Flyer No: 01 Month : 01/09 Year : 2016


GOODS AND SERVICE TAX being Value Added Tax is based on system of set off and credits. All jurisdictions that adopted Value added tax, provides for credit on capital goods, inputs and input materials. In India, this concept of set off was born in the year 1986 with introduction of MODVAT system through Central Excise Rules, 1944. With substitution of Cenvat Credit Rules, 2004 and introduction of Service tax, we have seen consolidation of provisions for credit on manufactured goods as well as services through Cenvat Credit Rules, 2004. Simultaneously during same period , VAT has been adopted by various States across India, resulting in laying down strong foundation for credit on sale of goods. read more ...

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Treading the GST path - I 
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FAQ
 Click here for FAQ on GST by CBEC...

PRESIDENTIAL ASSENT : The 122nd Constitutional amendment has become law on President Pranab Mukherjee giving his assent to be bill on 8th September 2016...

FORMATION OF GST COUNCIL : Soon after assent by President, GST Council, the statutory body responsible for bringing in GST legislation known as GST Council has been constituted on 12th September..

GSTN AND CONTROVERSIES: GSTN, the IT backbone of GST has been meddling in controversies since last few days...

CBEC TO GO FOR NAME CHANGE : Under GST regime CBEC would be renamed as Central Board of Indirect Taxes...

WHAT TO LOOK FORWARD:
• GST council decision on crucial issues as Rate of tax, schedules, list of exemptions etc... read more...

 
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