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The GST Council in its meeting on 19th May 2017 finalised the list of services exempted from the levy of Goods and Service Tax (GST). Most of the Service Tax Exemptions had been gathered and the list of Services Exempted under GST has been formed. The list of Exempt Services under GST basically is the combination of the the existing Services Tax Law Exemptions as per Mega Exemption 25/2012 and Negative list Services as per Section 66D of the Finance Act 1994.  Here is the list of some Exempted Services under GST: Services provided by the Goods and Services Tax Network (GSTN) to the Central Government or State Governments/Union Territories for implementation of Goods and Services Tax (GST) Services by Reserve Bank of India Services by way of renting of residential dwelling for use as residence Services by way of transportation of goods              (i) by road except the services of—           ...

The Rates of services were decided on 19 May 2017 during the 14th GST Council meeting held at Srinagar, Jammu & Kashmir. The Council has broadly approved the GST rates for services at Nil, 5%, 12%, 18% and 28%. The list of services that will be under reverse charge as approved by the GST Council is given below: 1) Taxable services provided or agreed to be provided by any person who is located in a non-taxable territory and received by any person located in the taxable territory other than non-assessee online recipient (OIDAR) 2) Goods transport agency (GTA) service provided to any person registered under CGST/SGST/UTGST Act, Partnership firm, including AOP, Body Corporate, Factory, Society, Cooperative society, Casual taxable person.  3) Services provided by Advocates or firm of Advocates by way of legal services to any business entity. 4) Services provided by Arbitral tribunal to any business entity. 5) Sponsorship Services provided to any body corporat...

Legal Suvidha,Compliance Solution Providers Meaning of Assessment As per Section 2(11), Assessment means determination of tax liability under Goods and Service tax Act (GST) Act. Types of Assessment under GST: ·          Self-assessment ·          Provisional assessment ·          Summary assessment ·          Scrutiny Assessment ·          Best judgment assessment Ø   Assessment of Non-Filers of Return Ø   Assessment of Unregistered Persons Self Assessment Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he shall file the return. Provisional Assessment As a taxpayer has to pay tax on self-assessment basis but he may request the proper officer for paying tax on pro...

Legal Suvidha, Compliance Solution Providers Input tax credit will not be available in respect of the following: (A)   Motor Vehicles and other Conveyances However credit in respect of motor vehicles and other conveyances would be available in the following cases: When these are used for making the following taxable supplies, namely -further supply of such vehicles or conveyances- for example, a Trader in motor vehicles purchases motor vehicles and supplies them in usual course of his business. He shall be eligible to claim credit of GST paid on purchase of vehicles ; or -transportation of passengers; or -imparting training on driving, flying, navigating such vehicles or conveyances; transportation of goods (B)  Goods and services provided in relation to food and beverages outdoor catering beauty treatment health services cosmetic and plastic surgery But the input tax credit will be available in case where such inward supply of goods o...

As per the GST law the matching of invoices is applicable for all businesses that are registered as a Normal/Regular dealer this includes the small and medium enterprises as well.  This involves monthly reconciliation, follow up and timely uploading of transaction level details. This involves lot of burden on the business as most small and medium entrepreneurs were used to yearly compliance exercise, now suddenly this has been shifted to a monthly exercise.  As team of Legal Suvidha we help you in providing all services related to compliance, reconciliation and follow up with your vendors. We will also help you in accounting and allocate resources for dealing with mismatches. The charges will be based on the volume of your transactions. Businessmen should immediately consider it on priority and should contact experts like us to mitigate the losses in future once GST is live. We help you in all aspects of GST i.e. from registration decision, transition, filing monthly ...

(A) A casual taxable person is defined u/s 2(20) of the GST Act as follows:  'casual taxable person' means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business; Such person is not regularly engaged in carrying out the activity of supply of goods or services. He occasionally undertakes the transaction in a taxable territory where he has no fixed place of business. The definition provides that a person shall not have fixed place of business in a particular taxable territory. For example, a person may have a place of business in Punjab where his total turnover is Rs. 12 Lakhs. Therefore, he need not obtain registration. But he goes to Jaipur and sells certain garments to customers. Such person will be considered as a casual taxable person even if his turnover in R...