Latest posts on "gst"

Form TRAN – 2 can be filed by a dealer/trader who has registered for GST, but was unregistered under the old regime. Such a dealer who does not have a VAT or excise invoice for stocks held by them on 30th June 2017, can use TRAN -2 to claim tax credit on the stock with them.

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According to the proposed tax rates, 5 per cent GST will be levied on garments and apparel of up to ₹1,000, beyond which they will be taxed at 12 per cent. The same rates will also hold true for other readymade apparel such as salwar kurtas, dresses, skirts, tops and jeans.

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Forms Required for Transition of Input Tax Credit are Tran 1 and Tran 2. The Form TRAN-1 needs to be filed by every person having closing stock registered under GST, regardless of whether they were registered under the pre-GST regime or not. The criteria for filing here is the presence of closing stock held as on 1st July, and need to claim ITC on this stock.

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Provisions under Section 7 of the Central Goods and Services Tax (CGST) Act, 2017 relating to “Scope of Supply”, are as under

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Exemption Lists of services has been broadened by inserting services provided by Fair Price Shops to Government and services provided by and to FIFA for FIFA U-17 to the list. The Central Government vide Notification No. 21/2017-Central Tax (Rate) dated August 22, 2017 has made the following amendments in the list of services exempted via exemption Notification No. 12/2017-Central Tax (Rate) dated June 28, 2017.

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