The detailed clarifications for the GST financial services sector issued in the form of frequently asked questions (FAQs) seeks to address some pertinent issues relating to the industry such as levy of tax on free services.
The GST-Intelligence Unit has unearthed a racket which used fake bills to claim input tax credit worth Rs 450 crore, the Financial Express reported today. The government has started issuing summons to those traders or business houses that produced counterfeit bills to claim tax credits. In one such notice, the intelligence unit has asked the…
Free banking services like cheque book issuance and ATM withdrawals are likely to remain out of the ambit of the Goods and Services Tax (GST).
Supply of food and beverages in trains will face goods and services tax (GST) as applicable on such items and not the concessional rate of 5% as specified by the government.
A coaching class that helps students prepare for engineering and medical entrance exams is not exempt from the ambit of Goods and Service Tax (GST).
The Goods and Services Tax (GST) Council in its 27th meeting held on Friday approved a simplified returns filing system for taxpayers, which will approximately take a year to come through.
GST at 5% for Food and Beverages sold in Trains and Platforms – 5% GST applicable to supply of food and drinks made available in trains, platforms or stations
GST on Railway Passenger Services in place of Service Tax – Restriction of only one booking in one user login session in case of e-ticketing
CSD Canteen purchases given 50% exemption from GST – URCs sales to end customers are exempted levy of GST – Canteen Services Directorate Circular