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Certain important issues referred by GST Council to various Committees / GoM

Ministry of Finance Certain important issues referred by GST Council to various Committees / GoM Posted On: 22 DEC 2018 4:44PM by PIB Delhi The GST Council in its 31st meeting held today at New Delhi decided to refer the following issues to Committees / GoM indicated against them:   Extending the Composition scheme to small […]

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Demystifying Anti-profiteering in GST

Demystifying Anti-profiteering in GST Anti-profiteering is introduced in the GST Act based on the experience gained at the time of implementation of VAT in India and all other countries where GST / VAT is rolled out. The Government across the world felt that the until and unless there is a provision in the law the […]

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GST Tip – 411

As per Section 171 of the CGST Act, any reduction in the tax rate or additional benefit of the input tax credit has to be passed to the recipient under Anti-Profiteering.

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GST on Restaurants

GST is also applicable to restaurant bills.  Under GST the rate of GST on restaurants is 12% in case of non-air conditioned restaurants and in case of air-conditioned restaurants, the rate is 18%. The tax rate is a bit lesser compared to the erstwhile tax regime where VAT was charged at 14.5% and 6% as Service […]

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GST Tip – 230

As per the Tax Invoice, Credit and Debit Note Rules, released for GST on 18th May 2017, as per Rule 5 at the time of creation of receipt voucher, if the tax rate is not determinable, then the tax rate to be considered is 18%.

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