The government on Friday extended the deadline for small businesses to opt for the composition scheme in the goods and services tax (GST) regime by nearly four weeks to 16 August.

The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, will meet on August 5 to review.

Although the Authority has the power to decide the methodology and procedure for determination as to whether the reduction in the rate of tax on the supply of goods or services

Under section 2(51) of the COST Act, 2017, “Fund” means the Consumer Welfare Fund established under section 57. Section 57 of the COST Act, 2017 states

While seeking a refund under GST Laws, the refund application shall be accompanied by:

Ministry of Corporate Affairs notifies Companies (Meetings of Board and its Powers} Second Amendment Rules, 2017 dated July 13, 2017.

The Goods and Services Tax has kicked in from July 1 and so far, the GST Network, the company handling the IT backbone for new tax regime, has been facilitating registration of businesses.

There is a provision of inspection which acts as a deterrent for tax evasion. These provisions help restricting tax evaders gain the unfair advantage over authentic tax payers.

Refund refers to an amount that is due to the tax payer from the tax administration. According to section 54 of the CGST Act, 2017, any person claiming refund of any tax and interest

Transitional Provision rules, to avail CENVAT Credit, it is important that the person who is willing to take credit is registered under GST and is not a composition dealer as specified under section 10 of COST Act, 2017.

Value of supply is the value on which tax shall be levied. Section 15 of the Central GST Act 2017 states that the value of a supply of goods or services or both, shall be the transaction value.

India will begin imposing basic customs duty (BCD) on smartphones of 10% from July 1 making imported devices more expensive than locally made ones,