Latest posts on "gst"

Selling old jewellery or bullion will attract a 3 percent goods and services tax (GST) on the value realised, revenue secretary Hasmukh Adhia said on 13th July 2017. But, if the jewellery is sold and new one bought through the proceeds, the 3 percent tax paid will be deducted from the GST payable on buying new jewellery.

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The GST Council relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the July 1 launch date. July 2017 and August 2017. During the said period, tax would be payable based on a simple return (Form GSTR-3B) to be submitted before 20th of the succeeding month containing summary of outward and inward supplies which will be submitted before 20th of the succeeding month. However, the invoice-wise details in regular GSTR-1 can be filed later.

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The free food supplied by religious institutions does not attract any Goods and Services Tax but the inputs required to make it, including sugar, vegetable oil and ghee are subject to GST. In a notification issued on 11th July 2017, the Ministry said 'prasadam' supplied by religious places like temples, mosques, churches and gurudwaras will not be subject to any Central, State or Integrated GST, as the case may be.

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As per the GST , If the registered person buy any product or service from an unregistered person, then the registered person has to pay tax.There is also a small exemption granted, to the tune of Rs 5,000 per day, for total consolidated purchases made during a particular day, of goods and services, from one or all unregistered vendors in the day. Purchasing from an unregistered person will have negative impact on cost of supplies.

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The levy of GST will improve the ability of corporates to spend on advertising, according to a recent report by Kotak Mutual Fund. The report said GST could reduce the cost of advertisement and lead to an increase in spending by firms intent on promoting their products. Companies that gain from the lower cost could plough back the money in advertising, thereby increasing their ad spend by about 10 per cent.

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