Snehal khanna Blog

Experts help clear doubts around the impact of the new indirect tax regime on businesses LATEST NEWS : I am a service provider having offices in multiple states. Under the service tax regime, I had a centralised billing system. Under the GST regime , should I change my billing system and start raising invoices from the local branch? Jivi Jebaraj, Chennai In the GST regime, service providers are required to obtain registration in each state where they have a place of business. The concept of centralised registration is now redundant. If the services are entirely supplied from the branch, or the branch plays a significant role in supplying the services, then such a branch shall be required to raise invoices and charge applicable GST. It is critical to identify the “establishment” rendering the service and the “establishment” receiving the service to complete the input tax credit chain. How do I ensure that I pass on the benefit to consumers in accordance with the ant...

Govt has given 3 months time to reprint revised MRPs under the Packaged Commodities: Paswan tweeted Latest news : The government on Tuesday warned that legal action will be initiated against manufacturers for not printing the revised MRP post rollout of the GST. Food and Consumer Affairs Minister Ram Vilas Paswan said the government has given three months time till September to reprint the revised maximum retail price (MRP) with the implementation of the landmark Goods and Services Tax (GST) . In a series of tweets, Paswan said that prices of some commodities have fallen, while some have increased with the implementation of GST. "Fall in prices due to lower GST should be passed on to consumers. ...The government will take legal action against vendors not declaring revised MRP after GST," he said. The revised rates should be displayed on commodities so that consumers are aware what is the MRP of each item after GST, he added. "The government has given...

Renault has reduced prices of vehicles ranging between Rs 5,200 & Rs 1.04 lakh by 7% in India Latest news     : French car major Renault on Wednesday announced a reduction in the price of its vehicles by up to 7 per cent in India, ranging between Rs 5,200 and Rs 1.04 lakh, to pass the GST benefit to its customers. The company has cut price of its hatchback Kwid Climber AMT between Rs 5,200 to Rs 29,500, SUV Duster RXZ AWD between Rs 30,400 to Rs 1,04,700 and that of Lodgy Stepway RXZ between Rs 25,700 to 88,600. "Reflecting our customer-first approach, we have decided to pass on GST benefits to our customers, further enhancing the value proposition of our products," Renault India Operations Country CEO and Managing Director Sumit Sawhney said in a statement. The roll out of the GST is one of the biggest achievements of the government, facilitating one nation, one tax system, aimed at fostering a congenial business environment, he added. ...

Bidi to be taxed at 28% without cess; all states on board for rollout of the tax regime from July 1 Latest news  : The Goods and Services Tax (GST) Council on Saturday cleared the pending rules for the rollout of the new indirect tax regime from July 1. The include transition provisions and returns. All states have agreed to the July 1 rollout timeline. "Transition rules have been cleared and everybody has agreed for July 1 roll out," Kerala Finance Minister Thomas Isaac told said. Finance Minister Arun Jaitley chaired the 15th meeting of the GST Council , where the rates of tax and cess on gold, biscuits, footwear and textiles were decided. Finance Minister Arun Jaitley explained the math of GST rate. Here are the highlights: * Packaged food items sold under registered trademarks to be taxed at 5 per cent. * GST on Agri machinery fixed at 5 per cent * GST on apparel below Rs 1,000 fixed at 5 per cent: Arun Jaitley * A nominal rate of 0.25 im...