INTRODUCTION The Goods and Services Tax (GST) regime was introduced in the year 2017 via the 101st Amendment to the Constitution of India. The intended objective behind bringing this Amendment was to simplify and streamline the Indirect Tax regime in the country. Many extant Indirect Taxes such as Excise Duty, Value Added...
INTRODUCTION Anti profiteering is a mechanism to ensure that any relaxation in tax rates or benefits from tax credits reflect in the prices of goods and services sold by the person benefiting from such relaxation or benefit. The ethos of this principle lies in the idea that benefits accrued due to the introduction of new...
INTRODUCTION The term ‘Credit Note’ in its simplest sense means a commercially binding document issued by the Supplier in order to notify the Customer regarding the application of credit to the Customer. A Credit Note can be issued wherein a Customer has either returned the goods or has rejected the services rendered due to any...
IBC AND GST – GAME CHANGERS Insolvency and Bankruptcy Code (IBC) and Goods and Services Tax(GST) are set to create new notions in law. IBC has been infused in various laws including GST laws. AMLEGALS anticipate that interesting issues will crop due to overlapping of debts under IBC in context with various laws. Whereas, GST will...
Budget 2017- Goods and Services Tax The Union Budget 2017, as expected has neither proposed anything substantive on indirect taxes nor has resulted any change in the existing indirect tax laws . The entire budget could however reflect a strong will to implement GST at an earliest possible date. The Budget as presented on 1st February 2017...
The Ministry of Finance has issued Frequently Asked Questions (FAQs) on Goods and Services Tax (GST) on 3rd August2016. The details are as below: Press Information Bureau Government of IndiaMinistry of Finance03-August-2016 15:32 IST Frequently Asked Questions (FAQs) on Goods and Services Tax (GST) Following are the answers to the various frequently asked questions relating to...
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