The Central Government, based on the GST Council's recommendations, has empowered the Principal Bench of the Appellate Tribunal (under Section 109 of the GST Act) to assess whether input tax credits or tax rate reductions have resulted in a corresponding decrease in the prices of goods and serv...
At its 53rd meeting, the Goods and Services Tax (GST) Council proposed inserting a new section to the Central Goods and Services Tax (CGST) Act that would give the Government the power to potentially withdraw retrospective show cause notices in a move that could benefit multiple real money ...
The GST Council, during its discussions, acknowledged the ongoing ambiguity between ‘games of skill’ and ‘games of chance’. They noted that without clear legislative provisions, the classification of these games often relies on court judgments. Initially, the Council discussed that Indian jurisdic...
GST: Goods and Services Tax Council – Journey so far October 28, 2018 by admin Leave a Comment Ministry of Finance Goods and Services Tax Council - Journey so far; GST Council met 30 times, took 918 decisions since its Constitution; 96% of decisions already been implemented through 294 ...
Answer:GST council is a constitutional body devised to figure out the decisions with regard to Goods and Services Tax. GST council will consist of the representatives of both Centre and State. Finance Minister will head the council. GST council will recommend about the tax sla...
Any change in the constitution of business results in GST number cancellation. Any registered taxable person who is no longer entitled for GST registration can go for GST cancellation. It excludes persons or individuals registered voluntarily under section 25(3) of the CGST act. ...
The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified of the recommendations of the GST Council. Is GST mandatory? In the GST Regime, businesses whose turnover exceeds Rs. Forty lakhs (Rs 10 lakhs for NE and hill states...
What is the GST Council? The GST Council is a constitutional body established under Article 279A of the amended Constitution of India. It is a joint forum consisting of the Union Finance Minister (as Chairperson), the Union Minister of State for Finance, and representatives from each state and...
goods and services. This was the prime basis on which all the indirect taxes were subsumed under one tax i.e. GST. However, in keeping with the federal nature of India, the government and the GST council decided to adopt the Dual GST model, which has been successfully implemented in ...
What is GST Council and GST council meeting What is Fundamental GST Objective Functions of GSTN under mode of payment of GST Means Meaning of Full compliance under GST Quarterly return by the composition supplier under GST Submission of monthly return under GST ...