GST TRAN 2 now available on GST Portal

12%, 18% GST rates to be merged in future; 28% on luxury, sin goods: FM

Also, there will be a very thin list of items in the highest tax slab of 28% Finance Minister Arun Jaitley on Thursday hinted at merging 12 and 18 per cent tax rates under GST once revenue collections pick up and said the top 28 per cent slab would be for a "very thin" list of luxury and sin goods. The Goods and Services Tax (GST), rolled out on July 1, currently has four tax slabs of 5, 12 18 and 28 per cent. There is also a zero per cent tax on certain essential daily use commodities. Speaking at the HT Leadership Summit, Jaitley said the new indirect tax regime started with multiple rates in order to keep the tax incidence around the same level that existed pre-GST. Stating that the country would eventually move to a two-tier GST, he said that how fast it could be done would depend on the revenue position of the government. "We have thinned down the 28 per cent bracket, we can thin down more and it can be at some stage c...

How many Returns are required to be filed under GST?

A business in most cases will be required to furnish 3 returns monthly and 1 annual return. That means any business will require to file 37 returns in a financial year. However there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct or collect the tax (TDS/TCS)

Input tax credit subject to such conditions and restrictions

A registered person shall not be entitled to take credit of input tax charged on any supply of goods or services or both notwithstanding anything contained in subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49. Explanation - For the purpose of this section,- Every person who has paid the tax on goods or services or both under this Act shall, unless the contrary is proved by him, be deemed to have passed on the full incidence of such tax to the recipient of such goods or services or both. Provided further that where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of 180 days from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along...

GST India

Search This Blog