GST Council revises tax rates on fertilisers, exclusive tractor parts,With the new implemented GST , fertilizers, which are earlier exempt from tax,attracted a tax rate of 12% which is now reduced to 5%.Union Minister for Chemicals and Fertilizers and Parliamentary Affairs Ananthkumar said that the decision to cut GST rates on fertilisers was primarily taken in the interests of the farmers.
Due to lower burden of taxes on the manufacturing sector, the manufacturing costs will be reduced, hence prices of consumer goods likely to come down.
This will help in lowering the burden on the common man. They will have to shed less money to buy the same products which were earlier costly.
Under GST, point of tax levy is ‘supply’.GST is an important tool which stop the black marketing. After the GST both sales and purchases transaction detail stored in the Government records
If a person has registered for GST and later finds any mistake or error in GST registration , it doesn’t mean he has to cancel his entire registration and apply for a fresh one. Not at all! He can rectify any mistake or change any of the details given in the application for registration either at the time of registration or even afterwards.
(1) Where there is any change in any of the particulars furnished in the application for registration in either at the time of obtaining registration or UIN or as amended from time to time, the registered person shall, within fifteen days of such change, submit an application, duly signed or verified through EVC, electronically in FORM GST REG-14, along with documents relating to such change at the Common Portal either directly or through a Facilitation Centre notified by the Commissioner.
The government on 04/06/2017 finalized the Transition Provisions for transfer of existing cenvat credit and for fresh claim of eligible cenvat credits under CGST and SGST act 2017. There are a lot of questions in the minds of dealers as well as practitioners as to how the credits for existing stock will be available, in order to make it clear let us discuss the rules under transitional provisions in detail