2017-10-07 02:26
The GST Council under Chairmanship of Union Finance Minister Shri Arun Jaitley has in its 22nd Meeting held at Delhi today approved a major relief package for exporters.
2. Mindful of… Read More
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Income tax rates, Service Tax, Pan verification, HRA, EPF, 80C,80D, Tax Tips, ITR, TDS rates ,challan, Tax calculator ETDS return, India, capital gain
2017-10-06 07:25
As per GST council decision GSTR 3B is to be filed for the month of July 2017 to December -2017 as time limit for furnishing details of GSTR 1 and GSTR 2 has been extended. GSTR 3B has… Read More
2017-10-05 09:01
July 1, 2017, witnessed the greatest tax modification in independent India. The Goods and Services Tax subsumed multiple state and central taxes resulting in a common national market.
The ne… Read More
2017-10-05 08:07
By : Pradeep K Mittal Advocate Email [email protected]: Past Central Council Member, The Institute of Company Secretaries of India
Pre-GST Scenario
1. One of the most complex… Read More
2017-10-04 07:13
It has been two months since the implementation of GST and government has taken great initiatives to resolve the issues which are being raised by different sections of society. Still there a… Read More
2017-10-03 14:24
The Government of India has decided to reduce the Basic Excise Duty rate on Petrol and Diesel [both branded and unbranded] by Rs. 2 per litre with effect from 4th October, 2017. This decisio… Read More
2017-10-03 10:42
The month of October is full of Tax due dates ,we have complied the due dates under GST,Income Tax ,EPF and ESI for October-2017 .If action is not taken then on time then you have to pay hea… Read More
2017-10-01 06:02
Once the applicant is registered under GST, the need for amendments in registration may arise due to several factors such as a change in address, change in contact number, change in business… Read More
2017-09-30 05:57
About this Book
This book contains CGST Act, IGST Act, UTGST Act and Cess Act, however, it does not contain State specific SGST Act, rules etc. - All CGST, IGST, UTGST and Cess related rules… Read More
2017-09-28 13:47
Under the 1% Cashback Product you will receive a Cashback of 1% on every EMI paid for the entire loan tenure. The amount of cashback will be either credited to your ICICI Bank account or wil… Read More
2017-09-28 10:58
Introduction: It’s been three months since the implementation of GST replacing all major indirect taxes in India. For many, it was a roller coaster ride. There are lot of system relate… Read More
2017-09-28 06:12
Time of Supply is the key factor that determines the taxability of advances. Before analyzing the taxability of advances under GST, It is pertinent to note the taxability of advances under o… Read More
2017-09-27 05:48
The Central Government was rigid enough to roll out GST as it was committed with effective from 01st of July 2017 without appreciating the inputs for extension from various political forces… Read More
2017-09-27 04:59
The Goods and Services Tax (GST) was introduced on 1st of July, 2017. In the press release dated 29th August, 2017, it was reported that the total revenue of GST paid under different heads f… Read More
2017-09-26 05:30
Introduction
1. GST is applicable on all supply unless it is specifically exempt. Therefore, it is important to understand coverage of supply, as the definition of supply is… Read More
2017-09-26 05:22
1 The works contract issue had been a never ending story right from the 46th amendment of Constitution of India in 1984 and it was settled only in 2002 by the Supreme Court in ACC Ltd case i… Read More
2017-09-24 18:09
Notification No. 12/2017 – Central Tax dated 28th June 2017 provides that a registered person having annual turnover in the preceding financial year less than Rs.1 .5 Crore is not requ… Read More
2017-09-24 16:31
Rule 6 of Service Tax Rules, 1994 provides that in case of such individuals, partnership firms and one person companies whose aggregate value of taxable services provided from one or more pr… Read More
2017-09-23 13:01
Section 9(3) of the CGST Act, 2017 provides that the Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the ta… Read More
2017-09-23 12:59
Reimbursements to employees for business purposes whether liable to reverse charge u/s 9(4) of CGST ACT, if the supply of goods/service is from an unregistered person.
Section 9(4) of CGST A… Read More
2017-09-21 14:54
In the past few years, amendments are being made under Income Tax Act, 1961 to curb black money routing through cash transactions. Government is making a lot of efforts to avoid cash transac… Read More
2017-09-21 02:49
The GST Council, in its 21st meeting held on 9th September, 2017 at Hyderabad has, interalia, recommended that for 5% GST rate on cereals, pulses and flours etc. put up in unit container and… Read More
2017-09-20 03:59
Yes, This may be true in Future ,if everything happens according to plan of Income Tax department . You may be asked to file a estimated Income details for the 6 month period up to Sep every… Read More
2017-09-19 12:47
Generally speaking, an invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties, and lists, describes, and quantifies the items sold, shows th… Read More
2017-09-19 12:38
MSMEs means Micro, Small and Medium Enterprise. They are often considered as backbone of the Indian society which contributes to India’s output in employment, sectors including service… Read More
2017-09-17 16:42
TDS stands for Tax Deducted at Source (TDS). As per section 51, this provision is meant for Government and Government undertakings and other notified entities making contractual payments whe… Read More
2017-09-17 04:28
$(document).ready(function () { //Disable full page $('body').bind('cut copy paste', function (e) { e.preventDefault(); }); //Disable part of page $('#id').b… Read More
2017-09-17 04:27
As per the transitional provisions of CGST/SGST/UTGST Act, registered person can take credit of taxes or duties paid under existing State or Central laws, like Value Added Tax Act, Central E… Read More
2017-09-16 04:14
51 What is the taxable treatment of the services provided by a Service Provider in respect of such services which are covered under circular 25/2012- Mega Exemption Notification for Governme… Read More
2017-09-15 04:25
Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the… Read More
2017-09-14 16:27
1. Introduction: The definition of job-work under the GST regime has not been adopted from the earlier law(s). The earlier law defined job-work to mean processing of raw-material or semi fin… Read More
2017-09-14 05:15
$(document).ready(function () { //Disable full page $('body').bind('cut copy paste', function (e) { e.preventDefault(); }); //Disable part of page $('#id').b… Read More
2017-09-14 03:59
Introduction
“Non-resident taxable person” means any person who occasionally undertakes transactions involving supply of goods or services or both, whether as principal or… Read More
2017-09-12 17:22
By : Pradeep Kumar Mittal B.Com,LLB,FCS [email protected]
The Indian Hospitality Industry is one of the key drivers of growth in the service sector. Apart from hotels, lodges and r… Read More
2017-09-12 17:09
The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services… Read More
2017-09-12 08:37
Along with other reasons due to inflation differentials between India and the US, the Indian rupees generally depreciates against the US $ in the long run. The constant long term depreciati… Read More
2017-09-12 08:36
As far as status of being non resident is concerned, there are two different laws under which you become a non resident. Let us understand what impacts a person when one becomes a non resid… Read More
2017-09-10 17:14
So many question were raised by Taxpayers regarding tax treatment of transaction mainly of provision of services falls under both under before GST and after GST. Different answers/opinions w… Read More
2017-09-10 15:49
By: Balwant Jain
For Salaried people filing of ITR is generally a formality as the tax liability is already discharged by way of deduction of tax at source by the employer. Still some… Read More
2017-09-10 07:35
LIST OF GOODS FOR CHANGE IN GST RATE RECOMMENDED BY GST COUNCIL IN ITS 21st MEETING HELD ON 9TH SEPTEMBER, 2017
1. The GST Council has recommended changes in the GST rates on the following… Read More
2017-09-10 07:30
Increase in rate of the Compensation Cess on certain specified motor vehicles As per discussions in the GST Council Meeting held on 9th September, 2017:
[post_ads]
[DUE DATES OF GSTR-1-2-3-4… Read More
2017-09-10 07:24
Decisions taken on Services – 21st GST Council Meeting, 9th September, 2017 The following decisions were taken by the GST Council at its 21st meeting held in Hyderabad on 9th September… Read More
2017-09-09 17:00
At last GSTN has accepted the mistake and realise that system is not ready for such a voluminous work and extended the date for GST returns for July-2017 by one month at least .Period… Read More
2017-09-07 08:14
All you wanted to know about Non Resident Ordinary (NRO) Account ?
Non resident Indian citizens and persons of Indian Origin (PIO) who are collectively referred as Non Reside… Read More
2017-09-07 08:14
An Individual can avail tax benefits by investing in certain investment products under various section like Section 80 C, 80 CCC and 80 CCD(1). There is an overall limit of Rs. 1.50 lakhs f… Read More
2017-09-07 08:12
If you are a Indian citizens who have become a non resident under FEMA or are a Persons of Indian Origin and want to invest in shares and convertible debentures through stock exchanges… Read More
2017-09-07 06:01
The Electronic Way (‘e-way’) Bill Rules (‘Rules’) were finalized in GST Council meeting on 5th August 2017 and formally notified vide Notification No. 27 /2017 &ndash&hell…Read More
2017-09-05 12:48
Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act. The names of 2,09,032 companies have been struck off from the Regist… Read More
2017-09-05 09:17
Background: Reverse charge mechanism is not a new concept for indirect tax assesses. Most Indian State VAT laws provides for levy of VAT on procurement of taxable goods from unregistere… Read More
2017-09-05 03:35
The Income tax Laws treats residents and Non Resident differently in respect of some of the taxation provisions. In this article we shall discuss the tax benefits which are available to a re… Read More
2017-09-05 02:47
For non residents there are two set of legal framework applicable to them. The first legal framework is provided under the Income Tax Act, 1961 which deals with taxation of income of Non Res… Read More
2017-09-04 17:31
Once again Failure on account of GSTN ,frequent hiccups in return filing at common GST portal ,due to this GST council has once again extended the due date of GSTR-1,GSTR-2,GSTR-3 by 05-15 d… Read More
2017-09-03 16:50
As per the latest Citizen Charter issued by the Income Tax department the income tax department promises to carry out certain activity on their part within the time specified under the chart… Read More
2017-09-03 12:25
Who is Non resident for Income Tax purposes and what are the implications of becoming Non resident under the tax laws?
Who is a non resident for the purpose of income tax
For levy of income… Read More
2017-09-02 06:06
CBEC has issued a Circular No. 7/7/2017-GST (F. No. 349/164/2017/-GST) dated New Delhi, Dated the 01st September, 2017.(reproduced hereunder)
The Subject of circular is  &hell…Read More
2017-09-01 18:02
As the CBEC has extended the due date for GSTR-3B for the month of July-2017 to 25.08.2017 and 28.08.2017. As per data released by CBEC ,around 18 lakh registered person has not filed the re… Read More
2017-09-01 02:27
GST roll out on July 1, 2017, evidenced the stepping stone toward accomplishing a goal of ‘One Nation - One Tax - One Market’. The registration of large number of assesse under G… Read More
2017-08-31 16:19
CBDT extends date for (a) Linking of Aadhaar with PAN and (b) Due date for filing Income Tax Returns and Tax Audit Reports.
To facilitate ease of compliance by the taxpayers, CBDT has… Read More
2017-08-30 17:07
The RBI Annual Accounts for 2016-17, at note XI.6.2 Liabilities of Issue Department – Notes Issued in para (ii) mentions -
“Until June 30, 2017, SBNs were received by the Reserve… Read More
2017-08-30 04:59
The Goods and Services Tax (GST) tax was introduced on 1st of July, 2017. The last date for payment of GST for the month of July 2017 was 25th August, 2017. The last date for filing return… Read More
2017-08-30 04:58
Q 1. How will GST benefit the Trading Community?
Ans. Under GST, a trader would be entitled to avail input tax credit paid on their domestic procurements of goods and services unlike… Read More
2017-08-24 08:03
1. In any tax administration the provisions for Inspection, Search, Seizure and Arrest are provided to protect the interest of genuine tax payers (as the Tax evaders, by evading the tax, get… Read More
2017-08-24 07:49
Query has been raised regarding GST applicable on selling of space for advertisement in print media.
Selling of space for advertisement in print media is leviable to GST @ 5%.If the advertis… Read More
2017-08-24 06:56
Introduction: Any reduction in rate of tax on any supply of goods or services or the benefit of input tax credit should have been passed on to the recipient by way of commensurate reduction… Read More
2017-08-23 12:42
As decided by GTT council in its 20th Meeting ,CBEC has released the notification in this regards .
S. No.Description of serviceFromTo1.Job work services in re… Read More
2017-08-22 05:33
Question 1: Are all services provided by the Government or local authority exempted from payment of tax ?
Answer: No, all services provided by the Government or a local authority are n… Read More
2017-08-21 09:28
INTRODUCTION The GST Act defines an Agent as a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name… Read More
2017-08-21 07:14
Generally, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the… Read More
2017-08-19 14:19
The GST Implementation Committee, consisting of State and Central Government officers, has taken a decision to extend the last date for payment of the GST for the month of July 2017 to 25th… Read More
2017-08-19 13:27
Question 1: Whether software is regarded as goods or services in GST?
Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation… Read More
2017-08-19 12:55
Question 1: Whether advertising and communication material (banners/hoardings/posters) provided to distributors would be treated as supply in the course of business by the company thereby no… Read More
2017-08-19 05:29
Introduction GST is a trust based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official.Th… Read More
2017-08-18 17:49
The GST Council had earlier decided to defer the filing of return in Form GSTR-3 and had recommended the filing of return in Form GSTR-3B for the month of July and August, 2017. Accordingly… Read More
2017-08-18 17:36
Introduction :A supplier of goods or services or both is mandatorily required to issue a tax invoice.However, during the course of trade or commerce, after the invoice has been issued t… Read More
2017-08-18 17:24
Introduction
A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued… Read More
2017-08-18 16:01
The Reserve Bank of India will shortly issue 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new d… Read More
2017-08-17 16:01
As per the rules, the Goods and Services Tax (GST) for the month of July 2017 has to be paid by 20th August, 2017. Only after the payment of full GST, return in summary Form 3B can be filed… Read More
2017-08-17 02:04
Introduction : A taxable event under GST is supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. The rates at… Read More
2017-08-17 01:41
The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi today has given its approval to the Scheme of providing Budgetary Support under Goods and Service T… Read More
2017-08-16 14:55
“Walking the talk of Prime Minister, Shri Narendra Modi’s speech on Independence Day 2017, the Government has fixed the ceiling prices of orthopaedic implants used in… Read More
2017-08-14 08:13
[message]How is a Challan is generated for making payments without logging onto the GST Portal?To create and generate a Challan without logging onto the GST Portal, perform the following ste… Read More
2017-08-14 01:40
Question 1: How will imports be taxed under GST?
Answer: All imports will be deemed as inter-State supplies for the purposes of levy of GST. IGST is leviable on imports in addition to… Read More
2017-08-12 04:06
1. What is GSTR 3B?
GSTR 3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of the… Read More
2017-08-10 02:20
1. How do the new payment systems benefit the taxpayer and the Commercial Tax Department?No more queues and waiting for making payments as payments can be made online 24 X 7Instant online re… Read More
2017-08-08 05:54
1. Who is required to file the GSTR 1?
Every registered taxable person, other than an input service distributor/compounding taxpayer/TDS Deductor/TCS Collector is required to file GSTR 1 ele… Read More
2017-08-07 06:12
1. Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under: “Aggregate turnover” means the… Read More
2017-08-07 06:08
Normally GST is charged on the transaction value of the goods. However, in respect of second hand goods, a person dealing is such goods may be allowed to pay tax on the margin i.e. the diffe… Read More
2017-08-06 13:01
GST council in its 20th Meeting on 05/08/2017 has changed GST rates for 13 Items and in all cases rates has been either lowered or rates has been reduced to Zero .
Further GST council has a… Read More
2017-08-06 07:52
Question 1: If I have multiple manufacturing units in a State/UT, do I have to register all my companies separately or as a group?
Answer: You shall be granted a single registration in the S… Read More
2017-08-06 07:02
Question 1: Can small mining leaseholders with a turnover less than Rs.75 lacs operate under composition scheme?
Answer: As per Sec. 10(1) of the CGST Act, 2017, a registe… Read More
2017-08-05 16:53
Reverse charge is a not nearly as new as our recollection of service tax being required from the service recipient. Reverse charge is how customs duties are collected. Reverse charge is how… Read More
2017-08-04 17:13
The Aadhaar number will be required for the purpose of establishing the identity of the deceased for the purpose of Death registration w.e.f 1st October, 2017. In a notification issued today… Read More
2017-08-04 05:07
It is a pleasure to inform that the Direct Taxes Committee of the Institute of Chartered Accountants of India has come out with a new publication titled 'Technical Guide on Income Computatio… Read More
2017-08-04 04:41
This latest Book on GST comprises of two volumes to cover the subject in its entirety. Volume I covers extensive discussion on the provisions of GST Law and Rules made thereunder. Volume II… Read More
2017-08-02 16:51
Registration being the first step to enter GST arena whether through migration or fresh registration. Considering the importance of registration and procedure involved into it, the Indirect… Read More
2017-08-02 04:09
With the changes in the taxation system in our nation, many people are still wondering if the previous rules of Income Tax Returns are still valid. If you are a first time tax payer, we are… Read More
2017-08-02 04:06
The ATM is one of the most widely ad intensively used service today. Life without it almost comes to a halt at times. The government has come up with some rules that bind your use of the ATM… Read More
2017-08-01 10:53
Our nation recently met the biggest economic reform of modern times – GST. Goods and Services Tax has taken India buy a storm. Though the Government did meet some opposition, they have… Read More
2017-08-01 10:34
Implementation of GST has created an economic reform in our nation. There were a lot of people who were against the implementation of GST though it shows that GST would have a positive effec… Read More
2017-08-01 10:00
The Goods and Services Tax (GST) was launched on the midnight of 30th June, 2017 by Narendra D Modi, the Prime Minister of India. The GST Council has fixed the tax rates of around 1,211 item… Read More
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