Transition provisions are incorporated under GST to enable existing taxpayers to migrate to GST in a transparent and exact manner.
One of the major concerns for businesses is the availability and eligibility for claiming input tax credit when the current indirect tax regime changes to GST.
To guard these transactions and events, the GST Law Model has certain transition provisions w.r.t. the closing balance of input tax credit with existing taxpayers under the existing indirect tax regime.
GST Council in its last meeting on August 5 approved a list of 153 items that have been exempted from the requirement of obtaining e- way bills.
Ever since the Goods and Services Tax (GST) was implemented on July 1 across the country, it has affected the customers directly. The new tax regime is considered as one of the biggest economic reforms since India’s Independence but its complex nature has left many people and traders confused. Just like other goods, the GST also had an impact on your restaurant bills making dining at luxurious places slightly expensive.
A uniform GST rate of 18% will be charged on takeaways as well as food served from a non-AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government.
The second part of Economic Survey, which was tabled in Parliament on 12th August 2017, has observed a rekindled optimism on structural reforms in the Indian economy. Drafted by Chief Economic Advisor Arvind Subramanian, the survey says optimism about the medium-term prospects for the Indian economy has been engendered by a number of structural reform actions and developments.
As the Goods and Services Tax (GST) crossed the Rubicon on July 1, 2017, businesses across the nation, including developers, are clamouring for clarity on how to conduct their business. Under the new law, every business carrying out a taxable supply of goods or services and whose turnover exceeds the threshold limit of Rs 20 lakh, has to be compulsorily registered under GST.