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| GST Rates of Services: Sector Wise |
On Day 2 (May 19, 2017), GST Council has notified rates of certain services and the whole list is awaited. Education, Health and Hotels (less than Rs 1000) has been exempted, whereas transportation (Railway or Airway except Business Class Tickets) and Restaurants below 50 lac turnover have been kept in 5% slab. |
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| Author : BSALAW Taxation Team |
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| Date : May 19, 2017 |
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| COMPARATIVE STUDY OF GST RATES FOR 20 GOODS |
On Day 1 (May 18th, 2017), GST Council cleared all 9 rules and notified GST rates for 'Goods' and Compensation Cess on specified Goods. 19% of the goods have been placed under 28% tax slab, 43% items under 18% slab, 14% items under 5% slab, while 17% items shall fall under 12% tax slab. It can be seen that the Govt. has tried to lower the tax on the consumer goods thereby reducing the tax burden on the ultimate customers.
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| Author : BSA Taxation Team |
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| Date : May 19, 2017 |
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| Is Unregistered Dealer Entitled To Carry Forward Credit Under GST Regime? |
Section 140 of GST Act, 2017 lays down the provision, as to how the amount of CENVAT Credit in respect of duty paid on inputs or service tax paid on input service is to be carried forward at the time of switching over from existing system to the GST regime. |
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| Author : Ashok Bhasin, Partner |
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| Date : April 25, 2017 |
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| GST Bills introduced in Lok Sabha : Key 20 Highlights |
Central Goods and Services Tax Act, 2017 (CGST Act) extends to the whole of India except the State of Jammu and Kashmir. The Compensation shall be extended to all States, including J&K. “Securities†excluded from the definition of ‘services’ as well as ‘goods’. |
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| Author : Sushanth Reddy, Associate |
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| Date : March 28, 2017 |
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| Highlights of Revised Model GST / IGST Law and GST Compensation Bill |
On November 26, 2016, Central Govt. released revised GST Model Law, IGST Model Law and introduced GST Compensation Bill. We have compiled the key changes in the revised model GST Law and IGST law and key takeaways from the GST Compensation Bill. |
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| Author : BSA Taxation Team |
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| Date : November 29, 2016 |
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