Govt Clarification

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Hostel mess facility to attract 5% GST without input tax credit, clarifies finance ministry
Business

Hostel mess facility to attract 5% GST without input tax credit, clarifies finance ministry

The Central Board of Excise and Customs (CBEC) has issued the clarification in view of queries regarding the tax liability and the rate of Goods and Services Tax (GST) leviable on services provided by a college hostel mess

GAAR  to finally take effect from 1 April after 3 year delay
Business

GAAR to finally take effect from 1 April after 3 year delay

Seeking to assuage concerns of investors, CBDT said GAAR provisions shall be effective from assessment year 2018-19 onwards and "shall not be invoked merely on the ground that the entity is located in a tax efficient jurisdiction".