Goods and Services Tax

It has been contested by the big players that E-permits for entering into the states shall be a bane under a GST Regime. What if the Invoice Reference Numbers (IRN) work like Fast tag at the toll plazas. The concept of the Invoice Reference Number has been brought since the discussions about GST Implementation had started. As per sub-rule (4) of rule (2) of the Draft Invoice Rules had already prescribed the Invoice Reference Number which shall be generated online after uploading the relevant Invoice. The IRN will work as the smart number which shall be presented by the transporter at the barriers and the through online verification such transporter shall be given the green signal to move ahead. Most of us are comparing it with the traditional inspector raj, where the transport vehicles used to remain stuck for hours and hours. But this would not be the scenario in case of IRN. Practically it takes only few seconds for crossing a toll/barrier provided you have proper doc...

Anti-Profiteering Measure to reap benefits to consumers The 10 th GST Council Meeting which concluded on 18.02.2017 at Udaipur has approved the anit-profiteering Measure as illustrated by section 163 of the Revised Draft of Goods and Services Tax Law. But what it is exactly here we illustrate for you: 1.  What is the provision in the law? The Central Government may by law constitute an Authority, or entrust an existing Authority constituted under any law, to examine whether input tax credits availed by any registered taxable person or the reduction in the price in account of any reduction in the tax rate have actually resulted in a commensurate reduction in the price of the said goods and/or services supplied by him. 2.   What is the implication of the Anti-profiteering measures? The provision clearly indicates that in case a business/registered taxable person avails any benefit under GST due to availment of extra tax credit or due to reduction in tax r...