The industry is already facing a problem with the affordability of housing, and the situation will be worsened by the GST
, says Thompson.
Gifts that are direct skips are subject to both the gift tax and GST
tax in the year given.
UPA also while presenting the draft of GST
had not included petroleum under GST
as they knew it would be a deal breaker between the states and the centre if the petroleum brought under GST
," said Jaitley.
To make compliance easy for businesses, the GST
Council has allowed businesses to initially file their returns on self-assessment basis in the first two months of the GST
The finance ministry, in a statement, said that after introduction of GST
, the total tax on motor vehicles (GST
plus compensation cess) has come down vis-a-vis the total incidence in pre-GST
The Ministry is in the process of organising several programmes for the industry to sensitise associates about GST
, and has also planned to conduct seminars to disseminate information about the new tax regime.
In those provinces, the HST, which comprises the federal five percent GST
component plus a provincial component varying from eight to ten percent, applies on the same basis as the GST
A lifetime GST
exemption is allowed for transfers that would otherwise be generation-skipping transfers.
Asked whether the Centre will also have two GST
rates, Dasgupta said, " I cannot speak on behalf of the Union government but it will likely have a good deal of conformity with statelevel GST
A: A massage therapist, who is registered for the Goods and Services Tax (GST
), must charge the GST
for a massage service.