact of Stock Transfer to Branches: Under Central Excise, a registered manufacturer making a stock transfer of excisable goods, should pay excise duty on 100% plus 10 % of cost of production, and under VAT, on furnishing Form F, stock transfers are not taxable. Under GST, ‘Supply’ includes transfers. The taxability of certain specific supplies without consideration and the
That barter or exchange is also liable to GST being covered under definition of Supply if in course or furtherance of business. Eg, Say IPL has travel partner sponsored from Jet airways for its Admin or other staff. IPL get free tickets and Jet airways gets a branding/ promotion. Today these kind of transactions are not liable to service tax
Under GST, Works Contract are deemed to be supply of Services thus, there will be no need to bifurcate the value of goods and services when the transaction has item rate as service and supply and tax would be levied on entire value at full rate. suppose someone has got Rs. 100 cr contract for Civil works from